NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) unit Actimize said today that the Netherlands financial markets regulator will use Actimize's software to detect illegal market transactions.
Transactional risk management software developer Actimize said that the Netherlands Authority for the Financial Markets (AFM) has selected the Actimize Market Abuse solution to improve its surveillance and supervision of the Dutch market and detect various forms of market abuse such as market manipulation and insider dealing.
The AFM is the fourth largest regulator of financial markets in Europe. It was established in March 2002 to supervise the conduct of the entire Netherlands financial market sector and to ensure that participants are handled properly and that they have accurate information.
Most of Actimize's customers have been financial institutions. In February, the company won a deal with a US market regulator, and Actimize's surveillance technology has now been adopted by two of the largest market regulators in the United States.
The Actimize Market Abuse solution monitors and detects suspicious transactions and automatically distributes alerts directly to relevant users. Actimize's basic platform also allows customers to add additional compliance, fraud and anti-money laundering solutions over time.
Head of Actimize Europe Bruno Piers de Raveschoot said, "The AFM's requirements are to ensure that the capital markets operate in a fair and efficient manner and to strengthen supervision in order to maintain confidence in and the reputation of the Dutch market."
NICE bought Actimize in 2007. Actimize has offices in New York, Israel, London and Tokyo.
NICE shares are up over 5% to $23.48 in midday trading on Nasdaq, giving it a market cap of $1.41 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2008
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