Sell-Side Technology Awards 2023: Best sell-side market surveillance product—Nasdaq
Product: Nasdaq Surveillance Solutions (including Nasdaq Trade Surveillance and Nasdaq Market Surveillance)
Overview
Nasdaq’s Surveillance Solutions is a global provider of cross-market, multi-asset, multi-venue trade surveillance and market risk solutions. Firms today must monitor trading across an ever-expanding number of markets and develop visibility across multiple venues and asset classes. Nasdaq Surveillance provides a solution to harness the value of that fast-growing pool of data with real-time analytics and reporting. The firm’s technology supports its customers to maintain fair markets through preventing market abuse.
“Kiatnakin Phatra Securities is pleased to be partnering with Nasdaq’s Trade Surveillance system. Given Nasdaq’s leading position as a provider of market surveillance systems, the Nasdaq Trade Surveillance technology will allow KKPS to enhance its market surveillance capabilities and keep pace with global surveillance standards. Our partnering with Nasdaq introduces new technologies, approaches, and solutions for our global client base.”
Aphichart Chongsanguanpradab, managing director and head of legal and compliance, KKPS
The solution
- Technical challenges: Nasdaq sources, captures and maintains all trading and market data for clients
- Interpretative challenges: Nasdaq translates regulatory guidelines into pre-configured alerts that detect different patterns of market abuse
- Management challenges: Nasdaq makes analyzing and managing alert and data output easier, allowing clients to demonstrate that alerts are being properly managed for case-building
- Innovation challenges: New approaches and technologies are applied to surveillance scenarios to drive efficiency in how alerts are escalated
Secret sauce
- Market data: Direct connectivity to over 200 markets for sourcing of customer and market data. Coverage across all asset classes, including OTC and crypto. Full order book visualization and market replay capabilities
- More than 300 preconfigured alerts: Nasdaq Surveillance covers market abuse scenarios including spoofing, marking the close/fix, front-running and insider trading
- Visualization tools: “Spread” provides a whole-of-market view of customers trading against the context of the market, while “depth” visualizes order book depth
Recent enhancements
- Pinging alert: Monitors where the entity has traded a small volume in a dark pool then traded a much larger volume shortly thereafter
- Workbench: Improves efficiency and management of alerts via modular interface and configurable analytics
- Market data quality: Several new market data feeds, including ICE US, increasing the market depth capabilities to 20 levels on both sides of the book
- Evidence cards: Provides quick visualization of relevant information related to a suspected incident
Future objectives
- Reduce false positives: Building out of new tools and APIs to support customers in optimizing their alert parameters
- Nasdaq Surveillance for Crypto: Working with global authorities to enhance Nasdaq’s product to meet new legislations covering digital assets
- New AI capabilities: Incorporating machine learning capabilities into the system, with a focus on anomaly detection and expanding the data infrastructure to allow easier integration of machine learning
“Having been in the surveillance space for over 30 years, Nasdaq has a rich history of understanding the underlying drivers for market abuse―no matter the type of market or asset class. On top of this, innovation is in our DNA and we continue to leverage the latest technology to ensure our Surveillance solutions are able to deliver the most comprehensive investigative capabilities for our clients, who are the driving force behind our technology.”
Valerie Bannert-Thurner, senior vice president, anti-financial crime, Nasdaq
Why they won
These and other WatersTechnology awards have been a happy hunting ground for Nasdaq over the years, thanks largely to its all-conquering Smarts platform. This year’s win comes courtesy of the firm’s Nasdaq Surveillance Solutions offering, which on closer inspection features much of the DNA that made Smarts so successful. The platform features connectivity to over 200 markets on the data front, while its asset class coverage is truly universal and even includes support for OTC instruments and crypto. Its more than 300 preconfigured alerts cover every conceivable market abuse scenario users could want, making it the most comprehensive market surveillance platform on the market today.
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