The Securities and Exchange Commission (SEC) this week inked a deal with the London Stock Exchange Group owned MilleniumIT for a custom made IT platform to monitor share market activities. Channa de Silva, Director General SEC said the new system will be installed in a bid to detect market manipulation and insider dealing in a more effective manner.
“This will enhance the SEC’s ability to monitor the market in a much more efficient and also an effective manner,” he said. SEC Chairman Udayasiri Kariyawasam said the regulator will be implementing this system in January 2010.
He said it is a Rs. 20 million investment which identifies unusual trading patterns, such as chronological connections with customer orders, adding that this system will replace the manual checking system that is currently in place to monitor market manipulation and insider dealing.
Mr. De Silva said that the present manual system which is being used is not beneficially productive, while the market is growing the number of trades is high and the system required to monitor should be highly sophisticated. He said the older system caused difficulties in gathering information about a company or an investor, and our processes were slow.
"The superior experience of MIT is what made us sign with MIT, which has been servicing and providing high tech systems for a long period of time," he said. The backup systems and the maintenance provided by MIT will be a guarantee in case of system failure. |
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