When a large tier-one bank with operations around the world realized that their legacy trade surveillance system not only failed to detect patterns of potential spoofing activity, but also generated too many false positive alerts, their compliance staff knew they needed to make a change.
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I recently participated in a roundtable discussion on spoofing that became the basis for the JLN Special Report: Chicago Trading Community Faces off in Spoofing Fight.
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2019 was a banner year for regulators in the futures industry. The CFTC obtained monetary relief of more than $1.3 billion from 69 enforcement actions, a 39% increase from the previous year and the fourth-highest total in CFTC history, agency officials said in its annual enforcement report. This included the largest total monetary relief ($67.4 million dollars) ever ordered in a spoofing case (see CFTC Orders Proprietary Trading Firm to Pay Record $67.4 Million for Engaging in a Manipulative and Deceptive Scheme and Spoofing).
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Since launching TT Score, the financial industry’s first fully hosted, machine-learning-powered solution for trade surveillance, we’ve worked with a number of organizations across the globe to implement TT Score’s compliance surveillance capabilities.
Last year, we announced the release of the financial industry’s first fully hosted, machine-learning-powered solution for trade surveillance and compliance, TT Score (Make Surveillance Smarter and Eliminate Blind Spots With TT® Score).