UK FCA chooses OneMarketData to provide new cloud-based market surveillance system
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The UK’s financial regulator, the Financial Conduct Authority (FCA), recently picked OneMarketData for the provision of a new system for cloud-based market surveillance and visualization.
What does OneMarketData have to offer?
OneMarketData managed to beat 14 other competitor providers and win a tender process, thanks to its OneTick Surveillance system. According to the FCA’s plan, OneMarketData will offer new tools that the regulator will use for detecting market anomalies as early as possible and investigating them to determine whether there is something illicit going on.
The regulator is particularly interested in detecting potential cases of market manipulation and insider dealing early on, both of which were fairly difficult to detect quickly and easily until now. But, overall, the tools are meant to monitor the market for any kind of disruptions in real time.
The system will include market data regarding global equities, futures, options, as well as forex. It will be used by market makers, asset managers, retail brokers, market operators, standard banks, as well as regulators. Essentially, it allows users to triage alerts in browser-based dashboards, but also to design custom compliance workflows.
OneMarketData’s senior vice president of regulatory solutions, Dermot Harriss, stated that the service the company has built is secure, programmable, and able to dynamically scale in order to meet increasing market volumes. Further, it will allow the FCA to adapt to new risks to integrity of the local financial market.
The collaboration also marks a major step in the evolution of market surveillance technologies, and the regulator’s decision to adopt it was taken as a confirmation of the FCA’s commitment to leveraging cutting-edge tech to uphold market integrity and fairness.
The FCA will become more efficient at monitoring market activities
As the UK’s primary financial regulatory body, this is the FCA’s main purpose and goal, with responsibilities such as regulating financial firms, protecting consumers, ensuring the stability of the financial market, and promoting healthy competition among the members of the financial services industry.
On the other hand, OneMarketData specializes in surveillance and data analysis, and it provides a range of services, with the OneTick Surveillance system being the most notable product. Its coverage of various types of market data is comprehensive and available in real-time, and the dashboards used by the clients to monitor the data are user-friendly and customizable.
Overall, the FCA expects that the partnership will significantly enhance its ability to monitor market activities more effectively.
