Bringing Greater Context to Surveillance Analysis
Two of Validus’ most powerful investigative tools—Market Visualizer and Order Book Replay (OBR)—have long helped analysts understand the broader context behind surveillance alerts. Both features are designed to move beyond isolated analytics by incorporating additional market data, allowing analysts to evaluate trading activity in relation to market behavior, peer activity, and an account’s own historical trading patterns.
We are excited to introduce significant enhancements to both capabilities.
Market Visualizer: A Deeper View of Market Impact
Market Visualizer is now being enhanced with market depth data, providing a richer and more comprehensive view of trading activity. In addition to seeing where the market was priced, analysts can now visualize traded volume from both the account and the broader market within the same graph.
This enhanced perspective makes it easier to assess an account’s influence on market activity and identify potential instances of market manipulation or market-moving trading behavior.
Order Book Replay: Enhanced Attribution and Queue Position Visibility
Order Book Replay is also receiving a major upgrade through the addition of attributable order data.
Previously, OBR enabled analysts to identify the price levels where an account placed orders. With the new enhancement, analysts can now also determine an order’s position within the queue, providing valuable insight into execution priority and trading intent.
The enhanced OBR supports two attribution modes:
- Full Attribution Mode – Available for exchanges where the complete order book can be attributed to trading accounts, allowing analysts to view precise queue positioning and order activity across the market.
- Internal Attribution Mode – Designed for firms that can attribute and timestamp their own accounts’ orders, enabling analysis of internal trading activity against the backdrop of broader market data.
Together, these enhancements provide analysts with greater transparency, deeper context, and stronger investigative capabilities when reviewing surveillance alerts.