FXCM selects Elfow and TZ to provide Market Abuse and Trade Surveillance Monitoring
eflow today announced that Forex Capital Markets (FXCM), has selected eflow’s TZ Platform to provide a Market Abuse and Trade Surveillance. elfow has been providing regulatory compliance solutions since 2004 and is one of Europe’s leading software providers of Best Execution, Market Abuse and Trade Surveillance solutions.
1st October 2019
Having selected Eflow’s TZ Platform, FXCM will be able to monitor any potential market abuse or manipulation alongside Eflow’s powerful case management tool, which allows users to escalate and manage alerts raised within the system. TZ is an exception driven platform which aims to work in the background only bringing up alerts that fall outside the users defined parameters.
Eflow’s automated solution covers many of the market abuse alerts defined by ESMA and the FCA, which include tests such as spoofing, layering, wash trading, front running, marking the open/close, insider trading and trading ahead of the news. FXCM will also take advantage of TZ’s flexible reporting functionality, which allows users to build and schedule customs reports.
“FXCM provides world-class services to clients globally, and we are proud they have selected TZ for their market abuse, best execution and trade surveillance,” said Ben Parker, CEO at Eflow. “We look forward to a flourishing relationship and supporting them in the ever changing regulatory landscape’’.
Brendan Callan, CEO at FXCM, comments: “We serve clients in multiple global regions, who trade in a variety of different time zones 24 hours a day. It is crucial that we can gain effective insight into customer trading patterns for risk management and compliance purposes. Eflow is a market leader in this respect; integrating its TZ Platform will allow FXCM to enhance our current strengths and ability to detect anomalies in behaviour, such as fraudulent trading or market abuse.”
Eflow is a market-leading, UK-based fintech company specialising in regulatory compliance, business process management, monitoring and workflow software primarily for the financial industry. We offer a number of services intended to help investment firms understand and comply with complex financial regulations enacted by global regulatory bodies. Eflow’s solutions can help firms located both within and outside of the European Union to achieve this goal. All of our services are regularly updated to adhere to any new regulations which have been passed. Our solutions cover MiFID II, MiFIR, MAD II, MAR, Dodd-Frank and Volcker Rule, just to name a few. We pride ourself on our bespoke approach to regulatory compliance and we are willing to work with our clients to find a solution that works for them, and our expert support team will ensure you have all the information you need to make the most of our services.
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.