Investors:meet your new friend

Australia has never been short of  financial scams, some of them very sophisticated.

Whether it be doubtful offers from Nigeria, or plausible local Ponzi schemes, the nation’s investors have very good reason to be cautious.

They will, however, soon have a new high tech friend, called IMSS.

That’s short for the Integrated Market Surveillance System,which should be operating by July 1.

The Australian Securities and Investment Commission, ASIC, has bought the new system, which it says will analyse activities and trends in market data.

Operating in that way, the new system is said to be capable of identifying suspicious trading activity and raising alerts.

This follows the Federal government’s decision last year to transfer surveillance of Australia’s financial markets  from the Australian Securities Exchange to ASIC.

“ASIC is well advanced in our planning for the transfer of market supervision powers,” ASIC Commissioner Belinda Gibson said.

“The procurement of lthe IMSS is an important milestone in the transition,” Ms Gibson added.

Your new, high tech friend won’t be working alone, though.

It will support a new surveillance team that ASIC has built up from its own staff, old hands from the ASX and “talent from the market,” Ms Gibson said.

“ASIC’s objective is to ensure a seamless transition of the supervision responsibilities with minimal disruption to participants,” she added.

ASIC bought the  IMSS system from SMARTS Market Surveillance Pty. Ltd.