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Delivers a comprehensive trade surveillance solution that utilizes AI and machine learning to monitor and analyze transactions, detect suspicious behaviors, and manage risk effectively.
Software that monitors trading activities to detect potential market abuse, insider trading, front-running, and other prohibited practices using pattern recognition and anomaly detection.
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Real-time Monitoring The system's ability to analyze and flag suspicious trades as they happen. |
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Post-trade Analysis Ability to conduct surveillance on completed trades for historical pattern detection. |
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Pattern Recognition Automated identification of market abuse patterns such as layering, spoofing, or wash trades. |
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Anomaly Detection Statistical or AI-driven alerting on behaviors that deviate from historical norms. |
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Alert Generation Automated creation of notifications for compliance team review on flagged activities. |
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Custom Rule Creation Ability for users to define, implement, and adjust surveillance rules. |
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Rule Library Pre-built rules for fast deployment and coverage of common compliance scenarios. |
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Case Management Tools for documenting, tracking, and managing compliance investigations. |
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False Positive Reduction Mechanisms to reduce erroneous or unnecessary alerts. |
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Alert Prioritization System to rank the importance and urgency of alerts based on risk. |
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Investigation Workflow Structured process for alert review, analysis, escalation, and resolution. |
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Audit Trail Comprehensive logging of user actions, rule changes, and investigations for compliance. |
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Real-time Data Ingest Rate The maximum number of trades or messages processed per second in real-time monitoring. |
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Historical Data Retention Period Time duration for which trade data is maintained for surveillance and investigations. |
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Insider Trading Detection Ability to recognize trading activity that may be based on non-public, material information. |
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Front-running Detection Identification of personnel trading ahead of client or firm orders. |
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Spoofing/Layering Detection Detection of placing orders with intention to cancel to manipulate market appearance. |
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Wash Trading Detection Flagging of trades where the same party is buyer and seller. |
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Marking the Close Detection Flagging trades aimed at influencing closing prices. |
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Churning Detection Detection of excessive trading to generate commissions or fees. |
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Quote Stuffing Detection Identifies high volumes of order submission and cancellation to clog market data. |
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Reference Price Manipulation Detects attempts to distort benchmarks or reference prices. |
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Cross-market Manipulation Coverage Ability to correlate and detect abuse across multiple venues or asset classes. |
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Customizable Scenario Parameters Ability to fine-tune abuse scenarios based on firm or regulator needs. |
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Multi-Asset Class Support Support for equities, fixed income, options, futures, FX, crypto, etc. |
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Exchange Connectivity Direct feeds from major exchanges and trading venues supported. |
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Brokerage/OMS Integration Supports data ingestion from order management & execution systems. |
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Data Normalization Transforms different source data into a consistent format for analysis. |
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Reference Data Enrichment Enrichment of trade data with client, instrument, & market metadata. |
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Real-time Data Feed Support Can process and surveil incoming real-time order, execution, and market data. |
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Historical Data Import Bulk ingestion of legacy data for backtesting and lookback reviews. |
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Third-party Data Integration Ability to integrate with data from third-party vendors and regulators. |
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APIs for Data In/Out Public or private APIs for custom integrations to ingest/extract data. |
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Alert Dashboard Centralized view of current and historical alerts with filtering and sorting. |
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Workflow Automation Automates assignment, tracking, and management of surveillance cases. |
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Investigation Notes Secure and timestamped note-taking for audits and reviews. |
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Attachment Handling Upload and attach evidence or documents to cases or alerts. |
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Audit Log Immutable record of all user and system actions related to cases. |
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Alert Escalation Workflow for raising the severity or assigning cases to higher authority. |
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Disposition Tracking Track final outcomes (dismissal, SAR filing, etc.) for audit purposes. |
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Bulk Alert Management Tools for actioning or closing batches of alerts efficiently. |
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Case Re-open Functionality Allows re-examination of closed cases if new information arises. |
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Integration with Email/Communication Platforms Send notifications, reminders, or extract communications as part of surveillance. |
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Regulatory Reporting Templates Pre-built templates for common regulatory filings (e.g., SAR, STOR, MROS). |
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Custom Report Builder Allows users to generate custom reports using extensive data filters and pivots. |
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Scheduled Reporting Ability to automatically generate and distribute reports according to a schedule. |
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Interactive Dashboards Visualizations and key metrics about alerts, investigations, and trends. |
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Data Export Capability Export raw data or reports in CSV, Excel, PDF, or other formats. |
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Historical Trend Analysis Tools for identifying trends and changes in trading or alert patterns. |
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Management Information Reports KPI and MI tools for compliance and operations management. |
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Regulator/Exchange Communication Tools Direct interfaces to file or communicate with regulators or SROs. |
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On-demand Report Generation Speed Average time required to generate a standard report on demand. |
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Maximum Concurrent Users Number of users who can access and use the system simultaneously. |
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Event Processing Capacity Maximum number of events or trades surveilled per day. |
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Horizontal Scaling Support Ability to add compute nodes or instances to increase throughput on demand. |
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Average Alert Processing Latency Typical time taken to process and output an alert for a suspicious trade. |
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99th Percentile System Response Time System's response speed for 99% of requests/users. |
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Performance Monitoring Tools In-built tools for monitoring system load, latency, and resource utilization. |
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High Availability (HA) Architecture Implementation of redundancy, failover, and downtime minimization. |
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Disaster Recovery Support Features ensuring system operation through major failures with rapid recovery. |
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Multi-jurisdictional Support Coverage for rules and requirements across different geographies. |
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Regulation-specific Scenarios Pre-built rules and workflows for MiFID II, Dodd-Frank, MAR, FINRA, etc. |
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Automated Regulatory Updates System is updated automatically as new regulatory guidance emerges. |
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Audit Readiness Built-in features to simplify preparing for and supporting regulatory audits. |
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Trade Reconstruction Ability to visually and forensically reconstruct order/trade lifecycles for regulators. |
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Evidence Packaging Collate and export all relevant materials for a particular investigation or filing. |
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Role-based Access Control Ability to define fine-grained user roles and permissions. |
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Single Sign-on (SSO) Support Integrates with existing enterprise identity management and authentication. |
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Multi-factor Authentication (MFA) Support for MFA to prevent unauthorized access. |
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Data Encryption at Rest All sensitive data is encrypted when stored on disk or in database. |
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Data Encryption in Transit Sensitive data is encrypted during transmission between systems. |
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Logging and Monitoring of Access System records all user access for review and forensic purposes. |
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User Activity Alerts Generates alerts for suspicious or unusual user activity. |
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Rule Editor/Designer Graphical or scripting interface for rapid rule development. |
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Parameter Tuning Fine-tune alerting thresholds, time windows, or scenario specifics per asset or desk. |
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Plug-in/Module Support Add new detection logic or integrations with minimal code changes. |
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Custom Dashboard Widgets Create or modify dashboard elements for role-specific workflows. |
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Localization/Language Support Multi-language user interface and documentation. |
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Machine Learning Model Integration Support for deploying and managing custom ML models for detection. |
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Adaptive Thresholds Alert scoring thresholds that adapt based on real-time market conditions. |
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Entity Profile Generation Autonomous generation and updating of trading entity behavioral profiles. |
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Outlier Analysis Identification of uncommon or infrequent behavioral patterns. |
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Explainable AI Features Transparency and interpretability of automated alerting models. |
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Self-learning Algorithms Ability for algorithms to improve over time using feedback from investigators. |
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24/7 Technical Support Round-the-clock technical assistance for critical system issues. |
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Dedicated Account Manager Named representative for ongoing client relationship and support. |
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Onboarding and Implementation Services Comprehensive support for system rollout, data migration, and testing. |
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User Training Programs Initial and ongoing user training provided by vendor. |
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Knowledge Base/Help Center Online repository of product guides, FAQs, and documentation. |
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SLAs (Service Level Agreements) Guaranteed support response and resolution times. |
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Tools that monitor email, chat, and voice communications for potential compliance violations or inappropriate content.
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Email Monitoring Ability to capture and analyze email correspondence for compliance risks. |
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Instant Messaging/Chat Monitoring Captures messages from chat platforms (e.g., Bloomberg, Teams, Slack) for surveillance. |
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Voice Surveillance Monitors recorded voice calls for keywords or risk indicators. |
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Social Media Surveillance Captures relevant external and internal social media posts. |
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Mobile Device Coverage Ability to monitor communications across mobile devices. |
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Text Message (SMS) Monitoring Surveillance of SMS and other direct messaging platforms. |
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Application Support Number of distinct communication applications supported for monitoring. |
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Real-time Monitoring Capability Enables live or near-real-time capture and analysis of communication data. |
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Historic Data Import Supports ingestion of historic communication data for analysis. |
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Multilingual Coverage Ability to monitor and analyze communications in multiple languages. |
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Attachment Analysis Analyzes file attachments for potential violations. |
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Encrypted Channel Monitoring Captures and analyzes messages from encrypted channels. |
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Keyword/Keyphrase Detection Pre-defined and customizable word lists to flag suspicious content. |
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Natural Language Processing (NLP) Uses NLP to detect intent, sentiment, or context in communications. |
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Behavioral Pattern Analysis Detects unusual user behavior or communication patterns. |
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Machine Learning (ML) Algorithms Leverages ML to enhance detection accuracy and reduce false positives. |
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Risk Scoring Assigns risk scores to incidents/messages for prioritization. |
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Custom Rule Creation Allows users to define and adapt detection rules. |
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False Positive Reduction Rate Capability of the system to decrease the rate of false positives. |
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Regulatory Lexicon Library Library of language and keywords for specific regulations (e.g., FINRA, SEC). |
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Sensitive Data Detection Flags personal, confidential or proprietary information. |
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Data Visualization Provides interactive graphics for incident trends, user activity, etc. |
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Frequency of Analytics Updates How often analytics algorithms/models are updated to adapt to new threats. |
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Real-time Alerting Immediate flagging and notification of detected risks or violations. |
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Alert Prioritization System assigns levels (e.g., high/medium/low) to alerts. |
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Customizable Workflow Supports tailoring of review/investigation workflow steps. |
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Case Management Integration Enables creation and tracking of cases linked to alerts. |
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Audit Trail Full logging of actions and changes for regulatory evidence. |
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Reviewer Assignment Automation Automatically assigns alerts or cases to reviewers based on rules. |
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Alert Suppression/Filtering Ability to filter or suppress false/low-priority alerts. |
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Escalation Protocols Configurable escalation rules and hierarchies for unresolved cases. |
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Reviewer Collaboration Tools Enables teams to work together on case investigations. |
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Notifications & Reminders Automated email or in-app reminders for outstanding cases. |
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SLA Management Monitors and enforces service-level agreement timelines for investigations. |
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Multi-jurisdictional Rules Support Addresses regulatory requirements in multiple global jurisdictions. |
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Pre-built Compliance Rules Comes with out-of-the-box detection rules for major regulatory bodies (FINRA, SEC, FCA, etc). |
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Configurable Regulatory Frameworks Allows mapping and customization for firm-specific compliance programs. |
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Retention Policy Management Implements and ensures compliance with data retention/archiving rules. |
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Compliance Certifications Holds certifications (e.g., SOC 2, ISO 27001, GDPR) relevant to financial services. |
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Automated Regulatory Reporting Creates and exports reports necessary for regulatory audits or filings. |
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Redaction Tools Redacts sensitive data in exported or shared communications. |
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Supervisory Review Support Tools to monitor adherence to supervisory review processes. |
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Legal Hold Management Supports the ability to preserve data for future litigation as required. |
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Breach Notification Support Helps organizations notify affected parties of regulatory breaches within mandated timelines. |
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Retention Period Length Maximum length for which data can be retained for compliance. |
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Data Ingestion Speed Rate at which new communication records can be ingested and indexed. |
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Storage Scalability Ability to handle growing volumes of communications data. |
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Export Options Support for exporting surveillance data in multiple formats (PDF, CSV, etc). |
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APIs for Integration Availability of APIs to integrate with other surveillance, archiving, or analytics platforms. |
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SIEM Integration Connects to Security Information and Event Management systems. |
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Third-party Data Source Integration Connects and correlates data from external vendors or sources. |
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Custom Data Connectors Enables creation of connectors for proprietary sources. |
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Database Support Supports multiple types of databases (SQL, NoSQL, cloud-based, etc.). |
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Search Performance Time to retrieve results for complex queries over stored communications. |
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Data De-duplication Removes duplicate messages to conserve storage and reduce noise. |
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Metadata Enrichment Adds useful metadata (e.g. sender, recipient, channel, time) for search and analytics. |
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Role-based Access Control (RBAC) Allows granular assignment of permissions based on role. |
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Single Sign-On (SSO) Supports integration with enterprise SSO solutions. |
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Multi-factor Authentication (MFA) Requires multi-factor authentication for access. |
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User Interface Customization Enables customization of UI elements and workflows. |
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Search Functionality Advanced and intuitive search/filtering for investigators. |
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Bulk Actions Ability to perform actions on multiple records/cases simultaneously. |
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Localization User interface available in multiple languages. |
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Accessibility Compliance Meets accessibility standards (e.g., WCAG, ADA) for users with disabilities. |
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Number of Concurrent Users Supported Maximum number of users supported simultaneously without performance degradation. |
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Configurable User Roles System allows administrators to define custom roles. |
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Audit Access Reporting Logs and reports on user activity and access history. |
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Encryption In-Transit All communications data is encrypted during transmission. |
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Encryption At-Rest Stored data is encrypted to protect against unauthorized access. |
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Data Loss Prevention (DLP) Prevents unauthorized sharing or downloading of sensitive communications. |
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Intrusion Detection Monitors the system for unauthorized access attempts or suspicious activity. |
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Regular Security Audits Periodic third-party or internal security assessments performed. |
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Granular Permission Controls Allows detailed definition of permissions at user or group level. |
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Anomaly Detection Automated detection of unusual access or usage patterns. |
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IP Whitelisting/Blacklisting Restricts or allows system access based on IP addresses. |
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Disaster Recovery/Backup Systems Ensures protection and recovery of data in case of system failure. |
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Security Patch Frequency Regular cadence for applying security patches and updates. |
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User Activity Monitoring Continuously tracks and logs all significant user actions. |
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Cloud Deployment Supports hosting in public or private cloud environments. |
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On-premises Deployment Allows fully onsite installation and management. |
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Hybrid Deployment Supports mixed cloud and on-premises configurations. |
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Elastic Scalability Capacity to scale up/down seamlessly with changes in data volume or users. |
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High Availability/Failover Built-in redundancy to minimize downtime and data loss. |
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Multi-tenant Support Ability to support multiple independent business units or organizations on a single platform. |
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Zero Downtime Upgrades Perform updates and upgrades without service interruption. |
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Deployment Time Typical time to deploy solution from contract signing. |
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System Uptime SLA Guaranteed system availability as specified in SLA. |
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Resource Monitoring Continuous monitoring of system resources and health. |
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Concurrent Process Handling Maximum number of concurrent data ingestion, processing or analytics tasks. |
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Custom Report Builder Allows creation of user-defined reports on all surveillance data. |
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Scheduled Reporting Supports automated, recurring report generation and delivery. |
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Comprehensive Audit Logging Logs all actions/events for forensic and compliance audits. |
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Data Extraction for Audits Enables data extraction tailored to regulatory or internal audit requests. |
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Export Formats Supported Number of different formats available for data export (PDF, CSV, etc). |
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Drill-down Analytics Ability to explore details of flagged incidents/cases/reports. |
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Access Logging Tracks all readings and exports of records. |
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Report Delivery Channels Multiple ways to send/deliver reports (email, dashboard, API, etc). |
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Regulatory Reconciliation Verifies reporting completeness and accuracy against regulatory requirements. |
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Alert Disposition Metrics Tracks status/outcome of all alerts for performance measurement. |
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Reviewer Performance Reporting Reports on productivity and consistency of review teams. |
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24/7 Customer Support Availability of round-the-clock technical assistance. |
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Service Level Agreements (SLA) Well-defined SLAs for uptime, response, and issue resolution. |
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Knowledge Base/Documentation Comprehensive online guides and troubleshooting materials. |
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Training/Onboarding Services Vendor provides training programs for customer teams. |
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Dedicated Account Manager Assignment of an account manager for ongoing relationship support. |
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Patch/Update Notification Alerts users to upcoming or recent system changes. |
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Named User Support Offers support for specific, named contacts at customer firms. |
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Bug Fix Response Time Average time to acknowledge and resolve critical bugs. |
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Customization Services Vendor can develop custom features according to client needs. |
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Community/Forum Access Customers can share best practices and ask questions in a user community. |
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Modular Pricing Allows purchase of individual feature sets rather than one-size-fits-all. |
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Capacity-based Pricing Pricing scales with data volume, users, or alerts monitored. |
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Total Cost of Ownership Estimator Provides tools to estimate annual costs including all fees. |
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Transparent Billing Billing statements break down all charges by feature/use. |
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Trial or Pilot Options Offers low-risk pilots or trials before purchase. |
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Support Included in Base Price Customer support costs are included in base contract. |
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Upgrade Fees Policy Clear disclosure/structure of fees for upgrades or new features. |
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Contract Duration Flexibility Variety of contract lengths available without penalties. |
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Discounts for Multi-year Commitments Offers reduced rates for longer agreements. |
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Predictable Annual Increases Stated percentage or cap on annual rate increases. |
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