Provides Surveillance Capabilities for Convergex Global Equities and Options Businesses
Ancoa, provider of contextual surveillance and insightful analytics for exchanges, regulators, and buy & sell-side firms, today announced that Convergex, an agency-focused global brokerage and trading related services provider, has deployed Ancoa’s market surveillance platform to monitor all trading activity across its domestic (U.S.) and international cash equities and options brokerage businesses. The deployment monitors trading activity of all lit and dark venues including Millennium, Convergex’s proprietary ATS.
Convergex delivers comprehensive solutions that include its award winning ETF Direct® platform and algorithms, global high-touch and electronic trading, options trading and technologies, prime brokerage services, global clearing, commission management, corporate access and more, to nearly 3,000 clients accessing over 100 global market centers. Convergex has international coverage of options and cash equities in approximately 6,500 symbols.
Preventing market abuse by timely detecting manipulation attempts and other potentially improper trading activity has become a regulatory requirement for market participants across all major jurisdictions. Global regulatory efforts to uphold the integrity of the markets and protect end investors have seen the introduction of stricter market abuse rules and regulations. Trading firms in the U.S., as well as internationally, need to demonstrate to their regulators that they have the surveillance capabilities necessary to prevent inappropriate trading activity and take the necessary steps to investigate these abuses.
Convergex has chosen to deploy Ancoa’s market surveillance platform across its U.S. and international operations following a rigorous due diligence and vendor review process. Ancoa’s surveillance capabilities and strong visualization tools enable Convergex’s global management team to carry out its oversight functions in a coordinated and efficient way. Furthermore, Convergex’s global compliance team can now further comply with U.S. and international market abuse regulations and better monitor the ATS market participants via one central platform.
Convergex’s cloud based deployment running on Amazon Web Services (AWS) is certificated to ISO 27001 information security standards. AWS provides a managed and secured infrastructure environment while the deployment ensures cyber security is managed at every level in a secure, efficient and cost effective way.
Ann Neidenbach, Chief Information Officer of Convergex, said: “We chose Ancoa because of its leading edge technology and robust trading surveillance capabilities to support our global multi-asset requirements. Furthermore, Convergex is ahead of the curve by migrating to Ancoa’s cloud based solution to address our surveillance needs in the most comprehensive and cost efficient way.”
Niko Mykkanen, Partner Lead, AWS EMEA, added: “AWS helps financial organizations to build secure and compliant applications. We are excited to see customers such as Convergex working with AWS Technology Partner Ancoa to realize the benefits of the cloud.”
Stefan Hendrickx, Founder and Executive Director, Ancoa, concluded: “We are thrilled to work with the Convergex compliance and management teams both in London and New York. We understand the regulatory pressures to prevent market abuse and uphold market integrity, and we tailored our platform to suit Convergex’s surveillance needs. We are confident that Ancoa’s monitoring capabilities will enable compliance teams to fulfil their regulatory and surveillance obligations with confidence and also provide valuable insights to the Convergex management team.”
Ancoa provides contextual surveillance and insightful analytics for exchanges, regulators, buy- & sell-side firms. Our highly sophisticated, yet easy to deploy and simple to use, monitoring and surveillance platform helps firms take full control of their regulatory, reputational and operational risks across markets, functions and asset classes.
We help improve market integrity by providing greater visibility over trading behaviour. Our independent and flexible approach to monitoring, analytics, alerting and reporting, using powerful visualisation tools, enables firms to identify and manage potential risks of market abuse, fraud and operational shortcomings on a single platform, both overnight and in real-time.
Founded in 2010, Ancoa’s management team brings together a strong pedigree & track record in capital markets, technology, surveillance, analytics and entrepreneurship.
Convergex is an agency-focused global brokerage and trading related services provider that takes on the industry’s toughest challenges, from complicated trades to complex businesses. With clients’ interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, options technologies, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Chicago, Orlando, San Francisco and London, the company serves nearly 3,000 clients accessing over 100 global market centers.