Aquis market surveillance (AMS)
Aquis Market Surveillance (AMS) is a stand-alone market surveillance platform for exchanges, MTFs, brokers and other trading firms
Designed to effectively monitor algorithmic and high frequency trading as well as more traditional trading flow
Real-time trade supervision
Market abuse detection
Fully compliant with:
ESMA’s guidelines for controls in an automated trading environment (ESMA 2012/122), MAR, and MiFID II RTS 6 (organisational requirements for firms engaged in algorithmic trading) require robust automated market abuse controls to be in place, covering the full range of trading activities undertaken by the investment firm and all orders submitted by it. A surveillance system’s design should have regard to the nature, scale and complexity of the investment firm’s trading activity, such as the type and volume of instruments traded, the size and complexity of its order flow and the markets accessed.
Pre-trade controls focusing on orderly markets should be implemented for real-time alert triggering.
Aquis Market Surveillance caters for high trading volume real time alerting and T+1 processes, configured per asset class, per instrument type, per alert, ensuring trading firms are fully compliant with current and future regulations as MAR and MiFID II take effect.
Real-time and T+1 trade surveillance
Real-time alert stream identifies disorderly trading conditions and potential breaches of rules.
Order Book Replay
Full order book reconstruction, displayed with powerful graphics to allow the analyst to step through the order book for a single consolidated view of trading data.
During more detailed investigation, information can be efficiently processed, recorded and saved chronologically.
Intraday alert parameter control
Surveillance analysts have complete intraday alert parameter control.
Market abuse indicators
Sophisticated alert logic covering orderly trading alerts and market abuse alerts.
Multi asset class
Highly customisable alerts, configurable to any asset class.
Comprehensive reporting tools to generate detailed records by alert type and user over a specified timeframe.
Order book replay and reconstruction offers a wealth of order-related information. Displayed in conjunction with graphical visualisation, users can step through each event with a single consolidated view of all order book activity.
Large Order Entry
Flags erroneous large orders, rogue algorithms, spoofing and layering
Traded Price Previous Close
Triggered by a large price movement from the previous closing price. May indicate a corporate action, high volatility or an erroneous trade
Short Order Lifespan
Identifies entry of a larger number of orders in an instrument within a short time period that have a minimal life span before they are cancelled
Short Selling Regulation
Alerts when the price of an instrument falls by 10% or more from the previous close
Flags cases of a trader quickly entering and withdrawing a large number of orders in an attempt to flood the order book of a given instrument
Large Traded Volume
Identifies insider dealing, manipulation through increased trading and marking the close
Alerts when a trader obtains a dominant position on one side of the order book, creating false impressions of supply or demand
Trade Ignition Momentum
Shows when a number of trades are used to generate momentum in the price movement of an instrument, creating a misleading impression of supply or demand
Identifies potential front running of client orders
Identifies use of pinging to seek hidden quantities of iceberg orders or orders resting on a dark book. Also helps identify rogue algorithms
Highlights unusual price movements, high volatility, potential erroneous executions and fat finger errors. Helps to monitor algorithms to ensure they are orderly
Flags when a trader buys and sells an instrument, without a change in beneficial ownership or market risk
Painting the Tape
Determines when a trader executes a series of trades on an exchange, potentially giving the impression of increased market activity or price movement
Highlights potential insider dealing and looks at historical trading patterns ahead of
All ESMA/FCA compliant alerts available
Aquis Exchange is a member of the FCA surveillance committee
Intraday, audited, parameter changes
High message capacity
In-house, UK-based development team
Additional bespoke, customisable alerts
Full training & support
Ability to receive and process exchange data feeds and trading messages to turn these into graphical displays
High throughput and horizontally scalable – tested through the full rules library at 50 million messages per second
All data is kept in your chosen location for long-term data storage. Every 100 million messages requires approximately 10 Gb of storage. Aquis Technologies can compress this to further reduce the amount of storage required
Minimal hardware requirements