Best Execution Solutions (BXS), a New York-based trade data analytics firm, on Monday launched a new Trade Surveillance Platform.
The compliance reporting technology provider said the new solution can help users to detect potential market manipulations, take them up with the appropriate parties and resolve them.
The solution has been designed to do all these activities on one screen, the analytics company said.
BXS noted that the redesigned Trade Surveillance Platform comes with features, such as an alert dashboard, advanced filters, audit trail and data visualization.
Additionally, the platform comes with a feature that makes it possible for users to gather the tiniest amount of data on all trading activities in focus.
Meeting Regulatory Standards
BXS said trading firms can use the platform “to meet and exceed the expectations of the regulators.”
In addition, the platform helps to streamline alerts, investigations and case management into one system to serve clients’ needs.
BXX explained: “The newly designed dashboard provides an overview of alerts that are most important to the user, with added filtering capability to create a truly bespoke experience.
“This added customization enables users to pinpoint potential market manipulation, escalate to the appropriate parties and resolve tickets all on one screen, saving time and resources!”
In January, the Financial Industry Regulatory Authority (FINRA), an American self-regulatory organization, slammed a $350,000 fine on E*TRADE, an electronic trading platform, for its surveillance failures. On top of that, the Morgan Stanley subsidiary was issued a censure order.
FINRA, which regulates member brokerage firms and exchange markets, alleged multiple violations on the part of the American trading platform.
One of these, it pointed out, is that the trading company failed to detect manipulative trades due to lapses in its supervisory systems.
Finance Magnates reported that the trading company accepted the order and agreed to pay the fine.
