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Nasdaq to Acquire UK Market Surveillance Startup

Nasdaq has agreed to acquire Sybenetix, a London-based startup that uses artificial intelligence to help compliance officers at asset management firms analyze the behavior of their traders in order to prevent market abuse. Sybenetix will enable the exchange group to expand its current market surveillance technology offering to service buy-side firms. It did not disclose the amount it intends to pay, but said the purchase price would be funded with cash on hand. Nasdaq Chief Executive Officer, Adena Friedman, has been vocal about investing more in innovative technologies such as cognitive computing. This deal is Nasdaq's first acquisition since her appointment in January. Nasdaq has a large division that sells market technology to trading firms, exchanges and clearing houses around the world. It runs a market surveillance software business, which includes a product called Smarts that helps brokers, exchanges and regulators identify potentially abusive trading across a range of markets. More than 45 marketplaces, 17 regulators and 140 market participants use its surveillance tools.  Sybenetix was founded in 2011, its technology uses advanced analytics and behavioral science to help buy-side firms such as hedge funds spot patterns for compliance purposes, but can also be used to enhance their performance.

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