Trade reconstruction

Trade reconstruction rebuilds the complete state of a market and a trader's activity at a given instant, from order messages, communications and system logs. It is the core investigative technique in modern manipulation cases.

compliance and practice · updated 2026-09-08

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…
• Surveillance — Surveillance, in a market context, is the automated monitoring of order and trade data for patterns that suggest abuse. Exchanges,…

Terms that refer here

Expert testimony · Subpoena

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