London, United Kingdom, April 28, 2010 --(PR.com
)-- Rapid implementation delivers project in just four months
3i Infotech, a global provider of IT solutions, today announces that the Zagreb Stock Exchange (ZSE) has successfully implemented AWACS, its automated, multi-segment market surveillance system.
As exchanges in emerging markets look to attract new listings and investors, the race is on to ensure that they stay ahead of their regional competitors. By implementing the latest anti-fraud and market manipulation detection systems, these emerging exchanges ensure that they not only satisfy wider US and European compliance, but also become destinations for fresh capital flows. With insider trading allegations having rocked the regulators, pressure is mounting for market manipulation to be monitored to the same stringency across the globe.
Having selected 3i Infotech’s AWACS solution, the implementation for the ZSE took just four months, from project initiation to everyday operation. As a result, the exchange is already benefiting from real-time identification of potential cases of market manipulation across its equity and fixed income markets. Moreover, instead of a time-consuming manual process, ZSE now has all of the data and tools to investigate these cases immediately and classify the probability of a genuine manipulation.
Such is the level of automation within the solution that AWACS incorporates a library of early warning alerts to facilitate detection of possible instances of market abuse. These include insider trading and front running as well as cases of market manipulation, including wash trades, spoofing, marking the close, layering of orders and churning. In addition, specific alerts have been configured to meet ZSE’s exact requirements, further enhancing their ability to monitor the markets.
Roberto Motusić, President of the Zagreb Stock Exchange, said, “Events in recent months have demonstrated beyond all doubt the need for holistic transaction monitoring services. As we move towards a wider market recovery, we look forward to operating with the latest and most efficient technology available.
“Throughout the implementation process we have been very impressed with 3i Infotech, not only the efficiency with which the solution was implemented, but also in the way the AWACS team worked with the ZSE to deliver the project on time and in budget.”
Philip Black, Business Development Director, 3i Infotech - Western Europe, commented, “We are delighted to have delivered our first European installation of AWACS. The fact that the implementation went exactly to plan is a testament to the close working relationship developed between the ZSE and 3i Infotech, as well as a demonstration of the solution’s power and flexibility which allow it to be quickly configured to suit the exchange’s specific requirements.”
About 3i Infotech
3i Infotech (www.3i-infotech.com)is one of India’s leading IT companies and among the top 3 Indian Software Products Companies*. The Company provides software products and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, Document Imaging & Digitization, Operations Outsourcing (BPO) and IT Consulting) for the Insurance, Banking, Capital Markets, Mutual Funds, Wealth Management and Government verticals. The Company services customers in over 50 countries across five continents.
The Company's quality certifications include SEI CMMI Level 5 for Software business, ISO 9001:2000 for BPO, ISO/IEC 27001:2005 for Data Centre Operations and ISO/IEC 20000-1:2005 for Data Centre Management Services.
* Source: Dataquest, August 2009
For more information, please contact:
Head of Marketing
3i Infotech (Western Europe)
Switchboard: +44 (0) 20 7071 3000
Phone: +44 (0) 20 7071 3012
Fax: +44 (0) 20 7071 3001
Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", "expect", "believe", and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of our principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. 3i Infotech undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.