First Derivatives breaks new ground in deal with Australian market regulator
First Derivatives, a leading provider of software and consulting services to global financial institutions, is celebrating its most significant deal in its 16-year history.
The firm’s Delta Stream product has been selected as the basis of the Australian Securities and Investments Commission (ASIC) multi-market surveillance system for an initial four-year term. Working with investment banks, brokers, hedge funds and exchanges across the world, this deal represents a major step forward for First Derivatives.
First Derivatives’ Delta Stream will be used by ASIC in meeting its statutory obligation to oversee Australia’s licensed financial markets. In particular, Delta Stream will be integral to ASIC’s market surveillance activities enabling detection of trading anomalies and irregularities that may indicate disorderly or prohibited trading across the range of asset classes and products traded.
This ability to monitor various instrument types in differing asset classes, like equities and fixed income, highlights the strength of the Delta suite in dealing with large data volumes at high velocity within a single platform, i.e. its ability to address the ‘Big Data’ challenge.
Delta Stream™ is in use globally at banks, hedge funds and securities companies meeting a range of business challenges including monitoring market-makers at Singapore Exchange (SGX).
It is one of First Derivatives’ world-class, flagship applications within its Delta suite, a powerful ‘Big Data’ platform, offering capabilities in reference data management, market data management, CEP, algorithmic and high-frequency trading, FX trading, treasury risk management and exchange management and surveillance.
Commenting on the contract win, First Derivatives CEO, Brian Conlon, said: “The success story of First Derivatives is marked by many significant deals but this is a real breakthrough for us. Delta Stream being selected by ASIC as its chosen platform for market surveillance is a statement of the confidence others place in First Derivatives products.
This is a major win in a regulatory environment and we are encouraged that this will enhance the profile of our Delta suite. Delta Stream will allow ASIC to quickly respond to evolving market regulations, the introduction of new products and projected increases in data volumes.”
In terms of what the deal means for the firm’s growth, Brian Conlon added: “Having been based in Australia for several years we have found it presents a strong platform for expansion into key Asian markets. We are confident others will look at this deal and see the potential for First Derivatives products to be applied to their own functions, including regulatory.
“This deal builds on a very encouraging performance on the product side of our business, showing 40% growth in our recent interim results. First Derivatives now employs over 720 people and having been selected by ASIC as a partner it is clear we can expect this growth to continue.”
ASIC said that the new system would enable its market surveillance team to interrogate very large data sets and monitor market activity in a manner consistent with the increased use of technology in day-to-day trading.
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