Surveillance and Compliance

Proven in the world’s fastest and largest markets, SMARTS market surveillance and compliance solutions from Nasdaq 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 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.


Solutions 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.

Solutions 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. It 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.


Integrated Surveillance and Risk Management

As markets around the world respond to ever increasing globalization and fragmentation, regulators worldwide continue to emphasize the importance and interdependence of risk management and surveillance. The roles and responsibilities of pre-trade risk management, surveillance and compliance can no longer be considered in isolation, and Nasdaq has proven to be a world leader in this respect.

TradeGuard is the world’s leading provider of pre-trade and at-trade risk management technology. With the integrated SMARTS and TradeGuard risk-compliance offering, Nasdaq is leading the way in helping our customers respond to the ever changing regulatory landscape. Seamless real-time risk management and surveillance integration will continue to grow in importance – the integrated SMARTS and TradeGuard product set is truly groundbreaking is this respect.

Click here to learn more about TradeGuard Risk Management


A Foundation of Research

With roots in scientific research, the Nasdaq 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.