Sopra Steria has partnered with Sybenetix to produce surveillance and compliance tools that can be integrated into existing platforms.
The surveillance tool is cloud-based and can “provide smarter faster detection and investigations of potential misconduct,” both firms said.
The Financial Conduct Authority (FCA) chose Sopra Steria for a six-year contract to supply a regulatory market data platform, in April this year.
Sopra Steria’s big data platform operates through a regulatory support service, which the firm says will store billions of transaction reports over the six-year period.
Sybenetix – a market abuse surveillance company – provides proprietary technologies, which are to be integrated with Sopra Steria’s regulatory reporting service as part of the partnership.
Managing director at Sopra Steria, Melba Foggo, urged financial services to “rethink their technology infrastructure and begin to embrace architectures that include cloud to become truly digital.”
Taras Chaban, CEO at Sybenetix, added that its proprietary technologies provide compliance and enhance investment performance, “a win-win for the boards of major organisations and leading regulators.”