Australia-based provider of trade execution and third-party clearing services FinClear has selected Eventus’ Validus platform for trade surveillance and post-trade monitoring.
Texas-headquartered Eventus provides trade surveillance software across all lines of defence.
With regulators placing an onus of responsibility on brokers to monitor trading activity and help maintain market integrity, Finclear says “it is incumbent on FinClear to report suspicious activity to provide accurate data to regulators”.
FinClear is involved in most retail transactions in Australia, clearing and settling AU$360 billion in transactions annually. The company hosts more than AU$145 billion of listed assets on its existing platform and supports more than 570,000 accounts. It services over 250 wholesale intermediaries.
Andrea Marani, CEO of FinClear execution and clearing services, says: “Both of our companies have made a big commitment on this implementation, and this has been much more of a partnership than a vendor-customer relationship.
“Eventus gave us the opportunity to tailor Validus to the specific needs of Australia’s equity markets. Since deploying the platform, we’ve already seen a marked reduction of false-positive alerts, and we’re now picking up behaviour that we wouldn’t have captured previously.”
Travis Schwab, CEO of Eventus, comments: “FinClear plays a significant role in the Australian broking community. We’ve truly established a mutually beneficial relationship, and the firm’s interest in collaborating with us to not only customise the product for its needs, but help us tailor the product for the Australian market generally, has been extraordinarily beneficial.”
