The Financial Services Authority has signed a £16.6m seven-year contract with Detica for an intelligence system to support implementation of the new Markets in Financial Instruments Directive (Mifid).
Mifid comes into force in November, bringing a series of new compliance requirements for financial institutions and new supervisory and regulatory powers for the FSA.
The Detica system will be used to analyse patterns of trading in real-time. The firm will also supply an offline forensic analysis system to detect hidden - and potentially illegal – patterns of trading over longer periods of time.
The system will use Detica’s NetReveal technology, which is also being used by the Insurance Fraud Bureau under a £3.4m managed fraud detection service contract signed with Detica in 2005.
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