FinClear selects Eventus Validus platform for equities post-trade surveillance
Sydney / New York, Nov. 21, 2023 (Nov. 20, 2023 EST) – Eventus, a leading global provider of state-of-the-art, at-scale trade surveillance software across all lines of defence, and FinClear, Australia’s leading provider of trade execution and third-party clearing services, today announced that FinClear has deployed Eventus’ Validus platform for trade surveillance and post-trade monitoring.
FinClear touches one in two retail transactions in Australia, clearing and settling AU$360 billion in transactions each year. The company hosts more than AU$145 billion of listed assets on its existing platform and supports more than 570,000 accounts. It services more than 250 wholesale intermediaries.
Andrea Marani, CEO of FinClear Execution and Clearing Services, said that as the firm has continued to grow, FinClear elected to transition to Eventus from its previous provider for a number of reasons, including the ability to customise the platform, the sophistication of the technology and the proactive dialogue and engagement with the team.
Marani said: “Both of our companies have made a big commitment on this implementation, and this has been much more of a partnership than a vendor-customer relationship. Eventus gave us the opportunity to tailor Validus to the specific needs of Australia’s equity markets. Since deploying the platform, we’ve already seen a marked reduction of false-positive alerts, and we’re now picking up behaviour that we wouldn’t have captured previously.”
With regulators placing an onus of responsibility on brokers to monitor trading activity and help maintain market integrity, he said it is incumbent on FinClear to report suspicious activity to provide accurate data to the regulators on a daily basis.
Marani added: “There have been severe penalties imposed on brokerage firms for not doing so. These responsibilities continue to increase, and Eventus software will be an essential tool to assist in managing these responsibilities.”
Eventus CEO Travis Schwab said: “FinClear plays a significant role in the Australian broking community. We’ve truly established a mutually beneficial relationship, and the firm’s interest in collaborating with us to not only customise the product for its needs but help us tailor the product for the Australian market generally has been extraordinarily beneficial.”
Eventus provides state-of-the-art, at-scale trade surveillance software across all lines of defence. Its powerful, award-winning Validus platform is easy to deploy, customise and operate across equities, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume, and real time environments of Eventus’ rapidly growing client base, including tier-1 banks, broker-dealers, futures commission merchants (FCMs), proprietary trading groups, market centres, buy-side institutions, energy and commodity trading firms, and regulators. Clients rely on the platform, coupled with the firm’s responsive support and product development, to overcome its most pressing trade surveillance regulatory challenges. For more, visit www.eventus.com.