Trading Technologies adds market replay surveillance

Trading Technologies has launched new multi-asset trade surveillance tools, adding a Market Replay function and a redesigned case management interface.

The changes apply to TT Trade Surveillance across equities, futures and options, foreign exchange, fixed income and cryptocurrencies.

Market Replay is designed for forensic review of historical market activity. It offers a 90-day lookback window and tick-by-tick, frame-by-frame playback of the order book, allowing users to reconstruct trading activity in detail.

The case management updates are intended to improve the handling of surveillance investigations. The redesigned interface supports governance controls and provides compliance teams with a single workspace for communication, collaboration, and case management.

The tools are aimed at exchanges, regulators and financial institutions that monitor trading behaviour across multiple asset classes. The update is intended to broaden and speed up surveillance work while giving investigators more detailed audit records.

Market review

Surveillance systems have become a greater focus for market operators and trading firms as regulators scrutinise behaviour across increasingly fragmented, fast-moving markets. Tools that recreate market conditions and organise investigative workflows are used to review suspected market abuse, test alerts, and document internal decisions.

Trading Technologies is positioning Market Replay as a way to reconstruct past activity visually rather than relying solely on static records. The feature is designed to make it easier to trace behaviour through historical order book movements.

Case handling

The revised case management interface sits alongside TT Trade Surveillance, which is integrated into the broader TT platform. The system is used by more than 100 firms globally, according to the company.

TT Trade Surveillance combines standard surveillance models with user-configurable models to reduce false-positive alerts. Among its core models is a machine learning-based spoofing model trained on regulatory case data.

That model assigns a risk score from 1 to 100 based on what Trading Technologies described as mathematical similarity to past regulatory actions. The aim is to help compliance teams rank alerts by their likelihood of drawing regulatory attention.

The surveillance platform also ingests and standardises multi-asset trading data from the TT platform and external systems. Data can be ingested through flat files, FIX drop copies or exchange drop copies.

Jay Biondo, Head of Surveillance at Trading Technologies, outlined the company's view of the changes.

"Market Replay gives exchanges and regulators a powerful vehicle for market abuse enforcement by enabling them to examine behavior with unprecedented granularity. Our case management UI is significantly faster and more comprehensive than what we've been able to offer before, and it's an exponential improvement over legacy systems. TT's updated architecture fundamentally transforms how global compliance teams identify, track and resolve market risks, and it builds the foundation for future AI-driven insights. We're excited to bring these intuitive new tools to the market," said Biondo.