Market Abuse

WORP-MAD fed with: instruments' anagraphical data, customers and employees data, classification data, market data, customer position and risk profile, through detectors, applied to a subset of orders, enable to detect those operational patterns that might indicate a potential manipulative intent. The product user interface offers a console from where on-line and on-demand reports can be displayed. Reports are available in PDF or Excel formats and they are also available from web portal. WORP-MAD analyze all transactions on a daily basis and at user defined time intervals. It is possible to select specific sets of orders and customers/accounts, employees to perform custom analysis. With more than 35 signals and more than 25 patterns, WORP-MAD covers perfectly all CESR indications for the monitoring of both individual orders or of operational multiday strategies. In addition to equities and derivatives securities, the product is capable to scout manipulative or insider trading intents also on bond instruments. Notifications are managed by users through the award of successive status to trace the tasks performed on the alert.

Best Execution Monitoring

The store on database of all relevant data associated to the order and the client itself, the snapshoot of the target venue status, as well as of other potential target venues (if forecasted in the execution policy), among the venues where the instrument is tradeable, enable through specific signals to daily check the quality of best execution. Ad hoc reports provide to users a daily reporting.

Appropriateness and Execution Policy Monitoring

Allowing to distinguish the different types of clients and orders and highlighting all orders that have violated the filters set, WORP-MAD provides monitoring and reporting capabilities. The available reports provide: clients’ dossiers and consulting orders details, source details (advisory, no advisory, client initiative), the list of the recommendations, the evidence of those orders where appropriateness and execution policies filters have been triggered,  the list of all orders sent to markets upon explicit customer initiative. Reporting capabilities also allow the production of quarterly financial reports, in PDF format, containing the recommendations to be sent to clients.