First New York has implemented a cloud-based version of Eventus Systems’ Validus trade surveillance system to monitor its futures trading and investment activities, with a view to expanding the deployment to its equities and equity options trading business.According to Shawn Fischman, General Counsel & Chief Compliance Officer at First New York, “As a multi-asset, multi-strategy firm with approximately 100 portfolio managers, our structure is extraordinarily complex, particularly as each manager trades accounts with a variety of counterparties across global markets. We wanted to establish a relationship with a market-leading, proven firm with the expertise to handle trade surveillance across multiple asset classes and the flexibility to meet our complex needs. Eventus was among the top providers recommended to us by many of our peers and counterparties.”
First New York’s compliance and technology teams evaluated several trade surveillance solutions and conducted multiple demos with each before selecting Eventus. Fischman says Eventus’s use of machine learning to train the Validus platform based on the firm’s transactions differentiated it from its peers. Specifically, its ability to identify certain patterns, simplify and manage the compliance staff’s day-to-day review process, and gain new efficiencies, was appealing to First New York.
According to Eventus’ President, Jeff Bell, “This implementation involved some unique challenges due to First New York’s structure, the need for connectivity and access to the full range of trade lifecycle data from the many different execution platforms its portfolio managers use, and the complexity of its trading processes. We were able to meet these challenges and get its team up and running quickly.”