NEW YORK and CHICAGO, July 11, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Sterling Trader, the Chicago-headquartered broker-neutral, independent service bureau, announced that Sterling Trader will offer the SMARTS Broker SaaS surveillance solution to buy-side customers to monitor trading activity for a variety of malicious trading behaviors—including layering, spoofing and insider trading—as well as to detect suspicious activity across trading venues and prevent market abuse.
"Speed to market and SMARTS Broker's cross-market functionality was very important in our decision to partner with NASDAQ OMX," said Stephen A. Sierszulski, Chief Executive Officer, Sterling Trader. "There is strong demand from our buy-side customers for a surveillance solution that's quick-to-market and one which robustly monitors trading activity for better transparency. We're proud to be able to offer SMARTS Broker to these customers, and foresee great demand as they look to further strengthen their surveillance responsibilities and keep pace with existing and future regulatory demands."
SMARTS Broker will provide analysis and sophisticated alerts for various forms of market abuse, including insider trading, market manipulation, violations of order handling rules and irregular trading patterns by automated and high frequency trading platforms.
"We're very pleased to be supporting Sterling Trader and their buy-side customers' surveillance and compliance initiatives through this partnership," said Paul McKeown, Vice President of Market Technology, NASDAQ OMX. "The opportunity to address the growing surveillance and compliance needs of the buy-side industry is a significant area of growth for the SMARTS business – we're proud to be partnering with Sterling Trader on this endeavor. "
With rapid expansion into the U.S. market, SMARTS Broker is used by over 60 tier-one and tier-two broker-dealers globally and is capable of supporting equities, derivatives and OTC markets. SMARTS surveillance solutions operate in more than 40 national exchanges and regulators, and more than 70 market participants across 55 markets.
About Sterling Trader
Sterling Trader is a broker-neutral, professional direct access trading service and global trading network offering a full service order routing and management suite built to support the direct access trading needs of professional traders. For further information, please visit: www.sterlingtrader.com.
About NASDAQ OMX
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.999% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about SMARTS Broker and NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
Source:The NASDAQ OMX Group, Inc.