Software firm First Derivatives in Australia watchdog deal

A software and consulting service firm with its headquarters in County Down has won a deal to provide an electronic watchdog to the Australian financial regulator.

First Derivatives in Newry said the deal was the most significant in its 16-year history.

The firm's Delta Stream product has been selected as the basis of the Australian Securities and Investments Commission (ASIC) multi-market surveillance system for an initial four-year term.

It will be used by ASIC in overseeing Australia's licensed financial markets and detecting trading anomalies and irregularities.

The First Derivates system can deal with a large volume of data at high speed and is already used at the Singapore Exchange.

Chief Executive Officer Brian Conlon said the deal was a "real breakthrough".

"Delta Stream being selected by ASIC as its chosen platform for market surveillance is a statement of the confidence others place in First Derivatives products," he said.

"This is a major win in a regulatory environment and we are encouraged that this will enhance the profile of our Delta suite.

"Delta Stream will allow ASIC to quickly respond to evolving market regulations, the introduction of new products and projected increases in data volumes."

He added that they hoped they would be able to expand into other key Asian markets.

First Derivatives currently employs approximately 720 people around the world.