Cross-Product Manipulation
When One Trade Isn’t the Whole Story: Uncovering Cross-Product Manipulation
Market abuse increasingly spans multiple instruments, markets and regions—making it harder to detect with traditional surveillance methods.
Cross-Product Manipulation
Detecting Cross-Product Manipulation
Effective surveillance must evolve to understand relationships, not just rules, to protect market integrity. Nasdaq’s surveillance framework addresses the complexity of identifying cross-product manipulation—where traders exploit subtle relationships between assets to mislead markets—by analyzing interconnected trading behaviors across instruments to enable more accurate detection of abuse.
When One Trade Isn’t the Whole Story
Uncovering Cross-Product Manipulation
In this whitepaper, we explore:
- Connecting relationships: Relationships between financial instruments are often complex, ambiguous and context-dependent. While some are straightforward, others emerge only under specific market conditions or through sophisticated trading strategies.
- Gaining a complete picture: Dynamic and sometimes hidden relationships challenge traditional surveillance systems, which often rely on static rules and fragmented data. Effective detection requires systems that can interpret and adapt to evolving correlations across products, venues and entities, enabling a more holistic view of market behavior.
- Making event data actionable: Turning event data into actionable intelligence requires more than just identifying suspicious patterns. It demands contextual understanding across instruments and entities.
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In this whitepaper, we explore:
- Connecting relationships: Relationships between financial instruments are often complex, ambiguous and context-dependent. While some are straightforward, others emerge only under specific market conditions or through sophisticated trading strategies.
- Gaining a complete picture: Dynamic and sometimes hidden relationships challenge traditional surveillance systems, which often rely on static rules and fragmented data. Effective detection requires systems that can interpret and adapt to evolving correlations across products, venues and entities, enabling a more holistic view of market behavior.
- Making event data actionable: Turning event data into actionable intelligence requires more than just identifying suspicious patterns. It demands contextual understanding across instruments and entities.
What Does the Global Regulatory Landscape of
Cross-Product Manipulation Look Like?
See how jurisdictions across the globe are tackling the challenge of cross-product manipulation.
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See how jurisdictions across the globe are tackling the challenge of cross-product manipulation.
Related Resources
Webinar
Webinar Replay: Detecting Cross-Product Manipulation in Modern Markets
In the surveillance world, we’re trained to look for patterns. But what happens when the patterns of interest span multiple products, markets or even regions? As market manipulation tactics evolve, surveillance strategies must keep pace—moving beyond static rules, to uncover complex relationships across products and markets. In our recent webinar, our panel of experts shared critical insights into how leading financial institutions are tackling the growing challenge of cross-product manipulation.
Blog
Seeing the Whole Story: Cross-Product Manipulation and the New Surveillance Mandate
Read about how cross-product manipulation exploits complex relationships between related financial instruments across markets and jurisdictions, and why modern surveillance frameworks must evolve to detect abuse that spans asset classes, venues and timing.
Blog
5 Challenges of Detecting Cross-Product Manipulation
Read about the five key challenges surveillance teams face in detecting cross-product manipulation—including fragmented systems, instrument relationship mapping and increasingly sophisticated trading behavior—and the urgent need for unified surveillance to protect market integrity.
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Download the Whitepaper
Learn about the growing challenge of cross-product manipulation and how Nasdaq’s surveillance framework addresses this.
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