(June 15 – 12:20 ET) – Canadian securities regulators have teamed with Canada’s stock exchanges and the RCMP to develop and launch a new computer program that will help detect securities fraud and suspect trading practices.
Known as MICA (Market Integrity Computer Analysis System), the program will recreate the purchase and sales of securities on recognized stock exchanges and dealer markets across the country. One of MICA’s key features is the ability to identify which purchaser bought shares from a particular seller. The program will greatly enhance the investigation of market manipulation cases by cutting the time to complete the analysis from months to weeks.
“The ability to match trading activity with various purchasers and sellers gives enforcement branches an investigative tool to find evidence of unscrupulous actions on Canada’s capital markets,” said Douglas Hyndman, chairman of the Canadian Securities Administrators, at the CSA chairman’s summer meeting. “To maintain the integrity and investor confidence in the Canadian securities industry, we must be able to weed out those who try to manipulate the market.”
EFA Software Services Ltd. of Calgary developed the software, in cooperation with the RCMP, the Alberta, British Columbia, Quebec and Ontario securities commissions, Canadian Venture Exchange, Toronto Stock Exchange, Montreal Exchange, and the Investment Dealers Association.
-IE Staff