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NICE Actimize Implements Market Surveillance Solution for the Russian Regulator, Federal Financial Markets Service, to Help Combat Market Manipulation and Insider Dealing
NEW YORK, December 2, 2010/PRNewswire-FirstCall/ --
- The Solution was Successfully Deployed in Less Than Three Months, and
Within Just Two Weeks Identified Cases Requiring Further Investigation
NICE Actimize, a NICE Systems (NASDAQ:NICE) company and the largest and
broadest provider of a single financial crime, risk and compliance software
platform for the financial services industry, today announced that the
federal executive body regulating the Russian Federation's financial markets,
Federal Financial Markets Service (FFMS), has deployed NICE Actimize's
solution for market surveillance. The FFMS has already uncovered suspect
activity from its implementation of the Actimize Market Surveillance
solution, which includes compliance monitoring for equity, fixed income,
futures and other securities and trading products.
The FFMS currently monitors tens of millions of orders daily from the two
primary Russian exchanges, the Moscow Interbank Currency Exchange (MICEX) and
the Russian Trading System (RTS), involving some one million executions. The
FFMS sought the Actimize Market Surveillance solution in its efforts to
enforce a new Russian Federal Law that is expected to go into effect January
2011:"On Counteracting the Abuse of Inside Information and Market
Manipulation and Amendment of Certain Legislative Acts of the Russian
Federation." This new law seeks to enable the FFMS to enact new regulations
and is intended to reinforce market integrity and transparency in Russian
financial markets.
Working alongside implementation partners FUN, one of the largest systems
integrators in Russia, and Prognoz, a BI applications provider, NICE Actimize
was able to execute the project very quickly. The implementation commenced at
the beginning of July and the solution went live within a span of just ten
weeks.
"We are determined to ensure fair trading practices and prevent market
abuse. Sophisticated abuse patterns require sophisticated compliance
measures," said Mr. Milovidov, Head of the FFMS. "We conducted a rigorous
search with stringent criteria before choosing NICE Actimize for the
automation of our regulatory compliance initiatives. In the two weeks since
going live with the solution, we have already identified three potential wash
trade cases that we are currently investigating."
NICE Actimize's market surveillance solutions are used by the largest
European and American financial institutions and regulators to increase their
insight into suspicious behaviour and improve risk and compliance management.
While some regulators, securities firms and investment banks still rely on
manual or semi-automated processes to monitor compliance with market abuse
regulations, automation such as that provided by NICE Actimize can radically
improve the identification and reporting of suspicious transactions.
Leveraging proven detection models with sophisticated analytics to assign
priority scores to alerts, the solutions delivers strong surveillance
capabilities and improves efficiency for regulators, trading managers and
compliance staff.
"We are pleased that the FFMS has joined our growing list of regulators
across the globe that are leveraging our technology in their efforts to
detect noncompliant activities. By automating the detection and prevention of
market abuse, the FFMS and the Russian Federation have established themselves
as industry leaders," said Amir Orad, president and chief executive officer
of NICE Actimize. "Russian regulations and penalties are expected to continue
to proliferate, and proven, powerful, and flexible tools must be in place to
ensure a meaningful impact for the myriad of traders who are committed to
fair trading practices."
NICE Actimize, a NICE Systems company, is the world's largest and
broadest financial crime, risk and compliance solutions provider. The company
provides real-time and cross-channel fraud prevention, anti-money laundering,
enterprise investigations, risk management and trading surveillance solutions
built upon a single flexible software platform. Implemented by the majority
of the world's largest financial institutions, including all of the top 10
banks, the company's solutions enable clients to mitigate financial crime
risk, improve compliance, and reduce operational costs.
http://www.actimize.com.
About the Federal Financial Markets Service (FFMS)
The Federal Financial Markets Service of Russia is the federal executive
authority empowered to enact legislations, exercise financial market control
and supervision in the sphere of pension assets formation and investment and
exchange activity. For more details on the Federal Financial Markets Service
of Russia please visit FFMS's website: http://www.fcsm.ru
About FUN Group
Fun Group of Companies has been successfully conducting its business in
the IT market since 1991. Now Fun Group is in the list of TOP-100 Russian IT
companies, occupying the 27th place in the general rating and the 5th place
in the rating of TOP-10 Distributors according to Expert Rating Agency
(2009 release). For more details on Fun Group please visit the company's
web-site: http://www.fun.ru or contact Olga Belostotskaya via e-mail:
fob@fun.ru
About Prognoz
Prognoz is the leading Russian developer of information analysis systems
and decision-support systems. The Company's list of customers includes
without limitation over forty Federal Ministries and Offices of Russia,
regional authorities, major banks and enterprises, leading international
organizations and financial institutions. For more details on Prognoz please
visit company's web-site: http://www.prognoz.ru or contact Elena Mechenkova
via e-mail: mechenkova@prognoz.ru
About NICE Systems
NICE Systems is the worldwide leader of intent-based solutions that
capture and analyze interactions and transactions, realize intent, and
extract and leverage insights to deliver impact in real time. Driven by
cross-channel and multi-sensor analytics, NICE solutions enable organizations
to improve business performance, increase operational efficiency, prevent
financial crime, ensure compliance, and enhance safety and security. NICE
serves over 25,000 organizations in the enterprise and security sectors,
representing a variety of sizes and industries in more than 150 countries,
and including over 80 of the Fortune 100 companies. http://www.nice.com.
Trademark Note: Actimize, the Actimize logo, NICE, and the NICE logo are
trademarks or registered trademarks of NICE Systems. All other marks are
trademarks of their respective owners. For a full list of NICE Systems'
marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, including the statements by Mr. Orad, are based
on the current expectations of the management of NICE-Systems Ltd.(the
Company)only, and are subject to a number of risks and uncertainties that
could cause the actual results or performance of the Company to differ
materially from those described herein, including but not limited to the
impact of the global economic environment on the Company's customer base
(particularly financial services firms) and the resulting uncertainties;
changes in technology and market requirements; decline in demand for the
Company's products; inability to timely develop and introduce new
technologies, products and applications; difficulties or delays in absorbing
and integrating acquired operations, products, technologies and personnel;
loss of market share; pressure on pricing resulting from competition; and
inability to maintain certain marketing and distribution arrangements. For a
more detailed description of the risk factors and uncertainties affecting the
company, refer to the Company's reports filed from time to time with the
Securities and Exchange Commission, including the Company's Annual Report on
Form 20-F. The forward-looking statements contained in this press release are
made as of the date of this press release, and the Company undertakes no
obligation to update or revise them, except as required by law.
Press Contact:
Rhiannon Staples
NICE Actimize
+1-212-994-3878
rhiannon.staples@actimize.com
Investors:
Daphna Golden
NICE Systems Ltd.
+1-877-245-7449
daphna.golden@nice.com
Source: NICE Systems
Press Contact: Rhiannon Staples, NICE Actimize, +1-212-994-3878, rhiannon.staples@actimize.com; Investors: Daphna Golden, NICE Systems Ltd., +1-877-245-7449, daphna.golden@nice.com
NICE Actimize Implements Market Surveillance Solution for the Russian Regulator, Federal Financial Markets Service, to Help Combat Market Manipulation and Insider Dealing
NEW YORK, December 2, 2010/PRNewswire-FirstCall/ --
- The Solution was Successfully Deployed in Less Than Three Months, and
Within Just Two Weeks Identified Cases Requiring Further Investigation
NICE Actimize, a NICE Systems (NASDAQ:NICE) company and the largest and
broadest provider of a single financial crime, risk and compliance software
platform for the financial services industry, today announced that the
federal executive body regulating the Russian Federation's financial markets,
Federal Financial Markets Service (FFMS), has deployed NICE Actimize's
solution for market surveillance. The FFMS has already uncovered suspect
activity from its implementation of the Actimize Market Surveillance
solution, which includes compliance monitoring for equity, fixed income,
futures and other securities and trading products.
The FFMS currently monitors tens of millions of orders daily from the two
primary Russian exchanges, the Moscow Interbank Currency Exchange (MICEX) and
the Russian Trading System (RTS), involving some one million executions. The
FFMS sought the Actimize Market Surveillance solution in its efforts to
enforce a new Russian Federal Law that is expected to go into effect January
2011:"On Counteracting the Abuse of Inside Information and Market
Manipulation and Amendment of Certain Legislative Acts of the Russian
Federation." This new law seeks to enable the FFMS to enact new regulations
and is intended to reinforce market integrity and transparency in Russian
financial markets.
Working alongside implementation partners FUN, one of the largest systems
integrators in Russia, and Prognoz, a BI applications provider, NICE Actimize
was able to execute the project very quickly. The implementation commenced at
the beginning of July and the solution went live within a span of just ten
weeks.
"We are determined to ensure fair trading practices and prevent market
abuse. Sophisticated abuse patterns require sophisticated compliance
measures," said Mr. Milovidov, Head of the FFMS. "We conducted a rigorous
search with stringent criteria before choosing NICE Actimize for the
automation of our regulatory compliance initiatives. In the two weeks since
going live with the solution, we have already identified three potential wash
trade cases that we are currently investigating."
NICE Actimize's market surveillance solutions are used by the largest
European and American financial institutions and regulators to increase their
insight into suspicious behaviour and improve risk and compliance management.
While some regulators, securities firms and investment banks still rely on
manual or semi-automated processes to monitor compliance with market abuse
regulations, automation such as that provided by NICE Actimize can radically
improve the identification and reporting of suspicious transactions.
Leveraging proven detection models with sophisticated analytics to assign
priority scores to alerts, the solutions delivers strong surveillance
capabilities and improves efficiency for regulators, trading managers and
compliance staff.
"We are pleased that the FFMS has joined our growing list of regulators
across the globe that are leveraging our technology in their efforts to
detect noncompliant activities. By automating the detection and prevention of
market abuse, the FFMS and the Russian Federation have established themselves
as industry leaders," said Amir Orad, president and chief executive officer
of NICE Actimize. "Russian regulations and penalties are expected to continue
to proliferate, and proven, powerful, and flexible tools must be in place to
ensure a meaningful impact for the myriad of traders who are committed to
fair trading practices."
NICE Actimize, a NICE Systems company, is the world's largest and
broadest financial crime, risk and compliance solutions provider. The company
provides real-time and cross-channel fraud prevention, anti-money laundering,
enterprise investigations, risk management and trading surveillance solutions
built upon a single flexible software platform. Implemented by the majority
of the world's largest financial institutions, including all of the top 10
banks, the company's solutions enable clients to mitigate financial crime
risk, improve compliance, and reduce operational costs.
http://www.actimize.com.
About the Federal Financial Markets Service (FFMS)
The Federal Financial Markets Service of Russia is the federal executive
authority empowered to enact legislations, exercise financial market control
and supervision in the sphere of pension assets formation and investment and
exchange activity. For more details on the Federal Financial Markets Service
of Russia please visit FFMS's website: http://www.fcsm.ru
About FUN Group
Fun Group of Companies has been successfully conducting its business in
the IT market since 1991. Now Fun Group is in the list of TOP-100 Russian IT
companies, occupying the 27th place in the general rating and the 5th place
in the rating of TOP-10 Distributors according to Expert Rating Agency
(2009 release). For more details on Fun Group please visit the company's
web-site: http://www.fun.ru or contact Olga Belostotskaya via e-mail:
fob@fun.ru
About Prognoz
Prognoz is the leading Russian developer of information analysis systems
and decision-support systems. The Company's list of customers includes
without limitation over forty Federal Ministries and Offices of Russia,
regional authorities, major banks and enterprises, leading international
organizations and financial institutions. For more details on Prognoz please
visit company's web-site: http://www.prognoz.ru or contact Elena Mechenkova
via e-mail: mechenkova@prognoz.ru
About NICE Systems
NICE Systems is the worldwide leader of intent-based solutions that
capture and analyze interactions and transactions, realize intent, and
extract and leverage insights to deliver impact in real time. Driven by
cross-channel and multi-sensor analytics, NICE solutions enable organizations
to improve business performance, increase operational efficiency, prevent
financial crime, ensure compliance, and enhance safety and security. NICE
serves over 25,000 organizations in the enterprise and security sectors,
representing a variety of sizes and industries in more than 150 countries,
and including over 80 of the Fortune 100 companies. http://www.nice.com.
Trademark Note: Actimize, the Actimize logo, NICE, and the NICE logo are
trademarks or registered trademarks of NICE Systems. All other marks are
trademarks of their respective owners. For a full list of NICE Systems'
marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, including the statements by Mr. Orad, are based
on the current expectations of the management of NICE-Systems Ltd.(the
Company)only, and are subject to a number of risks and uncertainties that
could cause the actual results or performance of the Company to differ
materially from those described herein, including but not limited to the
impact of the global economic environment on the Company's customer base
(particularly financial services firms) and the resulting uncertainties;
changes in technology and market requirements; decline in demand for the
Company's products; inability to timely develop and introduce new
technologies, products and applications; difficulties or delays in absorbing
and integrating acquired operations, products, technologies and personnel;
loss of market share; pressure on pricing resulting from competition; and
inability to maintain certain marketing and distribution arrangements. For a
more detailed description of the risk factors and uncertainties affecting the
company, refer to the Company's reports filed from time to time with the
Securities and Exchange Commission, including the Company's Annual Report on
Form 20-F. The forward-looking statements contained in this press release are
made as of the date of this press release, and the Company undertakes no
obligation to update or revise them, except as required by law.
Press Contact:
Rhiannon Staples
NICE Actimize
+1-212-994-3878
rhiannon.staples@actimize.com
Investors:
Daphna Golden
NICE Systems Ltd.
+1-877-245-7449
daphna.golden@nice.com
Source: NICE Systems
Press Contact: Rhiannon Staples, NICE Actimize, +1-212-994-3878, rhiannon.staples@actimize.com; Investors: Daphna Golden, NICE Systems Ltd., +1-877-245-7449, daphna.golden@nice.com