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Market Surveillance

Reimagining Surveillance as a Service

Reimagining Surveillance as a Service

Surveillance has always played a critical role in any exchange, ensuring that the marketplace is both fair and efficient. Historically surveillance systems have been placed alongside the trading platform and located within the exchanges data center. There was a belief that the data was too sensitive to be sent offsite and too large to be handled cost-effectively any other way. However, technology and attitudes have changed tremendously in past years, to the point that in 2020 75% of all new Nasdaq Market Surveillance customers are either SaaS or deployed on the cloud. Why has there been such a dramatic shift in uptake? Let’s take a look at the key drivers behind the move to SaaS.

1. Reduced Operation Complexity and Total Cost of Ownership

A SaaS deployment reduces operational complexity by eliminating additional vendors and third-party roadblocks. Utilizing Nasdaq’s in-house technology team, the implementation, maintenance and update processes are seamless and more manageable. This eases the technical burden on operations resources, simplifying IT management so you can focus resources on innovation. As a result of decreased implementation costs, the total cost of ownership (TCO) with SaaS products is lower, reducing overall capital expenditures.

2. Frictionless On-boarding & Maintenance

With SaaS, the on-boarding experience is unified and simpler, provisioning market infrastructure in weeks to months versus much longer time horizons typically harbored with on-premise solutions. In addition to continuous upgrades and more frequent release cycles, managing patch cycles is eliminated, decreasing maintenance significantly as well as the physical infrastructure burden.

3. Performance & Scalability

SaaS solutions are well-known for their performance capabilities. By transitioning to a SaaS model, clients can unlock efficiency gains by allowing Nasdaq to operate and maintain the solution, improving performance and decreasing the technical burden on your in-house staff. In addition, our service offering grows with you, providing the ability to scale the sizing, add services and expand over time. This has been particularly popular with newer marketplaces or with large marketplaces experiencing unpredictable trading volume.  

4. Proven Security Protocols

Nasdaq’s Surveillance as a Service leverages the established, proven information security (infosec) standards used by our own markets and across our large customer base. Our SaaS deployment method mutualizes investment in information security, allowing you to benefit from the knowledge and experience from other clients to continually improve and enhance protections. There is also additional protection provided through the cloud provider’s continuous enhancement against known vulnerabilities in a number of industries.


Transitioning from on-prem to SaaS deployment is not an easy decision, and it is important to take into consideration multiple factors when choosing the proper deployment method for your surveillance system. Partnering with Nasdaq allows for a seamless transition, ensuring that we can work together to reimagine surveillance as a service.

About Nasdaq Market Surveillance as a Service:

Nasdaq Market Surveillance as a Service is a service-based offering, giving customers a set of configurable alerts and reports relevant to the market or assets traded, as well as world-leading analytical tools, visualizations, and case management capabilities. The SaaS architecture is operated by Nasdaq and allows for a more streamlined delivery, faster time to market, and lower implementation costs, whilst at the same time providing greater flexibility for changes in volumes or regulatory requirements.

To learn more, visit our website: https://www.nasdaq.com/surveillance-as-a-service

Nasdaq Solutions

Surveillance as a Service Factsheet

Market Surveillance

Tony Sio


Tony Sio is the Head of Regulatory Strategy and Innovation at Nasdaq, this includes responsibility for the Nasdaq Market Surveillance solution which is used by over 50 marketplaces and 17 regulators globally.

Read Tony's Bio