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Course Calendar Course CalendarMarket Abuse and Trade Surveillance
This course looks in detail at some recent surveillance case studies and investigates what happened, how it was detected and the consequences. These case studies provide the motivation to understand methods of surveillance and the relevant regulations.
The first day of the programme begins with a summary of different types of surveillance and outlines various forms of market manipulation. We then examine surveillance regulation with examples from recent years. Case studies look at examples of front-running and spoofing as well as attempted manipulation and an example that was ruled not to be market manipulation in court.
Day two examines methods of detecting all forms of market manipulation before a detailed discussion on benchmark manipulation. We finish with a look at more advanced forms of surveillance and conclude by describing several further examples of market abuse.
Recommend to a ColleagueThis course is also available in London Time Zone and New York Time Zone
This course is FTS-Eligible* and also eligible for 16 CPD hours. GARP & CFA Institute members are eligible for 16 CE/CPD credits. See details
- Compliance teams
- Internal audit
- Legal teams
- First line of defence
- Risk managers
- Traders and sales
- Technology and data scientists
- Gain familiarity with the various forms surveillance can take
- Distinguish between different methods of market manipulation and market abuse
- Learn how different regulators approach market manipulation and current regulatory requirements
- Analyse market manipulation and regulatory enforcement through the lens of many real-world examples
- Learn how different surveillance techniques are applied to structured and unstructured data
- Look into more advanced surveillance techniques and discuss the future of surveillance
A basic understanding of capital markets and securities trading.
*FTS Eligible
This programme is approved for listing on the Financial Training Scheme (FTS) Programme Directory and is
eligible for FTS claims subject to all eligibility criteria being met. Please note that in no way does
this represent an endorsement of the quality of the training provider and programme. Participants are
advised to assess the suitability of the programme and its relevance to participants' business activities
or job roles. The FTS is available to eligible entities, at a 50% funding level of programme fees subject
to all eligibility criteria being met. FTS claims may only be made for programmes listed on the FTS Programme
Directory with the specified validity period. Please refer to www.ibf.org.sg for more information.
Dr Jamie Walton has over 18 years of experience as a quant in financial markets. For the last 10 years, he was the head FX quant at Morgan Stanley, where he built the team of FX electronic trading quants.
In recent years, Dr Walton has presented at conferences and written articles on electronic trading, as well as providing independent consultancy in quantitative finance.
Dr Walton is also an Honorary Research Fellow at UCL, where he lectures in Financial Mathematics as part of the Masters programme in Financial Mathematics.
Request
a Brochure with full details for Market Abuse and Trade Surveillance
23-Nov-2016 - Ex-Morgan Stanley MD says that investment banks are now realising the power of quants - eFinancialCareers
02-Oct-2017 - The RegTech revolution - fstech.co.uk
Introduction
-
What is surveillance?
- Communications surveillance
- Trade surveillance
- Market surveillance
- Detection vs. prevention
- The 3 lines of defence
-
The regulatory environment
- Summary
- Conduct, culture and intent
- Regulatory fines
- 26 ways to manipulate the market
Case Study: Front-running in FX – The Mark Johnson case
The View from the Trading Floor
- The evolution of markets
- Market structure
- Electronic trading
Case Study: Spoofing, layering and the S&P flash crash
Surveillance Regulations
-
MAR II
- Trades vs. orders
- Attempted market manipulation
-
MiFID II
- Surveillance
- Algorithmic trading
- Record keeping
- Dodd-Frank
-
FCA/PRA
- PRA 5/18
- Benchmarks
- SMCR
- AFME
- FX Code of Conduct
Case Study: Attempted manipulation – ISDAfix
Case Study: What is not manipulation – Market inefficiencies
Data Science for Surveillance
- Structured data vs. unstructured data
- Trade data vs. market data
- Metadata
Methods of Detection
-
Communications
- Voice
- Chat
-
Trade
- Voice
- Electronic
- Trade and transaction reporting
-
Market
- Venues: RM, ECN, MTF, OTF
- Overall market: aggregated or market reference
- Benchmarks, data providers
- Linked markets: correlated or components (e.g. FX for equities)
- Holistic
Case Study: Benchmark manipulation – LIBOR
Case Study: FX WM FIX – Over-sharing of information
Advanced Surveillance Techniques
- Machine Learning in surveillance
- Behavioural analysis
- Surveilling the clients
- The future of surveillance
Rapid Case Studies
- Dark pools
- FX Last look
- Gilts manipulation
- Wash trades
- Cross-market spoofing
- Fines for Compliance failures
Course Details
This course is also available in London Time Zone and New York Time Zone

Call now for more information on this course or to book:
Asia Pacific +65 3159 3707
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London Financial Studies is registered with GARP as an Approved Provider of Continuing Professional Development (CPD) credits.