asic

ASIC set to look for suspicious trading
March 24, 2010 - 2:54PM

AAP

The corporate watchdog has bought a market surveillance system designed to identify suspicious trading activity and raise alerts.

The integrated market surveillance system (IMSS) that will analyse activities and trends in market data is to be installed for 1 July 2010, the Australian Securities and Investments Commission says.

ASIC will assume the market surveillance function from the Australian Securities Exchange (ASX) during the third quarter of 2010.

ASIC commissioner Belinda Gibson says the corporate regulator is well advanced in planning for the transfer of market supervision powers.

"We are committed to market integrity and a fair, orderly and transparent market," Ms Gibson said in a statement on Wednesday.

"The procurement of the IMSS is an important milestone in the transition and will underpin the streamlined markets analysis methodology and relationship management model ASIC has developed to monitor and engage market participants."

The IMSS will support the new markets surveillance team, which ASIC has built from existing staff and new hires from the ASX and the market.

The IMSS will be provided by SMARTS Market Surveillance Pty Ltd.