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Published: July 16, 2025
Simon Smyth
Principal Business Analyst
First Derivative
First Derivative LinkedIn profile
In today’s global capital markets, surveillance is no longer just a compliance requirement, it’s a business critical function. Financial institutions face a growing number of challenges related to data quality, real-time monitoring, and cross-asset abuse detection. Surveillance must evolve to address these pressures while enabling firms to trade safely and thrive securely.
Institutions across the capital markets industry are under pressure from a set of consistent and urgent challenges:
First Derivative addresses these challenges by combining data, analytics, and advisory services into a comprehensive surveillance offering:
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First Derivative supports clients in understanding Key Data Elements (KDEs), data lineage, and reconciliation across various different feeds. Surveillance gaps, especially in multi-jurisdictional environments, are resolved through the deployment of remediation and data control gates.
Using various vendor solutions First Derivative designs and calibrates alerting thresholds and behavioural models to detect outliers, order book imbalances, and unusual trading patterns. These scenarios are highly configurable to meet specific regulatory and internal requirements.
First Derivative works with clients to implement and optimise surveillance platforms, including vendor solutions. Advisory services include data mapping to RTS22/24 standards, scenario calibration, and ensuring platforms are configured to meet evolving regulatory demands.
First Derivative has delivered measurable outcomes across a range of global institutions:
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Addressed CAT reconciliation across 40 feeds covering FI, FX, IRD, MM & Credit. Result: Enhanced data lineage and return to risk appetite clarity.
Designed a real-time surveillance solution using KX, reducing false positives, detecting complex trade patterns, and enabling a proactive risk posture.
Implemented behavioural analytics and custom fixed income alerting. Result: Regulatory compliance, cross-product detection, and high configurability.
Migrated surveillance to GCP Big Query. Result: Real-time analytics, 90% cost reduction, high availability, and simplified change processes.
Built advanced anomaly detection and automated reporting for quote and order data. Result: Improved data quality and actionable insights for market oversight.
Delivered a scalable, real-time surveillance platform across 100+ data feeds. Result: 200% increase in efficiency and 3x faster analyst response.
First Derivative enables clients to modernise their surveillance infrastructure with:
Surveillance today must be real-time, cross-asset, and data-driven. With First Derivative’s deep capital markets expertise, best-in-class analytics, and proven advisory capabilities, institutions can confidently meet regulatory demands, manage risk proactively, and protect their market integrity.
Discover how First Derivative can enhance your Trade Surveillance Solutions and drive operational excellence.
