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Nasdaq Fraud Scanning Technology Is Not for All Exchanges

Redwan Eid | Jan. 31, 2019
Nasdaq Fraud Scanning Technology Is Not for All Exchanges

January 31, 2019 | AtoZ Markets - Nasdaq’s head of exchange and regulator surveillance team, Tony Sio, has said during a briefing with members of media today, that exchanges which want to use the Nasdaq’s proprietary surveillance technology need to meet requirements beyond the financial ones.

The technology mentioned depends on a team of about 20 people who contribute in an elaborate due-diligence process, for guaranteeing that any exchange that wishes to use Nasdaq’s technology in scanning for fraudulent transaction patters meets both the technical and moral requirements.

Exchanges which wish to use the technology should pass Nasdaq's test

Those exchanges that will pass, will be granted access to the software Nasdaq developed, which it uses itself in pursuit of keeping its clients’ transaction away from fraud and manipulation as much as it can.

The meeting unveiled that seven cryptocurrency exchanges have passed Nasdaq’s muster, and that Gemini and SBI Virtual Currency have been publicized.

The new check, as per Sio, comes due to the fact Nasdaq started to deal with new names and companies in the industry, which don’t have track records capable enough of telling whether the company needs to be under surveillance or not.

“Historically, we don’t do such a large vetting process for our clients because they are much more well-known, But as we started working with less well-known names, startups, then we realized we needed to do this check process.” said Sio.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.