Surveillance

Surveillance, in a market context, is the automated monitoring of order and trade data for patterns that suggest abuse. Exchanges, self-regulatory organisations and regulators each run their own, and most enforcement actions begin with an exchange alert.

market microstructure · updated 2026-11-06

See also

• Order audit trail — An order audit trail is the complete, timestamped, attributed record of every order message sent to a venue. It is the evidentiary…
• Cross-market surveillance — Cross-market surveillance joins data from several venues or several instruments to detect schemes that are invisible in any one of…

Terms that refer here

Alert · Base rate · Compliance · Cross-market surveillance · Order audit trail · Order lifetime · Order-to-trade ratio · Self-regulatory organisation

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