Nasdaq Trade Surveillance (SMARTS)
Detect and investigate trading behavior across markets so risk is identified earlier, understood in context, and explained with confidence
Surveillance Hasn’t Kept Up With How Trading Behavior Actually Unfolds
Markets are more complex and connected than ever and trading behavior now spans products, venues, and time – often appearing benign when viewed in isolation. But most surveillance systems still evaluate signals separately, leaving firms to piece together what actually happened after the fact.
The impact becomes clear quickly
How Nasdaq Trade Surveillance Works
Nasdaq Trade Surveillance helps firms move beyond disconnected alerts to gain a clearer understanding of trading behavior as it unfolds.
Connect Trading Activity Across Products and Venues to Surface Behavior Patterns
Analyze Participant-Level Activity in a Unified Investigative View
Explain Outcomes Clearly, with Consistent and Auditable Results
What This Enables in Practice
30+
Years of Surveillance Expertise
190+
Clients
25+
Awards
3,000+
Live Sites
Identify Complex Manipulation Patterns
Surface behavior that only becomes visible across related products and markets.
Understand Participant Behavior—Not Just Trades
See how entities operate across instruments, venues, and time.
Streamline Investigations
Work from a single, coherent view instead of stitching context together manually.
Deliver Defensible Outcomes
Produce clear, regulator-ready explanations of trading behavior.
You’re in Good Company
See How Trading Behavior Comes Together
Follow activity across venues, trace relationships between instruments, and build a clear view of what happened—and why.
Comprehensive Coverage Across Global Trading Environments
Nasdaq Trade Surveillance connects activity across:
Equities
Access coverage of 120+ equities markets.
Fixed Income
Tailor your surveillance approach to the unique trading attributes of Fixed Income with coverage for manipulation across related products, RFQ frontrunning, and D2D and D2C trading flows.
Futures & Options
Gain visibility across 50+ futures and options markets.
Energy
Monitor across physical and financial energy markets with alerts that are tailored to meet regulatory requirements laid out by REMIT, MAR, FERC, and CFTC.
Commodities
Works with contracts spanning 40 global energy and commodity markets.
Precious Metals
Surveil OTC precious metals markets for misdeeds including benchmark fixes, trading-with-knowledge, and unusual pricing.
Crypto
Help support the stability and integrity of the emerging digital assets ecosystem with comprehensive coverage for crypto spot trading.
Dark Pools
Dual capacities to surveil multilateral dark pools such as ATSs and MTFs, as well as internalized trading, such as liquidity aggregators or systematic internalizers.
FX
Monitor foreign exchange trading for nefarious activities - including those outlined in the Global Code of Conduct.
Resource Library
FAQs
Yes. Throughout our almost 30-year history, we have continued to innovate and adapt our technology to effectively monitor new markets and asset classes. Our coverage now spans over 200 markets and 300+ behaviors – spanning multiple asset classes and markets, including crypto.
Nasdaq Trade Surveillance is one of the most robust surveillance tools on the market. Nasdaq Trade Surveillance presents a far-ranging suite of features, preparing you to track crime across multiple regions and asset types by looking at all market and trading data – never sampling. Nasdaq Trade Surveillance also benefits from Nasdaq’s unique position as a longtime global operator of numerous exchanges and the expertise garnered from monitoring our own 28 markets.
Surveillance is increasingly moving from an optional, but pragmatic, component to an essential need. Being proactive about surveillance means not only will you be less likely to incur a costly fee down the line, but you will also deter financial misdeeds within your firm, ensuring that your employees are adhering to regulatory guidelines and preventing potential reputational damage.
Nasdaq Trade Surveillance’s extensive coverage gives you the ability to track crimes across assets and markets and allows users to draw from a wide range of asset- and industry-tailored alerts, to help customize and create the most fitting surveillance system for your needs. The ability to scale and grow while drawing from new features as needed, is also facilitated by our monthly subscription-based model. Nasdaq Trade Surveillance can enable you to protect your firm with swift implementation timelines that help support you as you expand, or your needs change.
Nasdaq Trade Surveillance is a robust platform that includes numerous facets that can be paired to the specific needs of particular industries. Alerts can be tailored to subsets of the market, and regulatory preparations can be aligned with respective requirements for particular asset classes, such as REMIT or MAR for energy.