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Surveillance

Integrating trading and eComms surveillance platforms

Under regulations such as MiFID II and MAR, firms are required to be able to detect, prevent and report unlawful behaviour in a timely manner. To achieve this, surveillance functions need to be created that go beyond recording and retrieving transactions, phone calls and emails. Regulators expect market participants to be able to identify exceptions, trends and patterns in behaviour and capture related data such as trades, holiday schedules, emails, phone calls, instant messages and market prices. Without state-of-the-art systems, firms are accumulating huge financial and reputational risk. Investment in holistic surveillance is the only effective insurance policy.

Our Value

Many firms will initially see adaption of holistic surveillance to be an arduous, expensive and maybe even a somewhat impossible task. They lack the proper budget and talent resources to resource such prospects. The top management of many firms refuse to continually invest in surveillance technology that would enable them to evolve and adapt with the changing landscape of the market and reduce false positives.

Firms need a long-term strategy and direction that will enable them to own their surveillance technologies and prepare for future security. Advancing technologies such as Big Data and Analytics, Machine Learning and Voice Recognition go a long way in constituting surveillance strategies and functions. Surveillance in financial markets firms currently focuses on trading data (KRIs) and trader behaviour (analytics) and basic ‘lexicon driven’ electronic communication surveillance.

GreySpark works with clients to launch or upgrade their surveillance functions by enabling informed decision making about how to build surveillance platforms or how to identify the correct vendor for the job. We manage the data sourcing, integration, documentation of required analytics, IT engagement, quality assurance and embedment of the new processes and technology.

Interested in GreySpark's Surveillance Services?

GreySpark works with clients to launch or upgrade their surveillance functions by enabling informed decision making about how to build surveillance platforms or how to identify the correct vendor for the job.

Surveillance Service Offering

Surveillance Platform Selection

GreySpark draws on its market intelligence, extensive research IP and vendor knowledge to deliver informed advice on industry best practices. GreySpark helps clients to identify the scope of the required surveillance and then provides advice and support in the decision to ‘buy or build’ the surveillance platform. Informed support can be provided for identifying the correct ‘fit for purpose’ vendors. While solutions are largely IT driven, everything GreySpark does and advises on is geared towards making it as easy as possible for clients to engage with their surveillance platform, and moreover, have trust in it.

Trading and eComms Surveillance Platform Integration

Preemptively Identifying the potential future pitfalls that may accompany trading or eComms surveillance platform integration is necessary to mitigate problems. GreySpark offers integration support, covering both traditional analytics such as trade data KRIs and advanced analytics such as Voice and eComms, HR data and Building Access logs. Integration strategy is proposed and executed with the business firmly in mind and consideration is given to the timeliness and integration of feeds and ease of future maintainability, minimising dependency on in-house IT.

Trading Surveillance

GreySpark helps clients further augment traditional KRIs through the introduction of advanced analytics using holistic models. Our engagement and interaction with the latest technologies enables our clients to significantly expand the range and depth of feasible KRIs.

eComms Surveillance

GreySpark moves beyond utilisation of word and phrase lexicon analytics to advise clients on how to leverage the latest technologies covering voice-to-text transcription and natural language processing. GreySpark helps clients position the correct tools into BAU to set up effective governance for monitoring and continuous improvement.

Delivery

The following steps represent a sample project milestone plan from planning through to BAU Integration.

01

Planning

  • Agree client engagement terms
  • Agree division, department, product scope
  • Stakeholder map
  • Create project plan

02

Discovery

  • Agree client engagement terms
  • Agree division, department, product scope
  • Stakeholder map
  • Create project plan

03

PoC Design & Build

  • Document IT landscape (positioning of Surveillance platform / source feeds etc.)
  • Choose 2 data sources; populate into Surveillance platform.
  • Write interface specs
  • Oversee technical deliveries
  • QA technical deliveries

04

PoC

  • Define and deliver 1-2 sample KRIs / holistic models with processed outputs.
  • Execute PoC
  • Show loaded data
  • Demonstrate ad-hoc querying / analytics
  • Demonstrate ‘on the fly’ data joins
  • Demonstrate ‘slice & dice’ capability

05

Pilot

  • Write remaining interface specs
  • Integrate remaining data sources
  • Expand KRIs and holistic models
  • Oversee and QA technical deliveries
  • Plan and agree success criteria.
  • User Acceptance Testing (UAT) onsite
  • ‘Pilot’ test the tools and demonstrate to client
  • ‘Train’ the systems

06

BAU Integration

  • Set up governance model
  • Train the users
  • Write high quality manuals covering systems and procedures
  • Establish SLAs with internal IT and vendors
  • Go fully live in BAU mode

Media

NewsSurveillance
19 Feb, 2018

The Changing Behaviour of Surveillance

Following the 2008 global financial crisis and recent malpractice scandals, institutions across the financial services industry have started taking proactive measures to protect themselves from market and operational risks by…
NewsSurveillance
12 Dec, 2017

Advanced Analytics in Trading Surveillance: Not Far Enough?

Under MAR and MiFID II, firms are required to detect and report unlawful behaviour in a timely manner by putting preventative measures and solutions in place. To achieve compliance, first…
BlogSurveillanceTechnology Trends
1 Mar, 2017

The Good, Bad and Ugly of Employee Surveillance: Addressing the Role of Technology in Tackling Financial Services Conduct Risk

Predictive analytics is a branch of advanced analytics wherein a variety of different types of software tools can be used to make predictions about future events.

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Case Studies

28 Feb, 2018 in Case Studies, Surveillance

Detection of Unauthorised Trading

Due to the recent cases of unauthorised trading, the client established a new unit with the aim of the early detection of behaviours that are indicative of potential unauthorised trading…
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28 Feb, 2018 in Case Studies, Project Delivery, Regulatory Compliance, Surveillance

Trade Surveillance Enhancement: Market Abuse Regulation Programme

The Compliance team of a major Asset Management firm asked GreySpark to help with the enhancement of their trading surveillance capability.
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28 Feb, 2018 in Case Studies, Surveillance

Front-Office Supervision for Unauthorised Trading

Front Office supervisors spend too much time on inefficient and unclear supervisory tasks, when they should be making their business more profitable.
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12 Mar, 2015 in Case Studies, Surveillance

Global Operational Risk Dashboard

The bank suffered a series of losses due to failure of operational controls, leading to a regulatory requirement to provide more comprehensive reporting.
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12 Mar, 2015 in Case Studies, Software Development, Surveillance

OpRisk Dashboard: Extended Coverage

The OpRisk Dashboard is an existing solution developed in-house, used to log a wide range of risk metrics from 50+ data sources which are exported to a report, and presented…
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