Aquis Market Surveillance (AMS)
The Aquis Market Surveillance (AMS) system is the stand-alone trade surveillance system designed and built by surveillance professionals, for surveillance professionals.
AMS is a specialist system which provides market surveillance requirement solutions for exchanges, investment banks and brokers. The system is based on the proven market surveillance solution for the world’s fastest exchange, Aquis Exchange*. AMS is a new generation of surveillance system specifically designed to effectively monitor algorithmic and high frequency trading in addition to more traditional trading flow.
AMS delivers a comprehensive solution for real-time supervision of a fair and orderly market, abuse detection and compliance with exchange/company rules. It provides powerful tools to monitor high volumes of messages, graphically displayed for efficient visual analysis and order-book reconstruction. A fully optimised suite of alerts have been designed for real-time and historical analysis.
The system is fully compliant with the FCA Code of Market Conduct, Market Abuse Regulation/Directive II (MAR/MADII) and ESMA guidance.
Aquis Market Surveillance has been designed to provide complete system control to the surveillance teams with an organisation offering scalable, effective, simple and rapid information retrieval for efficient analysis of all market activity. Owing to its flexibility, this highly customisable surveillance solution can be adapted for implementation within any market or asset class.
A key differentiating factor and advantage of this system is that the in-house surveillance experts have complete parameter control. The Aquis Market Surveillance functionality, which addresses all current ESMA specifications, offers a complete solution for surveillance teams at European and global markets or institutions.
- Real-time supervision – The real-time alert stream identifies market volatility, disorderly trading conditions, potential breaches of exchange/company rules and specific market abuse scenarios.
- Market abuse indicators – Derived from complex algorithms and reflecting sophisticated alert logic. The alert suite can be divided into two sub-groups; Orderly Market alerts and Market Abuse alerts.
- Alert parameter management – All alert parameters are easily adaptable and can be modi ed in real-time.
- Order-book replay – The order-book reconstruction offers a wealth of order related information. Displayed in conjunction with the graphical visualisation (see opposite), analysts can ‘step through’ the order book for a single consolidated view of all trading data.
- Message lifecycle display – The system possesses the power to instantly display the lifecycle of a specific order or trade in terms of submission, modification, cancellation and execution.
- Multi asset class – A suite of highly customisable alerts is offered, which can be configured to any asset class.
- Case management – During more detailed investigations information can be efficiently processed and saved chronologically.
- MIS – AMS offers powerful reporting tools to generate detailed records of alerts by type and user over a specified timeframe.
The Aquis Market Surveillance system sources transaction data from the trading system and detected alerts are sent to a dedicated surveillance server, which handles storage and distribution to the user interface. Alert parameters can be changed by the surveillance team in real-time through the user interface (UI).
The core system is based on and delivers the following:
- Highly efficient message processing
- Distributed business logic for real-time alerts
- Role-based permissioning system, can be integrated in company-wide authentication system
- The order-book reconstruction offers a wealth of order related
- information. Displayed in conjunction with the graphical visualisation, analysts can ‘step through’ the order book for a single consolidated view of all trading data
- Multi-platform support
- UI is based on a specialised HTML5 framework including embedded integrated development environment for rapid development of custom components and solutions
- WebSocket-based data streaming for instant updates from servers
THE AMS SYSTEM INFRASTRUCTURE
Aquis Market Surveillance provides a robust, technologically advanced and highly customisable surveillance solution. It provides in-depth functionality, is highly flexible and extremely cost effective.
Owing to its unique design one of the key advantages of this system is that it can be implemented and integrated rapidly. With an innovative and intuitive interface it can be quickly mastered and can immediately provide robust and meaningful results for any organisation.
This system has been designed by surveillance professionals, for surveillance professionals. It is based on the proprietary system that Aquis Exchange Ltd uses for the surveillance of its pan-European market. The system is designed so that it may be integrated with, and rapidly deployed across, different geographies and asset classes.