US-registered broker-dealer Firstrade Securities Inc. is switching from legacy products to Trillium’s Surveyor platform for trade surveillance.
Founded in 1985, Firstrade offers online trading and investment financial services firms in the US. The company cites itself as being one of the first online brokers in the US, whose roots in the online business date back to 2001, and is also licensed in all 50 states plus the District of Columbia, Puerto Rico and the Virgin Islands.
Trillium’s Surveyor offers its users detection, visualization, and workflow functionality to keep up with the demands of trade surveillance. The software also qualifies alerts using depth-of-book market data, instead of top-of-book data, which results in missing real market manipulation. Further, it reviews trading data to identify potential manipulative trading patterns both with a single instrument, between different instruments and between derivatives and their underlying stock or futures contract.
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The platform already covers options, equities, and futures markets.
Surveyor is also used by traders and order routing professionals to review and optimize order routing strategies. The solution sources and captures data elements required to conduct a complete review of all trading activity.
A diversified financial services firm, Surveyor is a creation of Trillium’s trading technology development arm, Trillium Labs, which focuses on post-trade analytics and market surveillance tools.
Detecting potential cross-product market manipulation is becoming a greater necessity for firms as the US regulators have brought one enforcement case against the practice in recent months.
“There are a number of trade surveillance vendors that address manipulation, but we needed one that would save us time. Trillium Surveyor was chosen as the partner that would increase efficiency for the compliance team as our electronic trading business continues to grow,” said Jackie Lee, SVP, Compliance Officer at Firstrade Securities.