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Real-time trade surveillance solution with customizable alert scenarios, visual analytics, and replay capabilities. Monitors for layering, spoofing, wash trades, and other market manipulation techniques across asset classes.
Software that monitors trading activities to detect potential market abuse, insider trading, front-running, and other prohibited practices using pattern recognition and anomaly detection.
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Real-time Monitoring The system's ability to analyze and flag suspicious trades as they happen. |
Vendor documentation and product website indicate real-time monitoring of trades and generation of alerts. | |
Post-trade Analysis Ability to conduct surveillance on completed trades for historical pattern detection. |
Product advertises post-trade visual analytics and historical data replay for compliance review. | |
Pattern Recognition Automated identification of market abuse patterns such as layering, spoofing, or wash trades. |
Detects layering, spoofing, wash trades, and other market patterns using automation. | |
Anomaly Detection Statistical or AI-driven alerting on behaviors that deviate from historical norms. |
Notes mention detection of anomalous or manipulative behaviors using statistical and AI-based methods. | |
Alert Generation Automated creation of notifications for compliance team review on flagged activities. |
Automated alert creation is a core selling point for the product. | |
Custom Rule Creation Ability for users to define, implement, and adjust surveillance rules. |
Product offers customizable alert scenario configuration. | |
Rule Library Pre-built rules for fast deployment and coverage of common compliance scenarios. |
Described as having a library of common surveillance rules for rapid deployment. | |
Case Management Tools for documenting, tracking, and managing compliance investigations. |
Case management and visual investigation workflow are part of the system. | |
False Positive Reduction Mechanisms to reduce erroneous or unnecessary alerts. |
False positive controls and alert scenario customization highlighted. | |
Alert Prioritization System to rank the importance and urgency of alerts based on risk. |
System prioritizes and classifies alerts for compliance analysts. | |
Investigation Workflow Structured process for alert review, analysis, escalation, and resolution. |
Structured workflow from alert to resolution mentioned in product overview. | |
Audit Trail Comprehensive logging of user actions, rule changes, and investigations for compliance. |
Product materials reference audit trails and full investigation logs. | |
Real-time Data Ingest Rate The maximum number of trades or messages processed per second in real-time monitoring. |
No information available | |
Historical Data Retention Period Time duration for which trade data is maintained for surveillance and investigations. |
No information available |
Insider Trading Detection Ability to recognize trading activity that may be based on non-public, material information. |
Insider trading scenarios and surveillance built into detection modules. | |
Front-running Detection Identification of personnel trading ahead of client or firm orders. |
Front-running detection scenarios are supported. | |
Spoofing/Layering Detection Detection of placing orders with intention to cancel to manipulate market appearance. |
System specifically advertises spoofing/layering detection. | |
Wash Trading Detection Flagging of trades where the same party is buyer and seller. |
Wash trade surveillance is directly mentioned as a standard scenario. | |
Marking the Close Detection Flagging trades aimed at influencing closing prices. |
Detects marking the close as part of its abuse scenarios. | |
Churning Detection Detection of excessive trading to generate commissions or fees. |
Churning detection is a feature in their abuse patterns. | |
Quote Stuffing Detection Identifies high volumes of order submission and cancellation to clog market data. |
Quote stuffing is included in market manipulation detection. | |
Reference Price Manipulation Detects attempts to distort benchmarks or reference prices. |
Reference price manipulation is covered by abuse scenario modeling. | |
Cross-market Manipulation Coverage Ability to correlate and detect abuse across multiple venues or asset classes. |
System correlates activity across markets/venues and asset classes. | |
Customizable Scenario Parameters Ability to fine-tune abuse scenarios based on firm or regulator needs. |
Scenario parameters can be finely customized by compliance teams. |
Multi-Asset Class Support Support for equities, fixed income, options, futures, FX, crypto, etc. |
Supports multi-asset class monitoring (equities, futures, options, FX, etc.). | |
Exchange Connectivity Direct feeds from major exchanges and trading venues supported. |
Direct connectivity to major exchanges and trading venues. | |
Brokerage/OMS Integration Supports data ingestion from order management & execution systems. |
Integrates with major OMS, EMS, and brokerage platforms. | |
Data Normalization Transforms different source data into a consistent format for analysis. |
Data normalization from multiple sources mentioned in platform technical documents. | |
Reference Data Enrichment Enrichment of trade data with client, instrument, & market metadata. |
Adds reference and market metadata to raw trade data. | |
Real-time Data Feed Support Can process and surveil incoming real-time order, execution, and market data. |
Supports and surveils real-time data feed ingestion. | |
Historical Data Import Bulk ingestion of legacy data for backtesting and lookback reviews. |
Allows import of historical data for backtesting and compliance review. | |
Third-party Data Integration Ability to integrate with data from third-party vendors and regulators. |
Third-party data (e.g. market data, reference data, regulatory feeds) integration supported. | |
APIs for Data In/Out Public or private APIs for custom integrations to ingest/extract data. |
APIs are available for data ingestion and extraction, as described in product literature. |
Alert Dashboard Centralized view of current and historical alerts with filtering and sorting. |
Centralized dashboard for alert visualization and filtering is included. | |
Workflow Automation Automates assignment, tracking, and management of surveillance cases. |
Automated workflow for alert and case management. | |
Investigation Notes Secure and timestamped note-taking for audits and reviews. |
Investigation notes with audit timestamping is part of case management tools. | |
Attachment Handling Upload and attach evidence or documents to cases or alerts. |
Supports adding documents and attachments to cases. | |
Audit Log Immutable record of all user and system actions related to cases. |
All user and system actions are logged with full audit capabilities. | |
Alert Escalation Workflow for raising the severity or assigning cases to higher authority. |
Alert escalation workflow is configurable for different team levels. | |
Disposition Tracking Track final outcomes (dismissal, SAR filing, etc.) for audit purposes. |
Tracks alert/case outcomes for audit purposes. | |
Bulk Alert Management Tools for actioning or closing batches of alerts efficiently. |
Bulk operations for managing/completing multiple alerts are supported. | |
Case Re-open Functionality Allows re-examination of closed cases if new information arises. |
Closed cases can be reopened with new evidence. | |
Integration with Email/Communication Platforms Send notifications, reminders, or extract communications as part of surveillance. |
Email/communication integration for reminders and workflow included. |
Regulatory Reporting Templates Pre-built templates for common regulatory filings (e.g., SAR, STOR, MROS). |
No information available | |
Custom Report Builder Allows users to generate custom reports using extensive data filters and pivots. |
Allows ad-hoc and custom reporting. | |
Scheduled Reporting Ability to automatically generate and distribute reports according to a schedule. |
Supports scheduling periodic report generation and delivery. | |
Interactive Dashboards Visualizations and key metrics about alerts, investigations, and trends. |
Visual interactive dashboards are available for trends and key analytics. | |
Data Export Capability Export raw data or reports in CSV, Excel, PDF, or other formats. |
Exports to Excel, CSV, and PDF are supported. | |
Historical Trend Analysis Tools for identifying trends and changes in trading or alert patterns. |
Comprehensive tools for historical and trend analytics. | |
Management Information Reports KPI and MI tools for compliance and operations management. |
Produces MI and KPI reports for compliance and management. | |
Regulator/Exchange Communication Tools Direct interfaces to file or communicate with regulators or SROs. |
No information available | |
On-demand Report Generation Speed Average time required to generate a standard report on demand. |
No information available |
Maximum Concurrent Users Number of users who can access and use the system simultaneously. |
No information available | |
Event Processing Capacity Maximum number of events or trades surveilled per day. |
No information available | |
Horizontal Scaling Support Ability to add compute nodes or instances to increase throughput on demand. |
Supports cloud and on-premises horizontal scaling to increase throughput. | |
Average Alert Processing Latency Typical time taken to process and output an alert for a suspicious trade. |
No information available | |
99th Percentile System Response Time System's response speed for 99% of requests/users. |
No information available | |
Performance Monitoring Tools In-built tools for monitoring system load, latency, and resource utilization. |
System performance monitoring dashboard is included. | |
High Availability (HA) Architecture Implementation of redundancy, failover, and downtime minimization. |
Mentions high-availability architecture in technical datasheets. | |
Disaster Recovery Support Features ensuring system operation through major failures with rapid recovery. |
Disaster recovery and failover are covered in enterprise edition. |
Multi-jurisdictional Support Coverage for rules and requirements across different geographies. |
Supports global rule sets across multiple jurisdictions (US, EU, etc.). | |
Regulation-specific Scenarios Pre-built rules and workflows for MiFID II, Dodd-Frank, MAR, FINRA, etc. |
Provides scenarios and workflows for major regulations (MiFID II, MAR, etc.). | |
Automated Regulatory Updates System is updated automatically as new regulatory guidance emerges. |
No information available | |
Audit Readiness Built-in features to simplify preparing for and supporting regulatory audits. |
Audit preparation and audit-friendly workflow described in compliance features. | |
Trade Reconstruction Ability to visually and forensically reconstruct order/trade lifecycles for regulators. |
Visual and forensic replay/reconstruction is an advertised capability. | |
Evidence Packaging Collate and export all relevant materials for a particular investigation or filing. |
Bundles all case evidence for audit or regulatory filing. |
Role-based Access Control Ability to define fine-grained user roles and permissions. |
Configurable granular roles and privilege levels. | |
Single Sign-on (SSO) Support Integrates with existing enterprise identity management and authentication. |
Single Sign-On using enterprise IdM platforms is supported. | |
Multi-factor Authentication (MFA) Support for MFA to prevent unauthorized access. |
Support for MFA is stated in enterprise security features. | |
Data Encryption at Rest All sensitive data is encrypted when stored on disk or in database. |
Data at rest encryption is part of system security. | |
Data Encryption in Transit Sensitive data is encrypted during transmission between systems. |
Encryption of traffic in transit is covered in technical security documentation. | |
Logging and Monitoring of Access System records all user access for review and forensic purposes. |
Logging and auditing of access are provided for compliance. | |
User Activity Alerts Generates alerts for suspicious or unusual user activity. |
User activity monitoring and alerting is available. |
Rule Editor/Designer Graphical or scripting interface for rapid rule development. |
Supports scripting and visual interfaces for rule generation. | |
Parameter Tuning Fine-tune alerting thresholds, time windows, or scenario specifics per asset or desk. |
Scenario tuning per asset, desk, and threshold is supported. | |
Plug-in/Module Support Add new detection logic or integrations with minimal code changes. |
Plug-in support allows for new detection and integration modules. | |
Custom Dashboard Widgets Create or modify dashboard elements for role-specific workflows. |
Custom dashboards widgets and layouts possible for different user groups. | |
Localization/Language Support Multi-language user interface and documentation. |
No information available |
Machine Learning Model Integration Support for deploying and managing custom ML models for detection. |
Integration of statistical and ML-driven detection techniques are highlighted. | |
Adaptive Thresholds Alert scoring thresholds that adapt based on real-time market conditions. |
Adaptive scoring and thresholds based on market conditions are configurable. | |
Entity Profile Generation Autonomous generation and updating of trading entity behavioral profiles. |
System develops evolving entity profiles for behavior analysis. | |
Outlier Analysis Identification of uncommon or infrequent behavioral patterns. |
Outlier analytics included in alerting logic. | |
Explainable AI Features Transparency and interpretability of automated alerting models. |
Mentions explainability and transparency for AI-based model outputs. | |
Self-learning Algorithms Ability for algorithms to improve over time using feedback from investigators. |
Continuous model improvement via investigator feedback is supported. |
24/7 Technical Support Round-the-clock technical assistance for critical system issues. |
24/7 critical issue technical support is listed on product/support page. | |
Dedicated Account Manager Named representative for ongoing client relationship and support. |
Account management and dedicated contacts assigned for enterprise clients. | |
Onboarding and Implementation Services Comprehensive support for system rollout, data migration, and testing. |
Full onboarding and implementation support for new clients. | |
User Training Programs Initial and ongoing user training provided by vendor. |
Provides user training as part of deployment. | |
Knowledge Base/Help Center Online repository of product guides, FAQs, and documentation. |
Comprehensive help center and documentation available online. | |
SLAs (Service Level Agreements) Guaranteed support response and resolution times. |
SLAs for service and response times are provided in client agreements. |
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