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U.S. trends in market abuse and trade surveillance 2025

Published May 2025

U.S. regulators have led the way for both the volume and severity of their enforcement action in recent years. 2024 was no exception, with 119 enforcement actions and $1.67bn in fines being issued to firms for regulatory failings.

eflow’s latest research report analyses the key trends impacting market abuse and trade surveillance strategies in North America. The ongoing regulatory focus on eComms surveillance, the surge in fines for failures of trade surveillance processes, and the increasing impact of AI from both a trading and compliance perspective are just some of the topics we explore.

Based on enforcement data gathered between 2019 to 2024, detailed analysis of regulatory policy, and the thoughts and opinions of more than 300 regulatory professionals worldwide, U.S. Trends in Market Abuse and Trade Surveillance 2025 is an essential resource for any compliance professional.

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What does the report cover?

To better understand this issue, eflow commissioned independent researchers that specialise in financial regulation to undertake analysis of U.S. enforcement action. Here are some of the key points covered by the research:
Quantitative analysis

Quantitative analysis

Analysis of market abuse enforcement by U.S. regulators from 2019-2024
Case studies

Case studies

Key enforcement case studies showing how U.S. regulators are responding to abusive trading
U.S. vs. the world

U.S. vs. the world

Analysis of how U.S. regulatory enforcement compares to other jurisdictions
Professional insights

Professional insights

Thoughts and opinions gathered from 300+ surveillance and compliance professionals in the U.S. and around the globe
Technological evolution

Technological evolution

An examination of how both regulators and regulated firms are utilizing and adapting to new technologies such as AI and digital assets
Predictions

Predictions

Our experts share their thoughts on how the regulatory landscape will evolve amidst political, economic and social turbulence

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Some key headlines

  • U.S. regulators led the way for enforcement action globally, fining firms in excess of $1.67bn across 119 fines
  • The SEC was the most active regulator, issuing 77 fines worth $871.5m
  • Enforcement action relating to eComms recordkeeping incurred financial penalties of $740.7m, making it the largest typology by fine value
  • 62% of US regulatory professionals called for greater transparency from regulators regarding the decision-making behind their enforcement action
  • Technology-driven risk was seen as the most significant market force likely to cause compliance issues for US firms