Trading Technologies has upgraded its TT Trade Surveillance platform with a new Market Replay tool and enhancements to its enterprise case management system, expanding the capabilities available to compliance teams monitoring activity across multiple asset classes.

The latest release builds on TT Trade Surveillance, which the company introduced in 2024 as a multi-asset surveillance platform covering futures, equities, FX and fixed income. At the time, TT also expanded the offering with configurable surveillance models and migrated users from its earlier TT Score platform.

TT Adds Market Replay to Trade Surveillance

The upgrade extends coverage to equities, futures and options, foreign exchange, fixed income and cryptocurrencies. Its new Market Replay tool allows users to reconstruct and review historical market activity over a 90-day period.

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It offers tick-by-tick and frame-by-frame playback of the order book, enabling investigators to examine market activity during surveillance cases.

TT also upgraded the platform's case management interface, which it said is designed to improve collaboration and streamline investigations through a cloud-based workspace. According to the company, the system supports the full lifecycle of surveillance cases, from identifying alerts to managing investigations.

Jay Biondo, TT's Head of Surveillance, said the Market Replay tool is intended to support market abuse investigations. He added that the updated case management interface is "faster and more comprehensive" than previous versions.

Platform Prioritizes Regulatory Risk Alerts

The surveillance platform is integrated with the TT trading platform and is used by more than 100 firms globally. It combines pre-built surveillance models with configurable rules designed to reduce false-positive alerts.

Among its existing capabilities is a machine learning-powered spoofing detection model trained on regulatory enforcement cases. The model assigns a risk score between 1 and 100 based on the similarity of trading activity to previous regulatory actions, allowing users to prioritize alerts that may warrant closer regulatory scrutiny.

TT said the platform can also ingest and normalize trading data from external systems through flat files, FIX drop copies and exchange drop copies, enabling surveillance across multiple trading venues and asset classes.