Nice Actimize, a business owned by NICE (Nasdaq: NICE), was yesterday named by Circle as the company that will execute its market surveillance strategy, which also involves protection. Circle will use NICE Actimize’s Cloud Markets Surveillance (MS) product to strengthen its existing systems that prevent market manipulation on its trading and exchange products, which currently process over $3 billion in trades each month.
The Markets Surveillance (MS) solution allows firms to quickly detect the most sophisticated types of market manipulation, which include layering, pump and dump as well as insider trading; these are all major threats to legitimate crypto trading activities. Additionally, NICE Actimize’s MS solution also has a configurable rules engine that minimizes the incidents of false positives, and also reduces operational costs by allowing firms to create custom alerts based on the individual trading activities of each client.
Circle’s Chief Compliance Officer and Head of its Regulatory Counsel Robert Bench said:
As a leading crypto finance company, it was important that we work with a leading financial crime solutions provider like NICE Actimize which provides industry-leading solutions for the rapidly changing financial crime, risk and compliance landscape.
Circle has adopted a strong position on policy and crypto-related regulatory issues that focuses on the safety of our customers and investors. Adapting innovative technology solutions, such as the financial markets compliance solutions from NICE Actimize, to meeting the potential needs of regulators and protecting our assets brings this commitment full circle.
There are a number of markets surveillance vendors that address traditional asset classes, but we needed a partner that could adapt their traditional market expertise to the unique elements of the crypto market. NICE Actimize was chosen as the partner which could offer that adaptability.
The CEO of NICE Actimize, Craig Costigan commented:
As we lead the digital financial services industry with breakthroughs in artificial intelligence and advanced analytics, NICE Actimize will continue to innovate on behalf of the newest financial product categories, including cryptocurrencies, digital wallets, and more.
We recognize that Circle is a category leader committed to the highest standards of customer safeguards and are excited to be one of the industry’s first financial crime solutions providers to tackle the exciting new cryptocurrency category with secure and cost-effective protections.
NICE Actimize’s MS solution utilizes its expertise with OTC products to create a comprehensive array of surveillance measures that monitor regulatory compliance across a range of markets and products on a global scale. The MS solution also has verified analytics features that allow for the full automation of market surveillance, audit, investigation, E2E workflow management and reporting/dashboard features.
The solution also uses ActOne, an AI-enabled platform for investigating financial crimes, generating alerts and managing cases.