The Canadian Securities Administrators (CSA) will be implementing a new market surveillance system that is expected to bolster market oversight — enhancing the ability to detect abusive trading, such as market manipulation and insider trading while also informing policy work on market structure.
The CSA announced on Thursday that it signed a deal with Kx Systems Inc., a subsidiary of First Derivatives PLC, which is based in Northern Ireland, to build and manage a new market surveillance platform. The CSA says the new platform, which will replace its current system, “will capture a broad array of market and transaction data to improve insight and support market integrity.”
“Our agreement with Kx will help strengthen our data examination capabilities and enable us to identify any irregularities that may require further investigation,” said Louis Morisset, the CSA’s chairman and president and CEO of the Autorité des marchés financiers, in a statement. “With the insights we collect from the [platform], all jurisdictions of the CSA will have a consolidated view of the activity taking place across markets.”
The CSA notes that Kx was selected as the developer of the new system following a public bidding process.