Australia's Computershare Markets Technology has signed SWX Swiss Exchange to its real-time market surveillance system, Smarts, and central exchange trading platform, X-stream.
SWX will use Smarts to monitor trading on the SWX and virt-x markets. The system uses data management, visualisation and mining capabilities to enable users to create alert algorithms to identify "abnormal" market behaviour that may have an adverse effect on market integrity. Identification and analysis of suspicious trading occurs in real-time.
Jürg Spillmann, head of SWX Group executive committee, says: "By choosing Smarts, SWX and virt-x become part of an informal global network of 18 exchanges and regulators who now use the Smarts system. For an exchange in a cross-market cross-border world Smarts offers a standard which will facilitate information sharing at a technological level."
The exchange will also implement the X-Stream product to support its new Quotematch trading system, which covers quote-driven markets primarily in warrants, bonds and exchange traded funds.
Computershare says the quote-driven market model in X-Stream will enable SWX's requirements to be met with minimal customisation. The system supports an extensive range of product classes and market models - including order and quote driven markets, call markets, negotiated markets and hybrid market models - on a single platform. The platform also allows the concurrent trading of equities and debt, futures, options, swaps and FX.
The roll-out of Quotematch will happen in several stages scheduled throughout the second half of 2005. Once live, it will be operated by SWX.