Caja Madrid, a Spain-based bank, has deployed a regulatory compliance Market Abuse solution from Nice Actimize, to comply with the requirements of Spanish regulator Comision Nacional del Mercado de Valores (CNMV).
Nice Actimize said that Market Abuse solution helps it to better align with the EU market abuse directive and, monitor and prevent market manipulation and insider dealing.
Nice Actimize has worked along with Deloitte Espana, in deploying the first phase of Market Abuse solution, including Caja Madrid’s high priority models, within three months, and later phased in the full market abuse package to provide Caja Madrid with a complete overview of trading activities with the ability to identify and report suspicious transactions.
According to Nice Actimize, Market Abuse solution helps large to mid-sized firms comply with regulatory requirements from all European regulators by monitoring and detecting suspicious transactions and automatically distributing alerts directly to relevant users within an intuitive case management workflow environment.
The solution uses several analytical methods to assign priority scores to alerts, thus improving the efficiency of regulators, trading managers and compliance staff.
Manuel Fernandez Navarro, head of compliance at Caja Madrid, said: “We set an aggressive deployment timeline and are proud that the first production phase of our compliance program was completed within three months. We were satisfied with the solution and Nice Actimize’s deep domain expertise within the brokerage compliance space.”
Bruno Piers de Raveschoot, vice president and head of Europe and Asia Pacific of Nice Actimize, said: “Caja Madrid is leading the way in Spain, by using our Market Abuse solution. Working across Europe, Nice Actimize helps its clients comply with the broader EU rules and local interpretations.”