Market manipulation has become extremely sophisticated in the past decade, and has led to many firms facing extremely high (often eight or nine-figure) non-compliance fines. To help financial firms spot, mitigate and remediate potential instances of market manipulation, TradingHub, the risk-based trade surveillance software provider, has expanded into Australia.
Already processing 220 million trades per day across 45 countries, TradingHub’s Australia HQ, based in Sydney, will serve as a key asset in the company’s mission to help firms overcome regulators which are progressively becoming stricter and stricter. This will primarily be made possible through the TradingHub surveillance system, MAST.
MAST is grounded in a robust financial market and regulatory framework. It is designed to eliminate dangerous blind spots by deploying unique models capable of detecting cross-product abuse, primary market abuse, and surveilling activities in less transparent markets. Additionally, it significantly reduces the exorbitant costs associated with investigating false positives.
Further adding to its success, MAST underlines the company’s significant year-on-year annual recurring revenue (ARR) growth.
Neil Walker, CEO of TradingHub
“Australia is one of the most dynamic and exciting financial markets around the world, and with that, its financial institutions face a deluge of sophisticated and unique market manipulation challenges,” said Neil Walker, CEO of TradingHub.
“As ASIC and other global regulators continue to strike a more muscular stance in their enforcement, Australian financial institutions need to have access to the tailored surveillance tools and intelligence they need to meet their specific evolving regulatory expectations. We are proud to bring this level of performance to the Australian financial community and are looking forward to helping these distinguished organizations tackle their short-, medium- and long-term trade surveillance goals.”
Leading the Australian charge
TradingHub’s Australian operations will be spearheaded by Michael McNeil, senior relationship manager for Australia, and David Farr, senior advisor, both of whom will report to Shayne Ganeson, global head of sales and relationship management.
McNeil has over 25 years experience in financial markets working in a variety of fixed income sales roles at top tier institutions such as Merrill Lynch, Nomura and Deutsche Bank. Prior to joining TradingHub in 2018, he was a partner at Autonomous Research in the credit trading and sales team. During his tenure at TradingHub, McNeil has had a number of senior roles within the sales and relationship management teams. He has helped the firm expand its customer base across global financial hubs.
Farr is a senior financial services executive with international operating experience in Europe and Australia. Formerly the executive general manager of Commonwealth Bank of Australia’s (CBA) Financial Crime Remediation and Uplift programme, Farr also held roles as managing director asset finance, and managing director and chief operating officer global markets at CBA.
Additionally, Farr has held senior roles as MD, COO EMEA FICC at Merrill Lynch and a senior role in risk management at the Australian Securities Exchange.
Taking TradingHub forward in Australia
“The Australian regulatory community is renowned for its dedication to ensuring fair markets exist for all participants and has a strong history of taking decisive actions when financial institutions are non-compliant,” added Walker.
“To navigate this environment successfully requires financial institutions to have both a firm understanding of both current regulatory expectations as well as potential future shifts. David and Michael’s vast financial, regulatory and technology experience will not only help the Australian financial community better understand immediate regulatory expectations but also advance their surveillance goals. Combined with our comprehensive technology suite, we are confident that we will be able to help the Australian financial community redefine its surveillance capabilities and achieve new levels of success.”
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