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A unique feature of the Australian regulatory environment is that the three main stakeholder groups (the regulator, the market operator and the vast majority of brokers) now use the same technology to monitor compliance with national securities regulations, participant regulation and broker internal rules. That technology is a home grown technology known as SMARTS. EWS has exclusive access to the technology1 to provide a range of services including training in how best to use the technology. As well as training courses in the technology itself, we have developed a range of other training courses to provide a full suite of training for a surveillance or compliance analyst.
1. Security Market MicrostructureThis begins with a course on security market microstructure, the object of which is to place regulation in the context of five key market elements. The course seeks to provide a practical understanding of how the five design elements of the market interact and the importantly a practical means of evaluating the impact of market design changes on market quality. From time to time different market stakeholders motivate changes to the market design giving rise to the need to estimate the impact of the change on market quality. The course introduces the concept of evidenced based policy making seen as a critical element of optimal security market design. 2. Securities Regulation in an Australian and Global ContextA second course focuses in on securities regulation element with a view to identifying the rules and regulations with which market participants are required to comply. The course looks as differences in rules across markets and their implications for optimal market design. 3. Building alerts using the SMARTS SystemA third course focuses on taking the rules and turning them into computer algorithms using the SMARTS technology. Market participants are taught to use the Alice language within SMARTS (which is designed for non-computer science trained personnel) to enable them to build and test their own rules within the SMARTS system. 4. Analyzing Alerts using the SMARTS SystemA fourth course rounds out the EWS training by instructing parties that need to handle alerts (surveillance or compliance analysts) what to do when they get an alert. Course participants are trained in how to use the visualization and recording elements of the SMARTS software to build a better understand of rule breaches in order ultimately to determine whether the circumstances which gave rise to the alert are genuine or false positives/negatives. A subset of this course is used to train expert witnesses in how to address issues associated with the provision of evidenced in cases involving breaches of prohibited trading behaviors including insider trading, market manipulation( in a variety of forms), broker-client conflict (e.g. front-running) and breaches of continuous disclosure.
1 This arises from the fact that EWS' parent company Capital Markets Cooperative Research Centre is a partner in the development of SMARTS technology.
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