Market surveillance FinTech specialist Ancoa has secured its latest client in wealth manager and prime broker Linear Investments.
Ancoa did not disclose the value of the contract in today’s announcement, but said the group would be using its market surveillance and analytics services to meet its regulatory requirements across 27 markets.
The news comes ahead of changes to European laws on market abuse which are scheduled to come into play in July 2016.
Under the changes, the existing four European directives on market abuse will be replaced with a new overarching set of rules which include a pan-European criminal regime for serious instances and legislative measures affecting a wider range of markets and issuers.
For the first time the manipulation of commodities markets, HFT and benchmark manipulation will fall within the remit of the new rules.
The service that Ancoa is providing Linear has been customised to go beyond the FinTech company’s standard regulatory alert service.
The additions include custom data integration with Linear’s Order Management System and some bespoke alerts which red-flag areas that need further attention for potential market abuse.
Kurt Vandebroek, chief executive officer of Ancoa, said: “We are confident that our contextual approach will give Linear Investments’ compliance team… the necessary surveillance tools to detect and deal with market abuse, and help them fulfil their regulatory obligations as well as operational oversight requirements with confidence.”