Federal Financial Markets Service (FFMS), an executive body regulating the Russian Federation's financial markets, has deployed Nice Actimize's Market Surveillance solution.
Actimize Market Surveillance solution includes compliance monitoring for equity, fixed income, futures and other securities and trading products.
The FFMS currently monitors the orders of two Russian exchanges, the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS).
Nice said that the FFMS sought the Actimize Market Surveillance solution in its efforts to enforce a new Russian Federal Law that is expected to go into effect January 2011.
The new law seeks to enable the FFMS to enact new regulations and is intended to reinforce market integrity and transparency in Russian financial markets.
FFMS head Milovidov said FFMS is determined to ensure fair trading practices and prevent market abuse. Sophisticated abuse patterns require sophisticated compliance measures.
"We conducted a rigorous search with stringent criteria before choosing NICE Actimize for the automation of our regulatory compliance initiatives. In the two weeks since going live with the solution, we have already identified three potential wash trade cases that we are currently investigating," Milovidov said.