EGX Monitored By MillenniumIt Surveillance System

A trading surveillance system developed by MillenniumIT, a London Stock Exchange unit based in Sri Lanka has gone live in at the Egyptian Exchange (EGX), the company said.

“We are very pleased offer our services to the Egyptian Exchange to improve its surveillance and market monitoring functionsm,” Tony Weersinghe, chief executive of Millennium IT and director global development at LSE group said in a statement.

“We believe our state-of-the-art system will not only help EGX better oversee its market through rapid detection of abnormal trading activity but also help support this detection by further investigation of these behavioral patterns.”

The firm said its ‘Millennium Surveillance’ software will help EGX maintain an orderly market and identify abusive behavior for further investigations.

“We are very confident that our new system will allow EGX to fulfill our vision of providing a high quality market place through greater transparency,” Mohammed Omran, Executive Chairman of the Egyptian Exchange said.

“Equipped with technology that can meet the future demands of the market, we look forward to establishing ourselves as a highly equitable exchange which is committed to market integrity.”

Source: Lanka Business Online