Developing and implementing an appropriate surveillance system and organisation

Peter Nylén
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Peter Nylén: Head of Outsourced Trading Surveillance, Trapets AB, Sweden

Journal of Securities Operations & Custody, 2014, vol. 6, issue 3, 270-281

Abstract: The securities trading industry has evolved rapidly since the implementation of MiFID in 2007. With a growing regulatory framework and increased surveillance obligations for firms and venues, it is not an easy thing to come out on top. Implementing an appropriate, well-functioning surveillance system requires a firm to adapt the setup to specific conditions, and to find the right answer to all the questions related to the task. The objective of this article is to present to the reader a number of relevant principles and key areas that need to be taken into consideration when implementing and developing a system with sufficient technical capacity and well-trained, experienced staff able to protect your own organisation — as well as the rest of the market — from different types of market abuse and other trading malpractices. The article also traces the changes in the trading landscape since MiFID was implemented, with emphasis on automation, fragmentation and high frequency trading.

Keywords: market abuse; insider trading; market manipulation; market abuse regulation (mar); market surveillance; trade surveillance; surveillance system; surveillance organisation (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2014
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