NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) unit Actimize Inc., a developer of financial crime, risk and compliance solutions, is providing its Actimize Energy Trading Surveillance to a global energy company. NICE did not disclose the size of the deal or name the customer, except to say that it is a "top five global energy firm".
The energy company will use Actimize's solution to monitor its worldwide trading activities in an effort to meet its compliance oversight obligations in all the energy markets in which it participates, including oil, natural gas, liquid natural gas, and power. NICE added that this important deal is part of Actimize's strategy to expand into the energy sector, and extends NICE's current presence it this market.
NICE Actimize solutions are currently used by many of the world's largest investment banks and brokerages. Entry into the energy trading surveillance market leverages the company's expertise in the risk and trading compliance market. Energy markets are undergoing major changes, and recent industry research done by NICE Actimize shows that companies are struggling to meet various energy trading compliance requirements. As scrutiny and enforcement increase across the energy trading industry, technology is being used to help energy firms of all kinds comply with existing and emerging regulatory standards set forth by regulators such as the US Commodity Futures Trading Commission (CFTC), Federal Energy Regulatory Commission (FERC), and Federal Trade Commission (FTC).
Actimize president and CEO Amir Orad said, "The current regulatory scrutiny faced by the securities and commodity markets presents a unique opportunity for NICE Actimize to leverage our existing leadership in the financial services market -providing surveillance technology to the top institutions and developing new products that support the energy and commodities trading industry's evolving compliance needs."
NICE's share price closed at $32.46 on Nasdaq yesterday, giving a market cap of $2.03 billion. The share price fell 1.6% by mid-afternoon on the TASE today to NIS 113.90.
Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010