13th January 2011, London. Northland Solutions has today announced the launch of its latest release of Compliance Alert Trade Surveillance. This release leverages the power of Fidessa's global market data and has been developed due to market demand for a cost effective solution that addresses existing and evolving regulatory requirements. It includes both a 'Fast Start' option and additional Rule Packs.
The FSA reports that it is currently prosecuting 11 people for insider trading and has convicted 6 people since March 2009. It has levied approximately £85 million ($135 million) in fines in 2010 which is up £50 million from last year. The agency hadn’t prosecuted a criminal insider- trading case before 2008.
Many compliance executives are struggling with their budgets and lack of skilled officers. Their challenge is that, with the MAD revisions in December 2010 and the MiFID revisions due this month, they are going to have to respond very quickly. Some in-house solutions are being used as a stop-gap but these will not have the inbuilt knowledge that packaged systems bring to the business. Northland’s Trade Surveillance module is a solution leveraging Fidessa's consolidated market data and the client's inherent trade data. This becomes a compelling proposition as it operates across multiple venues and multiple asset classes without incremental cost.
Gary Duxbury, CEO of Northland Solutions comments: "We have been providing solutions to our clients for a number of years but there has been an inhibiting cost because the underlying rich data could not be accessed. Our competitors are either fixed hosted applications with limited access to data, or cost prohibitive enterprise solutions which tend to deliver little value. What we have achieved is to provide the full functionality of an on-premises based solution which enables detection of all aspects of Market Abuse, Trade Surveillance, Best Execution etc on the same technology footprint as Fraud Detection, KYC and Anti Money Laundering."
Andrew Barella, Global Head of Market Data at Fidessa, comments: “I'm extremely pleased that Northland have chosen the Fidessa market datafeed to power their Trade Surveillance application as this will allow customers to leverage the investment we have made in our global high-performance, resilient data collection
