Market Surveillance & Risk Management
Ultra-low-latency pre-and-at-trade risk management and post-trade surveillance solution that keeps latency to a bare minimum and grows smarter over time, detecting and defusing new patterns of market abuse as they emerge.
React, not just report
Most compliance setups bolt two systems together: surveillance platforms that monitor, alert, and report but cannot react in real time, and separate risk management systems whose detection algorithms add load to the matching engine and slow the venue. Modulus combines both into a single solution with ultra-low latency, built on 30 years of high-frequency trading and machine-learning experience.
Latency from a combined, in-engine design
Hardware-accelerated machine-learning modules
Risk management across every trade stage
MiFID II, MAR, and Dodd-Frank coverage
Detect and defuse trade risk in real time
The Modulus solution connects the dots within markets and between market participants, delivering trade surveillance together with pre-trade, at-trade, and post-trade risk management plus customizable alerts and reports. Actionable alerts identify market manipulation and abusive trading behavior so you can stay aligned with the rules that govern trading conduct.
Designed to reside within the matching engine, the risk management module communicates with the surveillance system to feed real-time and T+1 data into hardware-based machine-learning modules, letting you react, not just report.
Stop toxic order flow before it spreads
Multiple configurable levels of pre-trade risk management monitor for momentum ignition, hammering, spoofing, smoking, quote stuffing, wash trading, and more, all in real time and with ultra-low latency, powered by FPGA- and ASIC-based machine-learning modules. The design helps prevent market abuse, flash crashes, and manipulation at the source.
Because the risk module reads pre-, at-, and post-trade data directly from the surveillance module, it can learn to identify new patterns of abuse as soon as they emerge, growing smarter without adding drag to your exchange.
Coverage across every asset class
The system manages the risk of abnormal order and execution behavior across equities, commodities, forex, derivatives, fixed income, energy markets, and other asset classes. Comprehensive execution analytics help you meet ESMA MiFID II and other post-trade reporting obligations.
Built for worldwide markets, the platform supports compliance with the EU Market Abuse Regulation (MAR), US Dodd-Frank and SEC regulations, and other global frameworks, and lets you optimize trading strategies by monitoring execution quality and transaction cost.
- Spoofing, layering, and quote stuffing detection
- Wash trading and momentum ignition monitoring
- Hammering and smoking pattern recognition
- Pre-trade, at-trade, and post-trade risk management
- MiFID II, MAR, and Dodd-Frank reporting
- Execution-quality and transaction-cost analytics
Rich visual insight into complex markets
Modern HFT and AI trading algorithms hide market abuse in higher dimensions of data. The Modulus solution includes heat maps and pre-configured dashboards that help analysts interrogate market activity and participants to surface abusive trading that would otherwise stay hidden, and external data can be imported for inter-market analysis.
Real-time and historic market replay enables whole-market and participant-based investigations with highly granular reporting, so compliance teams can see clearly and act fast.
Surveillance and risk, made simple
Built on a cognitive data-analysis, anomaly-detection, and research platform, the solution augments human analysis, letting compliance teams manage even the most complex surveillance and risk challenges through an interface designed for easy setup and fast investigation.
- Turnkey design with an integrated case management system
- Monitor and manage high-frequency trading at ultra-low latency
- Detect manipulative patterns and new abuse as it emerges
- Customizable, insightful alerts and reports
- Back-test alerts against historic market data
- Audit-ready reporting for regulators and examiners
Built on a modern stack
Features & capabilities
A combined surveillance and risk platform engineered for speed, intelligence, and global compliance, one system instead of two.
Combined, in-engine design
Surveillance and risk management share one ultra-low-latency system that resides within the matching engine, eliminating the drag of bolted-together solutions.
Hardware-accelerated ML
FPGA- and ASIC-based machine-learning modules monitor for abuse in real time and learn to recognize new patterns as soon as they appear.
Full-lifecycle risk
Configurable pre-trade, at-trade, and post-trade risk controls prevent toxic order flow, flash crashes, and manipulation before they take hold.
Multi-asset coverage
Monitor equities, commodities, forex, derivatives, fixed income, and energy markets from a single platform with consistent analytics.
Visual analytics
Heat maps, pre-configured dashboards, and granular market replay reveal abusive activity hidden in high dimensions of data.
Global regulatory alignment
Execution analytics and reporting that support compliance with MiFID II, the EU MAR, US Dodd-Frank and SEC rules, and other frameworks.
Platform capabilities
Everything compliance and risk teams need to stay alert, compliant, and fast, without slowing the venue.
Abuse detection
- Spoofing and layering
- Quote stuffing and smoking
- Wash trading
- Momentum ignition
- Hammering
- Emerging, learned abuse patterns
Risk & monitoring
- Pre-trade, at-trade, and post-trade controls
- Configurable pre-trade risk levels
- In-engine, ultra-low-latency operation
- High-frequency trading monitoring
- Customizable alerts and reports
- Alert back-testing on historic data
Analytics & reporting
- Heat maps and pre-configured dashboards
- Real-time and historic market replay
- Inter-market analysis with imported data
- Execution-quality and transaction-cost analytics
- Integrated case management
- Audit-ready regulatory reporting
Let's build.
Request an instant meeting or schedule a call with our team to discuss your market surveillance and risk management needs.