The companies, products and regulatory developments shaping the broker industry.
Across three orders, the broker’s reporting population was narrowed by account coverage, the wrong legal dollar rule and a model cutoff that internal analysis had already contradicted.
A new platform’s activity sat outside automated surveillance for four months; replaying it later created a review population larger than the trade count.
Validus is due to support NativX at launch, with a wider role across Synova markets. The agreement adds surveillance to a stack that includes Synova’s matching and settlement technology.
A detailed October FCA review found automated surveillance at all seven sampled retail brokers but material weaknesses in alert thresholds, investigations and senior oversight.
The joint operation involved five residential searches and the seizure of more than 30 devices. The case highlights the distinction between a criminal investigation and firms’ obligation to report reasonably suspected market abuse without delay.