MANILA, Philippines - The Capital Markets Integrity Corp. (CMIC), a subsidiary of the Philippine Stock Exchange, has forged an agreement with securities firm Korea Exchange for the purchase of a surveillance system that can effectively detect and deter market abuse and manipulation.
Targeted to be fully operational by the first half of 2012, the Exture Surveillance System comes completely integrated with detection rules, statistic analysis models, benchmarks and accounts relation and pattern recognition logics.
“The surveillance system will be a critical resource towards fulfilling the specialized mandate of the CMIC. It is CMIC’s objective to be the investor’s advocate in order to educate investors on protecting their investments through proactive participation in the market. It is also CMIC’s commitment that the resolution of issues will always be guided by due process to ensure fairness to all market participants,” CMIC chairman Jose Luis Javier said during the signing ceremony Tuesday.
Apart from these analytical tools that help keep an orderly and fair market, the system also boasts of an integrated visual analysis system feature that could effectively reduce average analysis and investigation time as it gives visual representation of the market.
At the minimum, the dynamic, efficient and scalable system is designed to support a market of one million orders/trades per day.
Exture can also adapt to any type of cash (whether equities or fixed-income instruments), derivatives and inter-linked markets in the world.
The new system is expected to raise the bourse’s surveillance standards to be at par with its regional and global peers.