Compliance has evolved from a mere legal requirement to a cornerstone of operational success. In an era where trading platforms are becoming increasingly complex and market abuse schemes more sophisticated, the demand for intelligent surveillance systems is paramount.
Why do 84% of firms look externally to support their surveillance monitoring?
Manage Reputational Risk
Protect your firm from reputational damage associated with market manipulation by aggressively monitoring for anomalous trading patterns.
Maintain Regulatory Standards
Adhere to global and regional regulations including MAR, MiFID II, Dodd Frank, the FX Code of Conduct and more.
Reduce Operational Complexity
Streamline monitoring processes and free up analysts for critical investigations.
Benefits for you
Why Choose Nasdaq Trade Surveillance
Today, effective surveillance requires the ability to see market abuse wherever it occurs.
While some suspicious activity manifests within a single venue or product, sophisticated manipulation schemes often span multiple markets or exploit relationships between instruments. A successful surveillance program must be able to connect the dots and detect manipulation across products and markets.
Nasdaq Trade Surveillance (NTS) provides comprehensive detection visibility across this complex landscape through 4 interconnected pillars with each building upon the foundation of the last.
Nasdaq Trade Surveillance is an award-winning SaaS solution that combines scalable technology with exceptional alerting capabilities. Nasdaq Trade Surveillance has over 30 years’ experience in advancing capabilities to effectively manage the growing data volumes, the need for low latency, and common challenges faced in algorithmic and high frequency trading.
Nasdaq Trade Surveillance provides coverage for a range of firms, including:
High-Frequency Trading Firms
Proprietary Trading Firms
Systematic Buy Side
Impact
The benchmark for T+1 surveillance.
What is Cross-Product Manipulation?
When One Trade Isn’t the Whole Story
Uncovering Cross-Product Manipulation
- 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? Cross-product manipulation is the art of misdirection—where the signal isn’t in the trade itself, but in the choreography between instruments.
- Over the past decade, regulators have issued nearly $1 billion in fines tied to cross-product market abuse. These aren’t just numbers. They’re proof that manipulation has evolved, and so must our ability to detect it.
- Effective surveillance must evolve to understand relationships, not just rules, to protect market integrity. In this white paper, we explore strategies to connect relationships, see the complete picture and make event data actionable.
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Whitepaper
When One Trade Isn’t the Whole Story: Uncovering Cross-Product Manipulation
Learn about the growing challenge of cross-product manipulation and how Nasdaq’s surveillance framework addresses this.
Please check your inbox for your copy of the whitepaper.
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- 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? Cross-product manipulation is the art of misdirection—where the signal isn’t in the trade itself, but in the choreography between instruments.
- Over the past decade, regulators have issued nearly $1 billion in fines tied to cross-product market abuse. These aren’t just numbers. They’re proof that manipulation has evolved, and so must our ability to detect it.
- Effective surveillance must evolve to understand relationships, not just rules, to protect market integrity. In this white paper, we explore strategies to connect relationships, see the complete picture and make event data actionable.
-
Whitepaper
When One Trade Isn’t the Whole Story: Uncovering Cross-Product Manipulation
Learn about the growing challenge of cross-product manipulation and how Nasdaq’s surveillance framework addresses this.
Please check your inbox for your copy of the whitepaper.
Watch the video
Navigating Cross-Product Complexity With Smarter Surveillance
Ian Hawkins, Head of Nasdaq Trade Surveillance Product Strategy, discusses the complexity of monitoring for cross-product manipulation.
Advanced Features
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High Data Volumes
Focused on market abuse and fraud detection, Nasdaq’s end-to-end Saas model has the scalability to handle data challenges with unparalleled 24/5 customer support. Our integrated control framework allows for efficient and quality reporting of your data.
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Data Privacy
Nasdaq has an established and robust data privacy and information security program implemented throughout the organization.
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Replay Forensically
Algorithmic trading requires high computing speeds and minimal latency. Nasdaq trade surveillance tools include order book replay visualizations enabling precise, fast analysis of alerts.
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Tailored Alert Coverage
The broad range of alerts is fully configurable and can be tailored to specific needs. Nasdaq Trade Surveillance covers a wide spectrum of market abuse behaviors relevant to algorithmic trading—with spoofing detection, ramping surveillance, and more.
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Multiple Asset Classes in One System
Nasdaq experts understand market mechanics and manipulation. Nasdaq Trade Surveillance has been designed with the functionality for the users to view alerts and data across multiple trading venues and asset classes.
Asset Classes
The most extensive coverage, without question.
Cross-asset, Cross-Market
200+ markets and data feeds sourced, hosted & maintained by us – so you can do what you do best.
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Factsheet
Nasdaq Trade Surveillance for Fixed Income
Learn how to 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.
Please check your inbox for your copy of the Nasdaq Trade Surveillance for Fixed Income.
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Factsheet
Nasdaq Trade Surveillance for Crypto Trading Factsheet
Learn how Nasdaq Trade Surveillance meets and helps overcome difficulties in data sorting, management, and trade alerts.
Please check your inbox for your copy of the Nasdaq Trade Surveillance for Crypto Trading Factsheet.
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Equities
Access coverage of 120+ equities markets.
Futures & Options
Gain visibility across 50+ futures and options markets.
Commodities
Works with contracts spanning 40 global energy and commodity markets.
FX
Monitor foreign exchange trading for nefarious activities – including those outlined in the Global Code of Conduct.
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.
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Factsheet
Nasdaq Trade Surveillance for Fixed Income
Learn how to 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.
Please check your inbox for your copy of the Nasdaq Trade Surveillance for Fixed Income.
Crypto
Help support the stability and integrity of the emerging digital assets ecosystem with comprehensive coverage for crypto spot trading.
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Factsheet
Nasdaq Trade Surveillance for Crypto Trading Factsheet
Learn how Nasdaq Trade Surveillance meets and helps overcome difficulties in data sorting, management, and trade alerts.
Please check your inbox for your copy of the Nasdaq Trade Surveillance for Crypto Trading Factsheet.
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.
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.
Precious Metals
Surveil OTC precious metals markets for misdeeds including benchmark fixes, trading-with-knowledge, and unusual pricing.
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Equities
Access coverage of 120+ equities markets.
Futures & Options
Gain visibility across 50+ futures and options markets.
Commodities
Works with contracts spanning 40 global energy and commodity markets.
FX
Monitor foreign exchange trading for nefarious activities – including those outlined in the Global Code of Conduct.
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.
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.
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.
Precious Metals
Surveil OTC precious metals markets for misdeeds including benchmark fixes, trading-with-knowledge, and unusual pricing.
Resources & Insights
Whitepaper
Monitoring the Order Flow: Where does the Responsibility Lie?
From a trade surveillance perspective, it can be difficult to identify where a firm’s responsibility for monitoring the order flow of direct market access starts and where it ends. Understanding potential liability for your firm is essential to avoiding regulatory scrutiny.
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Read the whitepaper->
Thought Leadership
Monitoring the Order Flow: Where does the Responsibility Lie
Fill out the form to better understand regulatory expectations associated with Direct Market Access (DMA).
Please check your inbox to view the whitepaper.
Newsletter
Regulatory Roundup November Issue: Decoding Spoofing
Take a deep dive into spoofing, which covers a broad set of market manipulation techniques that involve entering non-genuine orders (spoof orders) to create a misleading impression of the supply and demand of that asset, why it continues to be a priority for regulators and what that means for algorithmic traders.
Webinar
Maximizing Trade Surveillance Efficiency: Best Practices for Success
Assess best practices for maximizing surveillance efficiency and why firms should regularly evaluate their program to improve surveillance processes.
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Watch the webinar replay->
Webinar
'Right-sizing' trade surveillance solutions – key components and considerations
Fill out the form to access the webinar replay to learn how your firm can remain compliant in the face of regulatory scrutiny.
Please check your inbox to watch the webinar replay.
Newsletter
Regulatory Roundup August Issue: Expectations of PTFs
Propriety Trading Firms can often engage in activities like market making, high frequency trading, and algorithmic trading. They are at the forefront of technology and have unique regulatory challenges.
See in-depth surveillance coverage in action.
Let's connect
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