Real-Time Alerts

EP3 market surveillance tools provide exchange operators with the following real-time alerts.

Insider Trading

Insider trading activity may be detected when large price moves result in outsized profits or prevention of a loss.

Front Running

EP3 market surveillance tools alert the exchange operator to non-customer orders or trades which occur prior to the placement of a large customer order.

Unusual Order Size

Exchange operators receive an alert when an order is placed that significantly exceeds the typical order size for the account, is a large percentage of the available capital in the account, or violates the exchanges position limits for the instrument.

Unusual Order Frequency

Exchange operators are alerted when the frequency of order submissions or order updates exceed what is typical for the account within a given timeframe.

Wash Trades

EP3 alerts exchange operators to trades that are made in the same account between two accounts that have the same beneficial owner.

Administrator Actions

EP3’s market surveillance tools alert exchange operators when an administrator changes certain account information, including updating position, fiat balance, capital requirements, and changes in securities pledged as collateral.

End-of-Day Alerts

EP3 provides the following alerts at the end of a trading session to aid in market surveillance.

Manipulative Trading

EP3 market surveillance tools examine each day’s trading to identify any unusual increase in traded volume or price volatility and to further identify any responsible account or accounts.

Cross Trading

EP3 produces a daily alert to identify any pair of accounts repeatably executing trades.


The order placement and trading activity of all accounts are examined daily for any indication of spoofing activity.

Missing Beneficial Ownership Data

EP3 generates an alert at the open of the next trading day, identifying any account involved in a trade that is missing beneficial ownership data.

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