BST Awards 2018: Best Overall Buy-Side Product, 2018—Nasdaq
The first of two categories decided by the Waters journalists, announced on the afternoon of the BST Awards luncheon in London on November 2, where the previous 35 winners were considered as potential recipients, goes to Nasdaq, thanks to its Buy-side Compliance offering. Up to now, the firm’s suite of risk and surveillance offerings was headlined by its outstanding Smarts platform, which has dominated the Waters Rankings in recent years. In fact, since 2012 when the market surveillance category was first introduced, there has only ever been one winner: Smarts. But the firm’s Buy-side Compliance platform is now also in the limelight, thanks to Nasdaq’s September 2017 acquisition of London-based buy-side behavioral analytics specialist, Sybenetix, which resulted in Compass, Sybenetix’s buy-side-specific trade surveillance platform, changing hands.
This year’s win, however, was far from a one-horse race, as FlexTrade, Eze Castle Integration and Dash Financial Technologies came into consideration as potential recipients by virtue of their double wins, while Duco and AxeTrading were also considered. But it was the Buy-side Compliance platform’s topicality and the ingenuity by which it efficiently addresses a number of the buy side’s most pressing needs that got it over the line.
It is no secret that the US exchange operator has been eyeing the buy side in recent years, looking for a buy-side-specific surveillance offering to help support firms’ internal and external regulatory obligations, rather than extending Smarts to the asset management industry. Nasdaq Buy-side Compliance does just that: It provides traditional asset managers and hedge funds with behavioral profiling algorithms to address the Market Abuse Regulation, which came into effect in July 2016, and Mifid II regulatory requirements. The behavioral analytics model applies algorithms to individual decision making to provide a holistic behavioral analysis of possible instances of market abuse, and to more accurately detect cases of market manipulation. As James Rundle explains in his write-up on page 48, the platform isn’t just a standard surveillance offering that checks whether portfolio managers’ trading patterns fit the typical definition of layering, spoofing or other forms of market abuse—it also drills down into the individual traders’ traits, identifies when behavior is outside of the norm, and applies advanced analytics to detect the true nature of intent in trading. And while the platform’s client numbers are currently modest, if Smarts’ success is anything to go by, those numbers will have grown appreciably by this time next year.
By winning this category, Nasdaq joins an elite group of past recipients, including Advise Technologies (2012); LCH.Clearnet (2013); Vermilion Software (2014); Algomi (2015); Commcise (2016); and last year’s winner, Thasos Group.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Awards & Rankings
Sell-Side Technology Awards 2024 winner’s interview: Broadridge
In this year’s Sell-Side Technology Awards, Broadridge Financial Technology won Best outsourcing provider to the sell side thanks to its hugely successful business process outsourcing offering
Waters Rankings 2024: Best market risk solution provider (highly commended)—FactSet
Product/service: FactSet Multi Asset Class Risk Solutions
Waters Rankings 2024: Best portfolio management system provider (highly commended)—FactSet
Product/service: FactSet PM Hub
Waters Rankings 2024 winner’s interview: IPC Systems
IPC Systems won the Best cloud infrastructure provider category in this year’s Waters Rankings. Tim Carmody, CTO of IPC, discusses his firm’s recent success in the rankings
Waters Rankings 2024 winner’s interview: Vneuron
Vneuron Risk & Compliance won the best AML compliance solution provider category in this year’s Waters Rankings.
Waters Rankings 2024 winner’s interview: Cloud9
Cloud9, part of Symphony, won Best trading floor communication system provider category in this year’s Waters Rankings.
Waters Rankings 2024 winner’s interview: AI Risk
New York-based AI Risk won the Best cyber security provider category in this year’s Waters Rankings.
Waters Rankings 2024: Best performance measurement and attribution system provider—FactSet
Product/service: FactSet Performance Solutions