EU firms don’t like to use trade surveillance systems but still buy them – 8th October 2018

Many European firms have resisted engaging with their trade surveillance systems and refuse to put in the work to understand different alert types and calibrate systems to reflect their trading flows. Dermot Harriss, senior vice president, regulatory solutions at OneMarketData in New York, said around the time of Market Abuse Regulation (MAR) implementation, customers saw trade surveillance as little more than a box-ticking exercise. “A lot of the customers just wanted the system plugged in and turned on. They didn’t like to see a lot of alerts either, because that generated work,” Harriss said. Firms with this attitude often set up their systems to generate daily top-10 alerts, which they follow up without randomly checking alerts lower down the rankings.
Rachel Wolcott, Regulatory Intelligence – Complinet