The European subsidiary of MarketAxess Holdings has selected Ancoa to provide it market surveillance capabilities across fixed-income multilateral trading.
Ancoa’s systems will be used to monitor instances of potential market abuses on its MTF and meet scenarios set out by the EU’s Market Abuse Regulation in July 2016. To address the challenge of assessing the price normality of bonds, which are usually less liquid than cash, Ancoa designed and deployed a specialised alert system. The tool aggregates all trading and contextual data onto a single screen.
The vendor says that a “growing focus on the FICC markets and expertise in market surveillance for RFQ based trading” has enabled it to deploy its monitoring platform in short timeframes and allow companies to deal with market abuse ahead of schedule.
“We carried out extensive due diligence before choosing Ancoa’s surveillance platform and found Ancoa to be a genuine partner in fixed-income trade surveillance,” says Miranda Morad, General Counsel for MarketAxess Europe. We needed a surveillance platform that offers the potential to gather actionable business intelligence from the MTF and ensures we are compliant with MAR.”