NEW YORK, NY – (December 02, 2010)--NICE Actimize, a NICE Systems (NASDAQ:NICE) companyand the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, today announced that the federal executive body regulating the Russian Federation’s financial markets, Federal Financial Markets Service (FFMS), has deployed NICE Actimize’s solution for market surveillance. The FFMS has already uncovered suspect activity from its implementation of the Actimize Market Surveillance solution, which includes compliance monitoring for equity, fixed income, futures and other securities and trading products.
The FFMS currently monitors tens of millions of orders daily from the two primary Russian exchanges, the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS), involving some one million executions. The FFMS sought the Actimize Market Surveillance solution in its efforts to enforce a new Russian Federal Law that is expected to go into effect January 2011:”On Counteracting the Abuse of Inside Information and Market Manipulation and Amendment of Certain Legislative Acts of the Russian Federation.” This new law seeks to enable the FFMS to enact new regulations and is intended to reinforce market integrity and transparency in Russian financial markets.
Working alongside implementation partners FUN, one of the largest systems integrators in Russia, and Prognoz, a BI applications provider, NICE Actimize was able to execute the project very quickly. The implementation commenced at the beginning of July and the solution went live within a span of just ten weeks.
“We are determined to ensure fair trading practices and prevent market abuse. Sophisticated abuse patterns require sophisticated compliance measures,” said Mr. Milovidov, Head of the FFMS. “We conducted a rigorous search with stringent criteria before choosing NICE Actimize for the automation of our regulatory compliance initiatives. In the two weeks since going live with the solution, we have already identified three potential wash trade cases that we are currently investigating.”
NICE Actimize’s market surveillance solutions are used by the largest European and American financial institutions and regulators to increase their insight into suspicious behaviour and improve risk and compliance management. While some regulators, securities firms and investment banks still rely on manual or semi-automated processes to monitor compliance with market abuse regulations, automation such as that provided by NICE Actimize can radically improve the identification and reporting of suspicious transactions. Leveraging proven detection models with sophisticated analytics to assign priority scores to alerts, the solutions delivers strong surveillance capabilities and improves efficiency for regulators, trading managers and compliance staff.
“We are pleased that the FFMS has joined our growing list of regulators across the globe that are leveraging our technology in their efforts to detect noncompliant activities. By automating the detection and prevention of market abuse, the FFMS and the Russian Federation have established themselves as industry leaders,” said Amir Orad, president and chief executive officer of NICE Actimize. “Russian regulations and penalties are expected to continue to proliferate, and proven, powerful, and flexible tools must be in place to ensure a meaningful impact for the myriad of traders who are committed to fair trading practices.”
NICE Actimize, a NICE Systems company, is the world’s largest and broadest financial crime, risk and compliance solutions provider. The company provides real-time and cross-channel fraud prevention, anti-money laundering, enterprise investigations, risk management and trading surveillance solutions built upon a single flexible software platform. Implemented by the majority of the world’s largest financial institutions, including all of the top 10 banks, the company’s solutions enable clients to mitigate financial crime risk, improve compliance, and reduce operational costs.www.actimize.com.
About the Federal Financial Markets Service (FFMS)
The Federal Financial Markets Serviceof Russia is the federal executive authority empowered to enact legislations, exercise financial market control and supervision in the sphere of pension assets formation and investment and exchange activity. For more details on the Federal Financial Markets Service of Russia please visit FFMS’s website:www.fcsm.ru
About FUN Group
Fun Group of Companies has been successfully conducting its business in the IT market since 1991. Now Fun Group is in the list of TOP-100 Russian IT companies, occupying the 27th place in the general rating and the 5th place in the rating of ???-10 Distributors according to Expert Rating Agency (2009 release). For more details on Fun Group please visit the company’s web-site: www.fun.ru or contact Olga Belostotskaya via e-mail: fob@fun.ru
About Prognoz
Prognoz is the leading Russian developer of information analysis systems and decision-support systems. The Company’s list of customers includes without limitation over forty Federal Ministries and Offices of Russia, regional authorities, major banks and enterprises, leading international organizations and financial institutions. For more details on Prognoz please visit company’s web-site: www.prognoz.ru or contact Elena Mechenkova via e-mail: mechenkova@prognoz.ru
About NICE Systems
NICE Systems is the worldwide leader of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies. www.nice.com.
