Regulatory Change Delivery
Regulatory change arrives as legal text, but it has to become ownership, controls, data, reporting and evidence inside the business.
Risk & Compliance
Trade Surveillance & Market Abuse
Every scenario in production should trace to a risk the business holds.
Overview
A surveillance programme is judged by what it can detect and evidence. Scenarios need to match the firm’s market-abuse risk assessment, cover the venues, products and channels actually traded, and produce alerts that investigators can work.
Capmark helps banks, brokers, asset managers and trading firms design, implement and tune trade and communications surveillance. We work across market-abuse risk assessment, scenario calibration, alert tuning, model governance, communications surveillance, trade reconstruction and platform delivery.
Our people have remediated surveillance programmes under formal regulatory findings and supported closure with documented evidence, tested coverage and governed tuning decisions.
What we do
We start from the market-abuse risk assessment, mapping typologies such as insider dealing, unlawful disclosure and manipulation to the desks, venues, products and order flow the firm actually trades. Each scenario traces to a defined risk, and each material risk has a coverage decision.
We recalibrate thresholds and scenario logic using outcome data, backtesting and investigator feedback. Alert volumes are reduced only where detection coverage is tested and preserved.
We build governance around surveillance scenarios: scenario inventory, parameter history, approval records, periodic validation, performance metrics and monitoring. The firm can evidence why a threshold is set where it is and when it was last reviewed.
We deliver communications surveillance across electronic and voice channels, including capture-completeness checks, lexicons, behavioural models and off-channel messaging coverage. Where needed, trade and communications alerts are linked into one investigable view.
We build the capability to reconstruct orders, executions, communications and market context into a single timeline. Data linkage, identifiers, tooling and runbooks are tested through dry runs before a regulator or market event demands them.
We select and implement surveillance platforms against the firm’s actual order flow, asset classes, data quality and tuning needs. We stay through implementation, calibration and go-live until the alert queue is reliable and investigable.
What to expect
A Senior Practitioner leads from day one. The first weeks assess data completeness, scenario coverage, alert volumes, investigation capacity and where investigator time is being consumed.
Tuning then runs iteratively, with every parameter decision documented, backtested and governed. Coverage gaps are closed in order of risk.
Where the work sits under a formal finding, the remediation evidence pack is built as delivery proceeds.
Engagements range from a regulatory-ready gap analysis to full surveillance remediation, platform implementation and tuning.
Sequenced from a regulatory-ready gap analysis through to delivery.
01
Assess
Establish the current state, the constraints, the risks and the value at stake.
02
Define
Shape the target model and the business case with the executives who own the outcome.
03
Mobilise
Stand up the team, the plan and the governance around the outcome.
04
Implement
Design, build and test the change, with the business alongside.
05
Sustain
Cutover, hypercare and handover, so the business runs it under its own control.
The same five stages on every engagement, led by senior practitioners end to end. How we work
Client result
Proven in the work, not the pitch.
Capital Markets · Surveillance
Trade surveillance rebuilt across ETD and OTC flow for a global investment bank
A Leading Global Investment Bank · Trade Surveillance
We helped take market-abuse surveillance from risk assessment and vendor selection through to live platforms across exchange-traded and OTC flow, aligned to market-abuse and market-integrity obligations, with tuning to reduce false positives.
- ETD + OTC
- Flow brought under surveillance
- RFI to live
- Selection through production delivery
- MAR · ASIC
- Obligations aligned
- Multi-year
- Surveillance roadmap defined
Read the case study
Insights
Related thinking.
Get in touch
Talk to a Partner about Trade Surveillance & Market Abuse.
Tell us what needs to change and where the pressure or risk is showing.