Succession Systems says real-time trade compliance system deployed by Newedge to meet Canadian Requirements

Succession Systems says real-time trade compliance system deployed by Newedge to meet Canadian Requirements–deployed-by-newedge

Anthony Masso, CEO, Succession Systems

Anthony Masso, CEO, Succession Systems

“We tune the implementation to scan the orders in nanoseconds.”

New York City/Toronto РSuccession Systems said Newedge Brokerage had deployed its pre-trade compliance solution to meet regulatory requirements for automated trading risk controls in Canada and the United States.

“Compliance requires the consolidation of real time¬†trading flows across many different trading technologies,” said Anthony Masso, CEO Succession Systems. “A broker may have several different trading systems and the Market Access Risk System must adapt to all the platforms in use by clients.”

Succession said its TripleCheck Market Access Risk Solution consolidates, controls and reports on the trade flow from third party trading platforms, direct market access routers, and co-located proprietary servers.

“We tune the implementation to scan the orders in nanoseconds,” Masso said.

Brokers in Canada were given until May 31 to deploy the trading controls needed to meet rules for Canadian exchanges. Pre-order entry filters are required across all trading activity for brokers to manage trading exposures of clients in real time.

New automated trading regulations have been rolling out around the world after the US Securities and Exchange Commission introduced rule 15c3-5 in 2011.

Succession said that prior to the ruling, many brokers relied on their overnight back office systems to reconcile the trades and calculate the client positions, whereas regulators now wanted checks done in real time so that risk limits are enforced on an intraday basis.

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