Tower Trading Group (TTG), a global trading firm delivering bespoke commercial and technical solutions for professional traders, has partnered with Ancoa, a provider of contextual surveillance and insightful Analytics for exchanges, regulators and buy and sell-side firms.
TTG will utilise Ancoa's market surveillance platform to monitor its multi-asset trading activities across all exchanges and Independent Services Providers (ISVs).
Regulation
Detecting and dealing with manipulative trading practices to prevent market abuse has become a regulatory requirement for proprietary trading firms, market makers and brokers across a wide range of asset classes.
The deployment of Ancoa's platform was implemented to enhance TTG’s compliance function ahead of the Market Abuse Regulation (MAR) which took effect on 3rd July 2016.
Trading firms now need to be able to demonstrate to regulators that they have adequate and automated surveillance capabilities in place, capable of detecting both market manipulation and manipulation intent, both in terms of transactions and orders.
Surveillance Platform
TTG selected Ancoa’s cloud-based surveillance platform to enable the monitoring of all trading activity. It works by overlaying its transactions across all asset classes with market data and unstructured data in order to put in context trading behaviour and identify potential risks of market abuse.
Ancoa's surveillance platform offers rich forensic functionality to investigate suspicious transactions, the ability to replay the order book and carry out back-testing, as well as the option to configure alert parameters or calibrate alerts in-house according to trader strategies and risk appetite.
Paul Snell, Head of Compliance, TTG, commented: “After evaluating several surveillance solutions we have chosen Ancoa because the platform offered next generation functionality that reflected the complexity of our business with sensible commercials that allow our business to evolve. Ancoa’s surveillance capabilities will considerably improve the efficiency of our compliance operations with cutting edge visual and workflow tools”.
