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Trading Technologies Unveils Futures TCA and Multi-Asset Trade Surveillance Solutions

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Capital markets technology provider Trading Technologies International, Inc. (TT), has introduced two new offerings to its solution suite, enhancing its Data & Analytics and Compliance business lines: TT Trade Surveillance and TT Futures TCA.

TT Trade Surveillance, powered by TT’s proprietary SCORE machine learning algorithm, expands the company’s surveillance capabilities across multiple asset classes, including equities, options, FX, and fixed income. The company plans to start upgrading all users of its existing trade surveillance platforms, TT Score and Compliance Plus, to the new TT Trade Surveillance system, which includes 47 new configurable models to detect manipulative trading activities, in the second half or 2024.

“TT Score, a futures and options surveillance platform based on machine learning, is a product that TT has offered for several years. Last summer we acquired Abel Noser, which also has an equities surveillance platform called Compliance Plus,” says Ted Morgan, Trading Technologies EVP Managing Director, Compliance, in conversation with TradingTech Insight. “Over the past year, we have been combining the best features of these two platforms, addressing any gaps, and developing TT Trade Surveillance, our new platform due to be launched on 1st July, which will offer comprehensive multi-asset class trade surveillance, covering not only equities, futures, and options, but also other instruments such as foreign exchange and fixed income. It will also feature enhanced case management capabilities, extended graphing and charting, and will include all necessary market data for comprehensive surveillance. Assembling that across multiple asset classes has not been a small project, so this is a big step forward for us.”

Included in the new TT Trade Surveillance platform will be front-end functionality that allow users to adjust settings and thresholds that pertain to particular models so that they can be run on any subset of data they want to filter, such as defining parameters differently for specific countries or distinguishing between retail and institutional flow.

TT Futures TCA, the company’s new comprehensive transaction cost analysis tool that also builds on TT’s August 2023 acquisition of Abel Noser, leverages an extensive repository of anonymised, microsecond-level futures market and trade data to provide extensive metrics and measures for detailed post-trade analysis, aiming to fill the gap in TCA tools tailored for futures trading.

“Abel Noser were pioneers in transaction cost analysis (TCA), primarily in the equities markets, but increasingly expanding into FX, futures, and fixed income,” says Peter Weiler, TT’s EVP Managing Director, Data & Analytics, and Abel Noser CEO. “The merger with TT brings significantly enhanced market data. We now have large, anonymised sample sets of trading data that we can compare against that market data. We have also expanded our metrics beyond traditional equities benchmarks like VWAP and implementation shortfall, to include those critical in the futures market, such as quote data, depth of book, sweep orders, and so on. With this integration, we’ve also improved our front end’s functionality with additional analytics, enhanced charting capabilities, and executive summary reports.”

The new TT Futures TCA capability allows users to select from a variety of customisable reports to analyse and enhance their trading strategies while assessing the effectiveness of their trading counterparties. This capability is available now and will be integrated into the TT platform as a front-end widget in early 2025. The customised analytics will be accessible to clients based on their desired metrics, breadth, and level of granularity.

“The front-end widget will display all trade data and measured data in one place, providing comprehensive transaction cost analysis across asset classes, even if you don’t trade exclusively through Trading Technologies,” says Weiler. “This integration will bring together cash equities with options, options on futures, buy/writes, strangles, straddles, and more.”

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