Platform / Risk and surveillance

Every position fully collateralised, so no credit exposure between traders.

No margin, no leverage, no mutualised default fund. A trader can lose their stake and nothing else, which removes the failure mode that makes derivatives venues hard to run and hard to licence.

Pre-trade checks, in order

Before the book sees the order
{{ c.n }}
{{ c.t }}
{{ c.d }}
{{ c.owner }}

A rejected order returns a reason code your support team can read. Rejections are logged and reportable by trader, market and reason.

The console

The alert queue a reviewer works from.

Each alert carries the order sequence that produced it, so review starts from the events, not a score.

Surveillance · Alert triage Sandbox · simulated data
Alerts today
23
Open
7
Median review
22 min
Auto-closed benign
61%
TimeAlertRulePatternMarketAccountSeverityState
14:02:41SURV-88231SPOOF-3Cancel-rate spike on one side of the bookPRES-DEM-28TRD-40977HighOpen
14:02:41.113 NEW yes 65¢ × 5,000 · .174 CANCEL · .201 NEW yes 66¢ × 8,000 · .240 CANCEL · fill ratio 0.02 over 40 s → alert · Open sequence replay
13:47:03SURV-88226SELF-1Self-match attempt, blocked at gatewayBTC-150K-28TRD-38112MediumClosed
13:12:58SURV-88219CONC-2Concentration at 82% of position limitUS-RECESSION-28TRD-40213MediumReviewing
11:58:19SURV-88204VEL-1Order velocity, 40 msgs per secondEPL-ARS-CHAMPTRD-41003LowClosed
Every alert carries its order sequence · dispositions export in a regulator-ready format · reviewer actions are themselves logged

Simulated data. Layout and fields as shipped.

Surveillance

Six patterns alerted on, with the evidence attached.

Every alert carries the order sequence that produced it, so a reviewer sees the actual events rather than a score. Alerts and their dispositions export in a format a regulator will accept.

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Jurisdiction control

You switch categories off per market. Not us.

The back office carries a category matrix by jurisdiction. Your compliance officer sets it, changes take effect on the next order, and every change is logged with the user who made it.

We build the switches. We never advise on which position to take. That is your counsel’s call, against the rules in force.

Category matrix, example configuration

Operator set
Market
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Illustrative only, and not a view on what is permitted anywhere. Your configuration is whatever your counsel instructs.

Identity and protection

KYC, age gating and player protection, wired to your providers.

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{{ i.t }}

{{ i.d }}

We integrate with your existing KYC and AML providers rather than replacing them. Where you have none, we list the ones we have integrated before.
Platform / Risk and surveillance

Every position fully collateralised, so no credit exposure between traders.

No margin, no leverage, no mutualised default fund. A trader can lose their stake and nothing else, which removes the failure mode that makes derivatives venues hard to run and hard to licence.

Pre-trade checks, in order

Before the book sees the order
01
Identity and age
KYC status and age threshold for the jurisdiction on the account
Your KYC
02
Jurisdiction and category
Is this category enabled for this trader’s market
Your matrix
03
Collateral
Full collateral available for the worst-case outcome of the order
Engine
04
Position limit
Per-market and per-trader caps you configure
Your limits
05
Concentration
Share of open interest a single account may hold in one market
Your limits
06
Self-match
Order would trade against the same account or group
Engine

A rejected order returns a reason code your support team can read. Rejections are logged and reportable by trader, market and reason.

The console

The alert queue a reviewer works from.

Each alert carries the order sequence that produced it, so review starts from the events, not a score.

Surveillance · Alert triage Sandbox · simulated data
Alerts today
23
Open
7
Median review
22 min
Auto-closed benign
61%
TimeAlertRulePatternMarketAccountSeverityState
14:02:41SURV-88231SPOOF-3Cancel-rate spike on one side of the bookPRES-DEM-28TRD-40977HighOpen
14:02:41.113 NEW yes 65¢ × 5,000 · .174 CANCEL · .201 NEW yes 66¢ × 8,000 · .240 CANCEL · fill ratio 0.02 over 40 s → alert · Open sequence replay
13:47:03SURV-88226SELF-1Self-match attempt, blocked at gatewayBTC-150K-28TRD-38112MediumClosed
13:12:58SURV-88219CONC-2Concentration at 82% of position limitUS-RECESSION-28TRD-40213MediumReviewing
11:58:19SURV-88204VEL-1Order velocity, 40 msgs per secondEPL-ARS-CHAMPTRD-41003LowClosed
Every alert carries its order sequence · dispositions export in a regulator-ready format · reviewer actions are themselves logged

Simulated data. Layout and fields as shipped.

Surveillance

Six patterns alerted on, with the evidence attached.

Every alert carries the order sequence that produced it, so a reviewer sees the actual events rather than a score. Alerts and their dispositions export in a format a regulator will accept.

Wash trading

Pat 01

Matched buying and selling between related accounts to manufacture volume or chase an incentive.

Spoofing

Pat 02

Large resting orders placed and pulled to move the displayed price without intent to trade.

Marking the close

Pat 03

Concentrated activity into the settlement window to influence the price a market resolves against.

Insider timing

Pat 04

Position taken immediately before a settlement source publishes, flagged for review against the source timestamp.

Account layering

Pat 05

A single beneficial owner operating through multiple accounts to defeat position limits.

Cross-venue divergence

Pat 06

Sustained price divergence against a reference venue, which usually means a stale feed or a manipulation attempt.

Jurisdiction control

You switch categories off per market. Not us.

The back office carries a category matrix by jurisdiction. Your compliance officer sets it, changes take effect on the next order, and every change is logged with the user who made it.

We build the switches. We never advise on which position to take. That is your counsel’s call, against the rules in force.

Category matrix, example configuration

Operator set
Market
Politics
Sports
Macro
Crypto
Market A
ON
ON
ON
ON
Market B
OFF
OFF
ON
ON
Market C
ON
OFF
ON
Review
Market D
OFF
OFF
OFF
OFF

Illustrative only, and not a view on what is permitted anywhere. Your configuration is whatever your counsel instructs.

Identity and protection

KYC, age gating and player protection, wired to your providers.

Identity

KYC hooks

Your provider stays the system of record. We consume its status and block on anything short of verified.

Age

Age gating

Threshold set per jurisdiction, checked pre-trade rather than at signup only.

Protection

Trader limits

Deposit, loss and time limits, plus self-exclusion, exposed to your support tooling.

Audit

Exportable trail

Every check, rejection and configuration change logged with actor and timestamp.

We integrate with your existing KYC and AML providers rather than replacing them. Where you have none, we list the ones we have integrated before.

Sandbox credentials are available before contract.

Book the walkthrough and a solutions engineer takes your integration lead through the engine, the resolution policy and the commitment terms. One business day to reply.