herald

Wednesday 18 October 2017

First Derivatives win big IEX deal

securities

Newry-based financial technology firm First Derivatives has won a contract to provide its Delta Surveillance system to the IEX trading venue, a New York-based "dark pool" that was the subject of a book by acclaimed financial writer Michael Lewis.

IEX aims to protect investors from a practice called "front-running", whereby traders use ultra-fast computers to identify an order being placed, leapfrog the queue to buy the security first, and then sell it to rival traders at a higher price.

It will use First Derivatives' system to monitor trading activity for market abuse and "fat finger" trades.

First Derivatives chief executive Brian Conlon (pictured) told the Herald that winning the contract is "a bit of a coup".

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