News | 02.01.19
Stock Exchanges to Fire Company Building Stock Market Supercomputer
Stock exchanges intend to fire Thesys Technologies, the contractor they hired to build the Consolidated Audit Trail, the latest sign of trouble for a project designed to detect trading fraud and causes behind wild swings in prices. In November, Thesys launched a first stage of the project one year late and without the functionality that was expected. The exchanges overseeing the contract confirmed Thursday that they are switching to a new vendor. The exchanges are evaluating how the switch will affect coming deadlines, including one that calls for the biggest brokerage firms to report orders to the data warehouse this year. FINRA is expected to take over the project, say insiders.
Read the full article on Wall Street Journal