The Swiss stock exchange operator has introduced artificial intelligence to help it combat insider trading. The tool was developed with the input from experts at PwC.
SIX, the Zurich-based stock exchange, on Tuesday launched its new tool against insider trading – Prometheus. The trading surveillance application will set new standards for the monitoring of SIX stock exchanges, the company said in a statement.
Prometheus will gradually take the place of trade monitoring software currently in use and open a new chapter in the uncovering of insider trading in Switzerland.
Market Manipulation to Be Added in 2021
Since the entry into force of the Financial Market Infrastructure Act reporting regime, the trading surveillance unit now has at its disposal more information regarding the beneficial owner of a transaction. Thus, the trade data can be linked to the transaction data.
The insider trading module is the first of two modules that will come together to form Prometheus. The second module, market manipulation, is currently under development and due to be released in the first half of 2021.
SIX had launched the project in the fourth quarter of 2019 and worked with experts from PwC Switzerland.
