To support its expanding regulatory remit, the Commodity Futures Trading Commission (CFTC) has selected Nasdaq to provide market surveillance and fraud detection technology.
Nasdaq Market Surveillance covers multiple asset classes and allows regulators to identify potential market manipulation. Using comprehensive order book data, clients can use the service to support analysis and decision-making in real-time.
While the CFTC already provides crypto asset oversight, the US government’s push on the asset class is increasing its responsibilities in the space. Similarly changing are market structure dynamics, with more exchanges moving towards 24-hour trading.
As a result of its evolving regulatory scope, the CFTC states that it requires more sophisticated tools to detect and prevent incidents of market abuse.
Acting chairman Caroline Pham commented, “It’s critical that the CFTC stays ahead of the curve. Nasdaq Market Surveillance will provide the CFTC with automated alerts and cross-market analytics that will benefit each of the CFTC’s operating divisions and better protect our markets from fraud, manipulation and abuse. This new suite of solutions will also improve efficiency in analysing market trends and identifying unusual or disruptive trading activity so that our staff can take appropriate action more quickly.”
Nasdaq Market Surveillance is used by more than 50 exchanges and 20 international regulators worldwide.
Tal Cohen, Nasdaq president, noted, “As both an owner and operator of heavily regulated markets, as well as a technology provider to financial services companies worldwide, Nasdaq occupies a unique position at the intersection of innovation and regulation. We’re proud to partner with the CFTC and support their mission to promote the integrity, resilience, and vibrancy of US derivatives markets.”
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