French AMF develops ICY technology: How will ICY impact markets?

French AMF develops ICY technology seeking to guarantee financial markets are safe and transparent. How will ICY impact markets?

26 January, AtoZForex – France’s Autorité des Marchés Financiers (AMF) has been taking steps to ensure proper functioning of markets and protection of investors. Earlier this month, the regulator announced that it included the AMF Forex advertising ban in the Sapin II law. Now, it reports that it is introducing new technology to update its monitoring system, improve the ability to detect and investigate suspicious activity.

French AMF develops ICY technology

In order to guarantee markets function well, the French regulator employs powerful human and technical resources and has been investing in their development. Referring to its monitoring system, it processes around 1.6 million transaction records and produces about 36,000 warnings annually. Yet, the regulator seeks to further improve its operations and, thus, introduces the new monitoring system.

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The system is called ICY which stands for "I see why". This is the new monitoring system that the AMF is developing with the help of IT company Neurones. The system will be based on Big Data technologies enabling the regulator to quickly sort data representing large trading volumes. According to Alexandra Givry, Head of the Market Surveillance Department at AMF:

"ICY will enable the AMF to exploit the large amounts of available data and thus better execute its market surveillance and investigation activities. It will also strengthen its capacity to analyze market trends and the impact of regulation."

ICY system's benefits

The AMF will launch ICY system in the second half of 2017. While from the 3rd of January 2018 the new system will begin to obtain MiFID II data. As soon as the process of transferring data is finalized the AMF will be willing to file larger amounts of data and execute multivariate analysis.

Consequently, the regulator hopes it will strengthen its ability to examine transactions in real time making it quicker to respond. ICY should also help to enhance the detection of market abuses by applying artificial intelligence tools such as machine learning.

You can view the full report here.

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