SMARTS Trade Surveillance OTC Coverage

With increased regulatory focus on OTC markets around the world, it is imperative for those supervising and overseeing OTC asset classes at all types of organizations to implement proper surveillance and demonstrate a systematic approach to regulatory authorities. Whilst traditionally somewhat unregulated, OTC asset classes present a number of unique challenges to surveillance teams, including:

  • Lack of a centralized, transparent marketplace with the majority of trading executed by internalization
  • Drastic variance in liquidity amongst currency pairs
  • 24 x 6 operations
  • Minimal availability of trade executions market data to conduct a proper comparison and identify true outliers

SMARTS Trade Surveillance OTC coverage combines the proven business technical and surveillance expertise of 20 years in the industry with a significant investment in customized detection procedures and data acquisition to help market participants overcome these obstacles. Complementing the proven SMARTS Trade Surveillance managed solution, the OTC modules leverage best-of-breed, out-of-the-box capabilities for investigation, detection and reporting with alerts designed specifically for different OTC asset classes. Alerts show a complete review of every trade while monitoring for fair treatment of customers and market manipulation, enabling brokers to meet surveillance requirements – even in the most thinly-traded OTC products.

OTC Coverage Provides: Best-of-class, out-of-the-box capabilities for investigation, detection and reporting

OTC Modules


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  • Automate surveillance of FX instruments
  • Investigate potential market abuse scenarios quickly and efficiently leveraging robust cross-market interrogative capabilities
  • Support compliance with market regulations and internal risk policies
  • Simplify the investigation process using SMARTS Trade Surveillance's intuitive GUI
  • Demonstrate a systemic, and proactive approach to FX trade monitoring and compliance
  • Reduce time-to-market with a module that can be up-and-running in as short as two weeks from project inception
  • Reduce operational cost and increase efficiency of your compliance team with automated solution to monitor trading

Precious Metals 

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  • Display a consolidated view of prices across market data providers
  • Monitor and flag manipulative behaviors in OTC Precious Metals
  • Compare data to see firm's metals trading in the context of the broader market

Fixed Income

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  • Compare trades in off-market fixed income securities
  • Investigate thinly traded fixed income securities
  • Flag market manipulation, e.g., wash trading (A-B and B-A) in fixed income securities
  • Detect deceptive practices, e.g., parking or crossing at month-end, unusual trade corrections and insider trading


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  • Detect suspicious trading behaviors and events
  • Document the investigative process
  • Automatically receive alerts when bids, offers or trades trigger a condition
  • Readily observe patterns that cannot be revealed by out-of-date methods and desktop tools like Excel, pivot tables or charting software
  • Protect your firm against market manipulation fines and costly regulatory investigations
  • Ensure fair treatment and trade execution across the energy exchanges and OTC markets

Dark Pools

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  • Automate abuse detection with sophisticated algorithms that are based upon 20+ years in trade surveillance at 100+ firms, to efficiently identify patterns of market abuse, market manipulation and insider trading
  • Enable analysts to filter only event of interest for more efficient, intelligent monitoring and investigations
  • Improve monitoring across clients by viewing consolidated trading data from multiple venues, with internally executed data trade and externally executed trades on both dark and lit venues
  • Monitor the full range of market manipulation and abuse behaviors from price manipulation to insider trading, front running, cross-market (lit vs. dark) manipulation, amongst others for comprehensive coverage of dark and lit trading activities

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