Wipro partnered with one of the world’s largest stock exchanges to build a comprehensive surveillance system and a robust compliance portal for listed companies
Wipro’s client, a leading stock exchange in the US, provides trading platforms to participants for multiple asset classes across geographies and time zones. The exchange is operated by a leading global operator of financial markets and provider of innovative trading technologies. Products traded on the exchange include equities, futures, options, fixed-income, ETFs, and structured products. The company also offers comprehensive trading platforms, connectivity solutions and market data products and services as a leading provider of end-to-end electronic trading solutions.
The US stock market has grappled with extremely stringent regulations in the aftermath of the 2007 financial meltdown. Stock exchanges were mandated to strengthen their surveillance mechanisms and improve the reporting systems and information flow between companies and market participants. This led to an emerging need for advanced market surveillance technologies to provide the wherewithal (analytics, process and ability) for identifying and reacting to market manipulations in an environment where trading volumes are powered by advanced trading technologies like algorithmic trading.
In responding to the dynamic market realities, the client wanted to re-engineer its existing mainframe-based core surveillance system to enhance its scalability, performance and usability, generate output in multiple formats and reduce the cost of maintaining legacy systems. Robust market surveillance would enable the exchange to monitor and weed out orders and trades that could be detrimental to the market integrity, produce market quality reports based on the voluminous trade data, and support SEC regulations pertaining to trading. However, the client was saddled with a very large number of applications and multiple technologies with no proper documentation.
In addition to this, the client also wanted to define a structured compliance process to streamline compliance reporting for listed companies and avoid delays in information processing or oversights resulting in auditory non-conformances with the SEC requirements