Independent trading analysis firm Ideal Prediction has just announced the launch of an automated monitoring service named Scope.
Already in production, Scope automatically monitors order and trade activity, analyzing the behaviors of voice traders and trading algorithms in line with the principles of the FX Global Code (FXGC).
The Scope service points out potential issues like last look, spoofing, flashing, layering, order violations, limit breaches, and P&L flags.
The FX Global Code, launched in May 2017, provides a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.
Since the release of the FXGC, our firm has focused on evidencing adherence to the principles, but the service additionally helps senior management sleep at night,” said John Crouch, Founder and CEO of Ideal Prediction. “Clients specifically value the independence of our service, in addition to our analytics technology and high-frequency trading expertise.
Not every check has a clear definition, so we collaborate with the FX community to provide standardized as well as custom checks appropriate to each firms’ business.