Erste Group, a major European financial institution, has gone live with Scila AB’s trade surveillance solution, Scila Surveillance: a versatile trade surveillance cloud-based solution designed for comprehensive monitoring of global trading activities across multiple asset classes across the globe.
Scila AB is a Stockholm-based leading independent provider of trade surveillance, risk management and anti-money laundering (AML) technology.
The RegTech firm’s surveillance solution is known to bring significant advantages in upholding market integrity, mitigating financial crime risks, and ensuring regulatory compliance to its clients.
Erste selected Scila for its prudent approach to compliance management
Erste Group is a major financial services provider in Central and Eastern Europe. Established in 1819, it originally started as a savings bank in Austria. Today, it operates in various countries, including Austria, Czech Republic, Slovakia, Hungary, Romania, Croatia, Serbia, and other parts of the region.
The bank offers a wide range of services, including retail and corporate banking, investment banking, asset management, and insurance. Erste Group is known for its strong focus on retail banking, serving millions of customers through its extensive branch network and digital platforms. It is also recognized for its commitment to sustainable banking practices and social responsibility initiatives. The company is listed on the Vienna Stock Exchange.
Mikko Andersson, Chief Executive Officer at Scila AB, said: “Scila is delighted to partner with Erste Group. Scila Surveillance, designed for the dynamic nature of modern capital markets, will equip Erste Group with advanced tools to effectively safeguard market integrity and investor protection.”
Iris Bujatti, Chief Compliance Officer of Erste Group Bank AG, commented: “We are very positive to partner with Scila because its Trade Surveillance Solution combines a wide range of functionalities, which fits to our approach to manage Compliance risk very prudently by leveraging on modern technology.“
Mikko Andersson, from CIO to CEO at Scila
It was in late 2023 that Mikko Andersson stepped into the CEO role at Scila, bringing a history of driving growth in technology-focused firms within regulated sectors. His prior role within Scila as CIO focused on business development and enhancing product scalability.
Andersson’s vision for Scila includes leveraging its scalable core technology to meet the financial industry’s evolving demands for integrated surveillance, risk, and anti-money laundering (AML) solutions. Recognizing the shift towards a more comprehensive view of these areas, Andersson’s leadership is expected to strategically position Scila at the forefront of this industry evolution.
Possessing advanced degrees in both Business and Engineering Physics, including studies at prestigious institutions, Andersson’s academic background complements his strategic focus. His expertise is seen as a valuable asset in guiding Scila’s technology and support services to new heights, enhancing market integrity, and fostering long-term stakeholder value.
GTN and Capital.com selected Scila AB
Last year, GTN selected Scila AML for transaction monitoring, Scila Risk for market risk, and Scila Trade Surveillance for trade surveillance, provided by Scila AB. The provider of trading technology for brokers, asset managers, and their customers now leverages a flexible suite of Scila products for holistic monitoring of global trading activities – including risk calculations, account transaction monitoring, and trade surveillance.
Retail brokerage firm Capital.com also partnered with Scila AB to deploy Scila Surveillance, the fully-fledged, Java-based surveillance system that includes a broad selection of alert rules and reports, a powerful search and replay functionality as well as trading analytics tools.
The solution caters to multi-asset brokers, trading venues, regulators, and compliance departments, offering a one-stop surveillance tool to monitor the entire market and ensure integrity.
Scila Surveillance has been implemented at a number of trading venues – spanning from equities to commodities and derivatives markets, including Alpha Trading Systems, Burgundy, the Chicago Board Options Exchange, the London Metal Exchange, Markit BOAT and NYSE Liffe.
