The Awacs incorporates a library of early warning alerts to facilitate detection of possible instances of market abuse. These include insider trading and front running as well as cases of market manipulation, including wash trades, spoofing, marking the close, layering of orders and churning.

In addition, specific alerts have been configured to meet ZSE’s exact requirements, further enhancing their ability to monitor the markets.

By implementing the new anti-fraud and market manipulation detection systems, these emerging exchanges ensure that they not only satisfy wider US and European compliance, but also become destinations for fresh capital flows.

Roberto Motusic, president of the Zagreb Stock Exchange, said: “Throughout the implementation process we have been very impressed with 3i Infotech, not only the efficiency with which the solution was implemented, but also in the way the Awacs team worked with the ZSE to deliver the project on time and in budget.”

Philip Black, business development director at 3i Infotech – Western Europe, said: “The implementation went exactly to plan is a testament to the close working relationship developed between the ZSE and 3i Infotech, as well as a demonstration of the solution’s power and flexibility which allow it to be quickly configured to suit the exchange’s specific requirements.”