FSA using Apama to power SABRE (1) II
Read how FSA is using Apama to power SABRE (1) II, its transaction monitoring and market abuse detection program.
| FSA (Financial Services Authority) to Use Progress Apama to Power Real Time Market Surveillance and Market Abuse Detection System |
Progress Selected by Detica to Deliver SABRE II Market Abuse and MiFID Compliance Solution for FSA; Uses Apama Event Processing Platform for Real-Time Business Activity Monitoring (BAM) BEDFORD, Mass. & LONDON--(BUSINESS WIRE)--June 19, 2007--Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today announced that the Financial Services Authority (FSA), the independent non-governmental body that regulates the financial services industry in the UK, will utilize the Progress(R) Apama(R) Event Processing Platform to power SABRE(1) II, its transaction monitoring and market abuse detection system. The Apama platform was selected by Detica Group plc within a comprehensive programme awarded by the FSA to develop the next generation of their SABRE market surveillance system. SABRE II will be deployed to monitor trading on UK markets and transactions reported to the FSA in accordance with the requirements of the European Union Markets in Financial Instruments Directive (MiFID).FSA research suggests that "some informed trading may have taken place prior to 28.9% of the takeover announcements and 21.7% of the FTSE350 trading announcements"(2). To strengthen its surveillance and pursuit of this type of potential market abuse, the FSA has awarded a contract to Detica, a business and technology consulting firm that specializes in information intelligence, to develop the SABRE II system (http://www.detica.com/indexed/NewsItem_FSA-LOI.htm). Using the Apama platform, Detica will be able to develop, deploy and manage market surveillance strategies for the FSA in real time. |
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