Eventus Systems announced that First New York, a multi-asset class investment firm, has deployed the Validus platform to meet its global trade surveillance needs. The firm has begun using the cloud-based version of the platform for futures and will soon leverage Validus to surveil all of its equities and equity options trading activity as well.
First New York is a multi-asset, multi-strategy firm with approximately 100 portfolio managers, and its structure “is extraordinarily complex, particularly as each manager trades accounts with a variety of counterparties across global markets”, said Shawn Fischman, general counsel and chief compliance officer at the firm, in a statement.
Fischman added that the compliance and technology teams ultimately considered several trade surveillance solutions and conducted multiple demos with each one before selecting Eventus. He said that First New York executes hundreds of thousands of transactions annually, and the way Validus can be trained through its machine learning capability really stood out among others, with the ability to identify certain patterns, simplify and manage the compliance staff’s day-to-day review process, and gain new efficiencies.
Eventus president Jeff Bell said in a statement: “This implementation involved some unique challenges due to First New York’s structure, the need for connectivity and access to the full range of trade lifecycle data from the many different execution platforms its portfolio managers use, and the complexity of its trading processes.”