b-next responds to increased global demand for FX Trading Surveillance, Market Abuse, & OTC Monitoring solutions
b-next, a specialist provider of capital markets compliance solutions, today announced the opening of its New York office. This expansion is b-next’s response to increased demand for surveillance and monitoring solutions as regulators across the globe harmonise capital markets mandates and rules, and increase financial and criminal penalties.
Recent Libor and FX benchmark price manipulation scandals, high profile insider trading and market abuse cases have damaged investor confidence in capital markets, and inflicted massive financial and reputational damages to the banks involved. This has highlighted the need for banks, brokers, exchanges, and buy-side market participants to invest in robust trading surveillance and compliance systems. By establishing a presence in the US market, b-next aims to address the growing needs of local market participants for solutions that cover all their capital markets trading activities, including conflict of interest management, insider trading, market abuse, across all asset classes and trading venues. Both onsite and Thomson Reuters Elektron hosted solutions are available.
Glen Wilson, Head of the New York office, comments, “Following recent financial scandals, participants are demanding global control functionality that ensures activities in individual regions or countries do not expose the group to reputational and operational risk. At the same time capital markets regulators are widening the asset classes covered by market abuse, and price manipulation rules. b-next can help to address these challenges.” Wolfgang Fabisch, CEO b-next, said, “We are seeing increased demand for insider trading, market abuse, FX and OTC surveillance solutions as executives restructure their compliance units to meet new mandates. Now is the right time to build ourpresence in the North American market.”