Capital market authorities to enhance oversight with Nasdaq systems
Sri Lanka’s capital market regulator and operator have procured a state-of-the-art trade surveillance system from New York-based Nasdaq to proactively identify and respond to market abuse, potential fraud, and other forms of market manipulation.
The Securities and Exchange Commission (SEC) is now testing the system and plans to implement it within a few weeks, an official stated. He said this AI-based system is comprehensive and research-based, which will help them in the task of surveillance. This acquisition reflects the SEC’s commitment to fostering a fair, transparent, and efficient market in Sri Lanka. The contractual agreement was signed earlier on August 30, 2024, in Colombo, with key SEC officials and Nasdaq representatives present. The earlier system the SEC had was from the London Stock Exchange.
Colombo Stock Exchange (CSE) has also purchased a surveillance system – which is a different product from the SEC’s – and it is in the process of being commissioned. Officials said that the two systems will be operating independently.
The current system that CSE has is a homegrown one, and before that, it was from the National Stock Exchange of India, officials said.
The system includes sophisticated algorithms, customisable alerts, visualisation tools, and real-time data analytics, all designed to enhance the stability and credibility of Sri Lanka’s capital market. It is scalable to accommodate increasing market activity and integrates AI and machine learning for improved detection capabilities.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!