Mantas Selected by Bear Stearns for Anti-Money Laundering and Compliance
Bear Stearns has selected the Compliance portfolio for anti-money laundering and trading compliance from Mantas, a provider of compliance and behavior detection software for the banking and financial services markets.
Mantas Anti-Money Laundering and Trade Surveillance will further enhance Bear Stearns' compliance monitoring capabilities with respect to multiple behaviors across the company's operations globally. Peter Cherasia, chief information officer of Bear Stearns, stated in a release, "Bear Stearns takes its compliance and trade surveillance responsibilities very seriously. After an extensive review of the market, Mantas was the best choice. We are pleased with our selection and the progress we have made during the implementation."
CEO of Mantas, Simon Moss, stated in a release, "We are delighted that Bear Stearns has chosen Mantas. The depth of our solution, the breadth of our products and people, and our proven ability to bring value to market quickly differentiates Mantas from the market."
Nasdaq CIO Testifies on Benefits of Electronic Trading and Resiliency of Capital Markets
As part of the Federal government's continuing inquiry into the nation's ability to cope with natural and manmade catastrophes, the Subcommittee on Government Management, Finance and Accountability of the U.S. House Government Reform Committee Monday heard testimony from Steven J. Randich, executive vice president of operations and technology, and chief information officer of The NASDAQ Stock Market.
Randich spoke about NASDAQ's preparedness and the benefits of electronic trading networks in the event of wide-scale disaster or disruption.
"The exchange model in the U.S. is evolving towards electronic trading, and this will enhance naturally the capital markets' ability to withstand catastrophic events," said Randich, as quoted in a release. "NASDAQ's operating model provides us with a natural and tremendous business continuity advantage."
According to the release, NASDAQ uses a sophisticated computer and telecommunications network, which transmits real-time quotes and trade data to more than 2 million users in 83 countries. NASDAQ's "open architecture" market structure places virtually no limit on the number of market participants that can provide liquidity on NASDAQ and places virtually no geographical restrictions on those market participants.
"The industry is irreversibly moving towards electronic trading, and this is good news for resiliency," concluded Randich. "With electronic trading, an exchange need no longer be tied to a place. Rather, it can be maintained redundantly in multiple places and run by multiple systems, and redundancy is the key to security against any form of accident or attack. What is best for investors and for markets overall is also best for our financial and national security."