We are delighted to invite you to join us at the Verint Compliance Alliance Roadshow 2018 where you’ll hear how a group of core industry disrupters are working together to enable a more focused approach to combatting market manipulation and abuse.
During October and November we will be heading to New York (16/10), Toronto (25/10), Zurich (30/10), Singapore (12-14/11), Hong Kong (20/11), London (29/11), and Frankfurt (tbc) and we hope to see you along the way.
Next generation surveillance – what you need to know
Today, surveillance has become a priority issue for global financial institutions as regulators push for more stringent monitoring of front office sales and trading activity.
Regulators now demand the inclusion of surveillance capabilities that cover all scenarios, data sources and communication channels available.
Our research suggests your experience of the vast proliferation of surveillance solutions on the market is likely to be fractured and complex with broad brush options for specific surveillance analytics design (specifically for FICC).
To help address this enormous challenge, New Change FX (the only ESMA registered and FCA authorised administrator of live spot FX benchmarks) and Raidne, the quantitative data scientists, have joined forces to provide unprecedented surveillance and detection capabilities.
“Using NCFX independent data in conjunction with Raidne surveillance algorithms enables market participants to rapidly identify issues whilst validating the bulk of trades. This means monitoring is much more efficient”.
Andrew Woolmer, CEO New Change FX
The advanced protection system has been designed to enhance front office control, compliance and operational risk departments. So, front office and compliance control functions now have a new way to protect the business.
Dr Jamie Walton, Co-Founder of Raidne and Former Head FX and rates quant at Morgan Stanley, explains
“Raidne algorithms use quantitative techniques to reveal insights in the market microstructure. We give you the power to see more clearly, and reduce the burden of false positives.”
About New Change FX
New Change FX was established in 2012 to separate the trading of FX from the measurement of FX costs. Our mission is to create an efficient and transparent market that is fair for everybody.
New Change FX is the only TCA provider to calculate their own consolidated FX data feed. We calculate an ESMA registered and FCA authorised, independent mid-rate against which transactions can be measured. Customers can therefore understand and measure foreign exchange costs against benchmark rates that cannot be influenced or altered by their chosen liquidity providers. We don’t allow anyone to deal on our rate, it is only available for measuring costs. The client’s trade does not affect our rate, so measurement of cost is clean.
Measurement used to execute a deal that comes from within the cost-chain (such as platform or bank) is likely to have been affected by the deal itself and is therefore circular and unreliable. Generally, costs are flattered using this approach which is why many banks and platforms recommend their own TCA services to clients.
PRIIPs requirements recognise this issue and demand that rates used to measure the FX costs do not come from single sources. That is what New Change FX provides in its live midrates across 2,500 spot pairs and 8,500 different forward tenors.
For further information contact:
Andrew Woolmer, Managing Director, New Change FX
Phone: +44 20 37 45 52 21
Raidne was founded in 2016 by Dr Jamie Walton, former head FX and rates quant at Morgan Stanley and entrepreneur, Jim Wyatt.
What is the problem Raidne solves: In financial markets, maintaining in-depth insight and detection across trading operations is an increasingly complex task. With the enhanced regulation, threat of huge fines and even custodial sentences for senior managers it is more important than ever for the 3 lines of defence (front office, compliance and audit) to have access to advanced tools and analytics. Raidne identifies potential trading anomalies in Fixed Income so issues can be managed quickly before they become problems.
How Raidne solves it: Raidne has access to some of the leading minds in the field and has codified their knowledge into quantitative surveillance algorithms that can be used to sift through vast amounts of trade and market data to spot issues quickly (within minutes). The Raidne approach allows access to the wisdom of these minds, but in an optimised way, using the knowledge only when needed. This is vastly more efficient than hiring large teams of staff.
Why Raidne is the best option out there: No other provider can offer this level of market insight and detection capability. Raidne is the world number one specialist providing independent quantitative FX surveillance today working with our partner New Change FX to bring unprecedented insights.
For further information contact:
Jim Wyatt, Co-Founder, Raidne
Phone: +44 7771 975 260