The Financial Services Authority will use Progress Software’s Apama event processing platform to power its Sabre II transaction monitoring and market abuse detection system.
In March, the FSA signed a £16.6m seven-year contract with Detica to provide an upgraded version of the Sabre intelligence system, to meet the watchdog’s increased regulatory duties under the EU’s Markets in Financial Instruments Directive (Mifid), which comes into force in November.
Detica has selected the Apama platform, which deploys complex event processing technology that will enable Sabre II to monitor, analyze and act on patterns of securities trading and transaction data. This will allow Detica develop, deploy and manage market surveillance strategies for the FSA in real-time.
Apama’s business activity monitoring capabilities will provide visibility into the FSA’s transaction monitoring unit through real-time graphical dashboards that will alert FSA staff to potential abuse.
A graphical development tool, Event Modeller, will allow the FSA to rapidly develop new abuse detection rules and respond quickly to changing demands in the new Mifid-compliant environment.