Brazilian exchange BM&F Bovespa has chosen European financial technology provider SIA-SSB to monitor all trading operations carried out on its exchange and CETIP, the Brazilian OTC derivatives market.
SIA-SSB was selected following an international call for tenders by Brazilian regulator the Commisao de Valores Mobiliaros (CVM), to design the new surveillance system for country's capital markets. The new infrastructure is intended to identify suspect situations and market abuse, allowing the CVM to intervene rapidly to resolve any issues.
All stock trading on the Brazilian capital markets will be covered, with the SIA-SSB system collecting and recording information relating to deals carried out for stocks, treasury bonds and derivatives traded on-exchange or OTC.
The project is expected to be concluded in H1 2011, with SIA-SSB working in collaboration with TATA Consultancy Services do Brasil to ensure integration with local markets.
“Our success in this important tender and the realisation of the project will enable SIA-SSB to arrive for the first time in South America and more specifically in a country like Brazil with an economy in continual expansion,” said Massimo Arrighetti, CEO of SIA-SSB.