Rick Tomsic, Founder & CEO of Tradovate Holdings, LLC, said: “We love the Validus platform. It's been a great tool for us to help our trade desk identify and drill down into any potential trade irregularities. The combination of pre-built surveillance procedures, with reports and protocols we can customize based on our needs and client base, is extremely powerful. Validus gives us the ability to dive deeply into any suspicious or unusual order flow activity at a very granular, detailed level, giving us comfort both from a trade desk and compliance standpoint.”
Tomsic said that the firm uses Validus to monitor more than 2.5 million orders per month to identify patterns or dangerous activity within the order flow, as well as to meet certain operational requirements, such as monitoring and ensuring the proper use of regulatory tags.
Eventus CEO Travis Schwab said: “Firms like Tradovate with extensive retail activity appreciate the ability to rapidly follow up and explore any unusual order flow patterns. This is a great example of how our platform can be used not only by compliance and regulatory teams but by front-office supervisors. We commend the firm for going above and beyond what's required in order to stay ahead of any potential issues and leverage the many capabilities Validus has to offer.”
Tradovate Trade Desk Manager Terry Nelligan said: “Eventus does a great job of offering views that make it easy to visualize the market with respect to customer orders. We're able to find suspicious patterns within a single client account or those that may emerge between multiple clients. Validus makes it simple, easy, and intuitive, providing a visual representation of activity for the period when an alert is triggered that goes beyond what we would be able to monitor on our own. Eventus does a great job of understanding our goals and then helping us customize the platform to implement that.”
Validus employs a multi-step approach to alert classification by first casting a wide net to ensure that all potential or near-miss alerts are considered, followed by machine learning and robotic process automation to go deep into each alert and identify market behavior that could lead to regulatory or reputational consequences. The platform's visualizations and flexibility allow front-office supervisors to quickly and efficiently detect problematic behavior.
About Eventus Systems
Eventus Systems is a leading global provider of multi-asset class trade surveillance and market risk solutions. Its powerful, award-winning Validus platform is easy to deploy, customize and operate across equities, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume and real-time environments of tier-1 banks, broker-dealers, futures commission merchants (FCMs), proprietary trading groups, market centers, buy-side institutions, energy and commodity trading firms, and regulators. The company's rapidly growing client base relies on Validus and Eventus' responsive support and product development teams to overcome its most pressing regulatory challenges. For more, visit www.eventussystems.com.
About Tradovate
Operating out of Columbus, Ohio, Tradovate, LLC launched in April 2016 as an online futures brokerage firm dedicated to meeting the needs of active retail traders. The firm offers a modern, cloud-based futures trading platform and subscription-based, commission-free trading. Tradovate powers futures trading from anywhere, with complete access to download the platform for Windows and/or Mac, log in on the web with Chrome and other browsers, and trade via mobile Apple or Android devices. For more information, visit www.tradovate.com.
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