By Melissa Watras, Director of Product

This quarter, our focus centered on strengthening surveillance coverage where market activity is accelerating and oversight complexity is increasing.

Across ongoing conversations with trading teams, compliance leaders, and supervisory principals, we consistently heard that event contracts, overnight trading, global expansion, and evolving suitability expectations are creating new monitoring demands.

Our priority was to expand and strengthen core detection capabilities in ways that improve oversight clarity and regulatory defensibility without increasing operational burden.

Key Product Enhancements

Expanded Event Contract Monitoring

We launched enhanced monitoring for event contracts in line with growing prediction market participation, enabling firms to supervise these products with greater consistency and control as activity increases. 

Insider Dealing Detection
We introduced an insider dealing alert to address one of the highest risk behaviors in the market, strengthening early identification of suspicious trading patterns. This helps compliance teams escalate potential concerns earlier and maintain stronger supervision around event-driven trading activity.

Global & Overnight Coverage Expansion
We expanded surveillance and analytics coverage into additional European markets and enhanced monitoring across extended trading sessions with session specific thresholds. Teams can now monitor extended hours activity with greater precision across global markets and overnight sessions where liquidity and behavior patterns may differ.

RIA Suitability Monitoring
We introduced new suitability detection for RIAs that incorporates client risk scores and flags trades that are outliers relative to profile types. This helps compliance teams identify activity that may warrant review and supports more proactive supervision.

Odd-Lot & Fractional Share Monitoring Enhancements

With increased regulatory and market focus on odd-lot and fractional activity, we enhanced monitoring capabilities in this area. These improvements provide firms with clearer visibility into odd-lot concentrations and fractional trading patterns to support more accurate aggregation, clearer behavioral insights, and more reliable supervisory reporting without increasing unnecessary alert noise.

Enhanced Best Execution Visualization & Detection

We improved best execution visualizations and strengthened related alert detection to provide clearer insight into execution quality and potential outliers.

This enables firms to more efficiently identify patterns that warrant review and better document supervisory oversight around execution performance.

What This Means for Firms

These enhancements support firms with:

• Stronger supervision of emerging products and evolving trading behaviors
• Greater defensibility around suitability, market conduct risk, and execution quality
• More precise oversight across global and extended trading sessions

Leading teams are using these improvements to unify oversight and best execution across products and trading hours, reducing manual review while improving escalation clarity.

Our philosophy remains consistent: practical, defensible oversight built on a unified data foundation. 

If you’d like to discuss any of these updates or share feedback with our product team, please reach out or contact us here, we’d welcome the conversation.