MillenniumIT (UK), a technology solutions provider and part of the London Stock Exchange group, has entered into a partnership agreement with Egyptian Exchange (EGX), to provide a surveillance system to EGX.
Under the agreement, MillenniumIT will provide Trading Surveillance System (TSS) to EGX. TSS will help the EGX effectively maintain an orderly market in fast paced, electronic trading environment. This software will enable the EGX to to quickly identify abusive behaviour and conduct further investigations to ensure a fair, efficient and transparent market for all participants.
Tony Weeresinghe, CEO of MillenniumIT said: “To effectively oversee its markets, the EGX must employ a surveillance system that is not only capable of rapidly recognizing abnormal trading patterns but is also able to support further investigation of such behaviour, while easily adapting to the changes taking place in the market – demands that Millennium Surveillance is perfectly suited to meet.”
Maged Shawky, executive chairman of the Egyptian Exchange, said: “Strongly committed to market integrity, we are pleased to partner with MilleniumIT, which will provide EGX with a proactive, international best practice surveillance system. We are confident this system will be an important asset to EGX in fulfilling its vision of providing an equitable, transparent and high quality market place.”