Surveillance and Compliance

The market surveillance and compliance solutions from NASDAQ OMX are the industry benchmark for the global exchange, regulator and broker community. Installed in more than 35 national exchanges and regulators and 65 brokers across 60 countries, SMARTS is the world’s leading provider of surveillance and compliance technology.

Groundbreaking Cross-market Capabilities

In today’s era of global trading across multiple asset classes, it is essential that broker-dealer compliance officers maintain a single consolidated view of trading across all venues. Similarly, regulatory oversight at the exchange and regulator level also requires consolidation of trading data from multiple trading venues. SMARTS’ groundbreaking cross-market surveillance technology is used by a large number of brokers, regulators and exchanges worldwide to carry out real-time cross-venue surveillance. In demanding, high volume markets SMARTS technology typically processes billions of messages per day.

SMARTS provides the only market surveillance platform which has a seamless transfer between single market and multi-market analysis required for market surveillance functions in cross-market/cross-asset class scenarios. This approach ensures truly integrated market supervision and market surveillance.

Unparalleled Expertise

SMARTS solutions are backed by a team of unrivalled financial and technology professionals who have in-depth understanding and insight into market surveillance, supervision and compliance and understand the complex issues associated with maintaining market integrity. The NASDAQ OMX team is comprised of true industry practitioners who have in-depth and practical knowledge of surveillance and monitoring at the exchange, regulator and broker level.

For Brokers

SMARTS Broker is a managed service designed for brokers, FCM’s and other market participants to assist them in complying with market rules, regulations and internal market surveillance policies. Delivered via a browser based application, SMARTS Broker is fast to implement, requires no on-site installation or maintenance, and comes with little or no hardware costs.

The system empowers brokers to:

  • Easily comply with market regulations and internal risk policies.
  • Conduct their own internal surveillance, separately to any external monitoring by the exchange or regulator.
  • Rapidly detect infringements well before regulators.
  • Access full historical trading data (including trade-by-trade and quote-by-quote market visualizations) for all listed instruments.

Fill out the form to the right to download the SMARTS Broker Brochure.


For Exchanges and Regulators

SMARTS Integrity is the international financial community’s preferred provider of real-time and t+1 systems for market surveillance, market supervision and market compliance.

SMARTS Integrity is a vital market supervision & control tool, helping to maintain an orderly market by providing a consolidated, highly visual view of real-time market activity supported by sophisticated alerting tools. SMARTS Integrity has proven itself to be the lifeblood for surveillance professionals that need to maintain a fair market. By correlating real-time and historical data with detection patterns, SMARTS ensures early detection of unusual trading patterns that could be potential breaches of exchange or regulator trading rules and practices.

The rich functionality of SMARTS Integrity provides exchanges and regulators with the real-time monitoring tools necessary to continually detect and analyze potential market abuse, as well as provide post-trade insight and analysis of trading activity.

For more information, download SMARTS Integrity  (500 KB)

Case Management and GRC:  NASDAQ OMX BWise

NASDAQ OMX’s BWise provides clients with an innovative and integrated Governance, Risk Management and Compliance (GRC) software solution that is scalable with each companies’ growth model.  BWise supports Risk Management, Internal Control, Internal Audit, Compliance & Policy Management, IT GRC and Sustainability Performance Management and is recognized by Gartner and Forrester as a leader in GRC capabilities

When integrated with NASDAQ OMX SMARTS, the BWise case management functionality enables firms to enforce defined compliance workflow, maintain complete audit trails of alert investigations and documentation, and generate comprehensive management reports across the alert database.  Its case management module is integral for users to both manage alert processing and escalation and effectively manage regulatory risk across the entire business.

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Value Added Partnerships

eComms: Smarsh

Smarsh provides hosted solutions for archiving electronic communications, including email, instant messaging and social media platforms such as Facebook, LinkedIn and Twitter. These solutions help organizations manage and enforce flexible, secure and cost-effective compliance and records retention strategies. The NASDAQ OMX SMARTS strategic relationship with Smarsh complements our existing SMARTS Broker market abuse alert capabilities with their archiving and electronic communications monitoring (ECM). This integration of Smarsh ECM enables compliance professionals to specifically target communications associated to SMARTS trade surveillance alert(s) for full cross-content discovery.

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eComms and Relationship Analytics: Catelas

Catelas uniquely combines social network analysis and behavioral science algorithms to uncover the relationship networks within organizations. Catelas automatically maps out the relationships between employees and external parties via their various communication streams – providing unprecedented illustrated insight into how personnel are doing business. The NASDAQ OMX SMARTS strategic relationship with Catelas combined with the SMARTS Broker market abuse and insider trading alerts significantly reduces the time to identify the key personnel involved and isolates key communications to help analysts actually ‘see’ and pinpoint risks quicker, potentially avoiding unnecessary risk and significant resource costs.

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A Foundation of Research

With roots in scientific research, the NASDAQ OMX and SMARTS team of academic and software development experts continue to be substantially involved in capital markets research, nurturing its strong commitment to continuous innovation in surveillance, compliance and monitoring technology.

Our team maintains strong collaborative ties with two key research centers who continue to be recognized as global leaders in the field of surveillance and compliance research - Sirca and the Capital Markets CRC (CMCRC). We are a founding partner in the CMCRC and continue to be a member today.

The vast majority of academic research work on market integrity is performed or facilitated by these two research organizations. Yet, this is not a purely academic research topic. Market integrity continues to be an area that is very close to the practical needs of the world’s financial markets.

Many exchanges and securities regulators have recognized this and participate in the highly respected international research program of the CMCRC.