Market operator Nasdaq OMX has deployed its SMARTSOnline market surveillance system to the Philippine Dealing and Exchange Corporation (PDEx), the operator of a domestic fixed income market.
Using SMARTSOnline, PDEx can monitor market activity in real-time and shorten the investigation time needed to assess potential fraudulent trading activity.
The deal is the second partnership between the two firms, with PDEx already using Nasdaq OMX’s X-stream trading platform.
PDEx offers exchange trading, clearing and settlement of domestic bonds and a centralised over-the-counter market. The market’s surveillance responsibilities are designated under its role as a self-regulatory organisation.
“The Philippine domestic bond market is proud to partner up again with Nasdaq OMX in bringing order and a level playing field to the local community of fixed income market stakeholders,” said Vicente B. Castillo, chairman and CEO, PDEx. “Nasdaq OMX has been our infrastructure partner since we opened the market in 2005. Due to the power of its surveillance systems and the natural synergies with our platform this selection was an easy choice. Our relationship with Nasdaq OMX has been most fruitful and we look forward to the gains we can achieve together as the Philippine market expands and evolves.”
SMARTS, which was acquired by Nasdaq OMX in July 2010, has implemented its systems across 55 markets globally.