Scila Surveillance™
Detect abusive behaviour and suspicious activities with accurate market surveillance
A turnkey market surveillance solution for exchanges, trading participants and regulators that seeks to apply modern technology to obtain a seamless route from early detection of market abuse to presentable evidence. The solution covers all asset classes and market models and has been deployed for over 50 clients in more than 30 countries since 2008.
Scila Surveillance™ is a turnkey market surveillance solution for exchanges, trading participants and regulators that seeks to apply modern technology to obtain a seamless route from early detection of market abuse to presentable evidence. The solution covers all asset classes and market models and has been deployed for over 50 clients in more than 30 countries since 2008.
Scila’s trade surveillance meets the demands from the modern trading environment and changing regulatory landscape, Scila Surveillance not only monitors for traditional market abuse scenarios such as Spoofing, Layering and Insider Trading, but also for high frequency trading, pattern recognition (based on a wide range of trading statistics) and best execution compliance. Scila’s trade surveillance solution also allows for cross-market monitoring over all asset classes.
Scila Surveillance™ delivers shorter time-to-market, lower total cost-of-ownership and improved user experience. The result is a flexible and highly efficient solution with standardized connectivity protocols, capable of handling billions of transactions every day. The system can be deployed both on-premise or as a hosted option, including full application management. Scila delivers a technology that has proven to be extremely successful for some of the most demanding financial markets clients in the world.
In production asset class coverage include:
• Equities
• Fixed Income
• Money Market Instruments
• Foreign Exchange
• Commodities
• Energy and Emissions
• Cryptocurrencies
• Exchange Traded Products
• Futures and other financial derivatives on the above
In production market model coverage include:
• Continuous Trading / On Exchange
• Over the Counter (OTC) / Off Exchange
• Voice Trading
• Request for Quote (RFQ)
• Auctions (including Open/Close, Fixings, Auxiliary Matching)
• Hybrid models based on combinations of the above
Equities and Derivatives Trading
Scila Surveillance includes Equities and Derivatives markets specific functionality such as the ability to overlay and consolidate fragmented markets (e.g. instruments traded on multiple exchanges / MTFs), use news feeds and e-communication data to detect Insider Trading and Front-Running, visualize Options series and Derivatives versus underlying Instruments and a wide range of specialised Derivatives alert rules.
Energy and Commodities Trading
Scila Surveillance includes Energy and Commodities markets specific functionality such as position monitoring, cross-market/product alert rules, merit order curve replay, visualization of auctions, powerful what-if analysis and standardised trade reporting. The system is designed to monitor trading of energy products in accordance with both Market Abuse Regulation (MAR) and the Regulation on Energy Market Integrity and Transparency (REMIT). Energy and Commodities trading clients include regulators, brokers and exchanges.
Fixed Income Trading
Scila Surveillance includes Fixed Income specific functionality such as Request for Quote (RFQ) and specialised auction support, theoretical pricing (used in both alert rules and overlays) and the ability to use historical reference and market data as benchmark for illiquid instruments. Fixed Income trading clients include exchanges and some of the largest Inter-Dealer Brokers globally.
Foreign Exchange Trading
Scila Surveillance includes Foreign Exchange specific functionality such as Request for Quote (RFQ), Streaming quotes, monitoring, abuse of last look, Front-Running, heat map and relation trading graph. The system fully supports Spot, Futures, Options and combinations (e.g. strategies) and can process millions of transactions per second in real time. Foreign Exchange trading clients include exchanges, large dealer platforms and brokers. The system also fully supports the monitoring of cryptocurrencies as part of the asset class coverage.
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