Technology specialist Nice Systems has launched an automated communications surveillance system for trading floors.
The system is designed to monitor multiple communications channels in near real-time and alert firms to any potential market abuse.
Previously, market surveillance has been largely reactionary, with firms analysing communications data after market abuse is already suspected or there has been a breach.
Nice says moving to a near real-time solution enables a more pro-active approach to regulatory compliance and enable market abuse to be spotted in real time.
The system brings together data from social media, email, online chat and telephone communications. It combines communications surveillance with trading information to enable firms to gain a holistic view of trades and the communications that take place around them.
Speech analysis software can record call information before outputting it into text and then analysing, along with email and text chat information. The system is designed to spot key phrases but is also capable of being more pro-active.
"The user can set key words and phrases they want to identify, but the system can also spot trends and report on them, potentially letting compliance teams know about issues and concerns they weren't aware of previously," said Cromwell Fraser, director of strategy and business development for Nice Systems' trading floor line.
Organiations can also filter and search communications information, analysing every interaction for potential compliance issues, and then reconstruct trades for investigation and audit purposes.
Fraser said Nice is currently focused on increasing the integration between its trading and communications surveillance systems to enable compliance teams to better understand all aspects of a trade when investigating potential market abuse or related issues.