Trading services and solutions provider Convergex has implemented an Amazon Web Services (AWS)-hosted market surveillance platform provided by Ancoa, gaining a “one-stop shop” for surveillance of trading activity in both the US and internationally, according to Ann Neidenbach, chief information officer at Convergex.
Convergex’s US team has been using Ancoa’s platform for about six months, while its London-based international trading office began implementing the platform late in the fourth quarter of 2016, adds Neidenbach.
“We were excited that Ancoa ran in AWS, in the cloud, because that gave us the ability to scale as we expanded markets or even scale back if we wanted to change or reduce the number of markets we were monitoring,” she says.
The strength and sophistication of visualisation and front-end capabilities on the Ancoa platform attracted Convergex, and have been effective in operation, according to Neidenbach. “It’s a much better, more sophisticated tool for our compliance team to use and leverage,” she says. “There is integration between the asset classes, equities and options, but also integration with case management. With the strong visualisation tools, when sifting through a lot of data, it’s sometimes easier to see a ‘hotspot’ than something in more tabular form.”
Convergex’s implementation of the Ancoa surveillance platform is a first step toward moving its entire data center footprint into the cloud, adds Neidenbach.
Lastly, the way Convergex is implementing the platform to surveil markets worldwide demonstrates its value across multiple markets globally, according to Stefan Hendrickx, executive director of Ancoa. “Convergex compliance teams are using us on both sides of the Atlantic,” he says. “There are a number of challenges complying with both European Market Abuse Regulation, US FINRA and other relevant regulations. It’s a broad area of coverage and there are different requirements for different compliance offices and jurisdictions. … We want to help our clients meet deadlines and requirements with confidence.”