THE PROJECT
The misuse of insider information and market manipulation are regulated for all participants in the Swiss financial market in the Financial Market Infrastructure Act and specified in FINMA Circular 2013/08. We supported our client, a renowned Swiss retail bank, in optimising its controls and monitoring processes.
The project replaced sample-based controls and manual checklists with fully system-integrated trade monitoring, optimised the recording and management of insider information and the monitoring of employee transactions, and supported regulatory prohibitions through employee awareness and training.
The aim was to make trade monitoring more efficient, transparent, understandable and comprehensive through sophisticated scenarios and user-friendly systems.
OUR CONTRIBUTION
abaQon supported the project with overall project management, design and implementation. We ensured that the technical implementation of the regulatory requirements was both functionally correct, on time and on budget. The project was divided into three streams, using the appropriate project methodology for each: agile for an in-house development component, waterfall for the integration of a standard solution, and a classic change process for adjustments to existing systems. Within these projects, abaQon took the lead in the cross-system business analysis to provide the necessary transaction data from the core banking systems and the warehouse.
REALISED ADDED VALUE
As a result of the project, the client was able to achieve comprehensive and systematic control of market conduct rules, thereby sustainably reducing potential operational risks. The management of insider information was simplified and made more transparent for all parties involved in accordance with the need-to-know principle.