LSEG Launches Cross-Venue Trade Surveillance Platform for MiFID and FX

The London Stock Exchange Group (LSEG) has introduced a new Trade Surveillance platform designed to enhance market abuse detection for financial institutions. The new offering combines clients' proprietary trade data with public market data, reference data, and news to generate cross-venue alerts, aiming to reduce false positives and address the complexities of fragmented liquidity.

The initial rollout focuses on two key areas: MiFID-reportable instruments and FX trading. The "Trade Surveillance for MiFID" solution utilizes LSEG’s consolidated European orderbook, which aggregates data from over 40 UK and EU trading venues. This allows firms to align their internal monitoring with the datasets relied upon by UK and EU regulators. LSEG noted that for clients already using its Regulatory Reporting Solutions, the product operates on a plug-and-play basis, eliminating the need for additional technical integration.

The platform's FX component targets spot FX activity, serving participants on LSEG’s FX Dealing, Advanced Dealing, and Matching platforms, as well as third-party venues connected via the group's Trade Notification network.

The launch comes as regulators increasingly scrutinize monitoring standards. LSEG states that the new platform is intended to replace "rigid legacy tools" with a solution capable of handling complex cross-market strategies and evolving trading behaviors.