Eventus, a provider of trade surveillance and financial risk technology, has signed a deal with Novig, a sports prediction market operator in America, under which Novig will run the Eventus Validus platform as the trade surveillance backbone for its exchange.
The deployment follows Novig’s recent designation by the U.S. Commodity Futures Trading Commission as a Designated Contract Market, a status that will allow it to operate as a federally regulated prediction market and roll out nationwide under one regulatory framework this summer.
Novig co-founder and chief technology officer Kelechi Ukah said, “We approach trade surveillance as core infrastructure, not a compliance afterthought. If participants don’t trust the market, liquidity disappears so our trade surveillance program is foundational to our mission. Eventus has been a strong partner in shaping a robust and credible surveillance program for Novig that will accommodate us as we grow. Eventus strikes the best balance between institutional-grade credibility and flexibility to meet Novig’s unique needs.”
Ukah noted that prediction markets carry distinct characteristics compared with conventional asset classes, citing discrete outcomes, varying liquidity patterns and different vulnerabilities to manipulation as factors that shaped Novig’s search for a surveillance partner. Novig co-founder and chief technology officer Kelechi Ukah said, “We wanted a system that could adapt to those distinctions, not one implicitly optimized for equities or futures, while providing regulatory alignment, with strong mapping to CFTC expectations and a clear path as we scale into more formal regimes. Eventus has been helpful in translating regulatory expectations into concrete surveillance scenarios, providing us with a reference point for what good surveillance looks like, and ensuring coverage is comprehensive, rather than ad hoc.”
Several elements of the Validus platform stood out to Novig as it made its selection. These include the capacity to calibrate surveillance scenarios, covering behaviours such as spoofing, layering and wash trading, to match Novig’s specific market mechanics, alongside cross-account and cross-market analysis built to flag coordinated or indirect manipulation.
The platform’s scalability is designed to absorb rising event volumes as Novig’s business expands, while its case management tools are intended to let the firm manage investigations without building that infrastructure independently. Additional draws included combined real-time and post-trade monitoring with proactive detection and clear forensic record-keeping, an integration model built to map Novig’s internal data, such as orders, fills and markets, with minimal added complexity, and long-term capacity for growth in both transaction throughput and regulatory scope.
Eventus CEO Cameron Routh said, “As a modern, API-first exchange, integration quality and flexibility were priorities for Novig, and we’re gratified that the versatility of our platform and our team’s deep domain expertise and experience with regulated venues were important factors in our selection. We love when our clients recognize that trade surveillance plays a critical role in their long-term success and the trust they build with market participants. That’s why we’re laser-focused on providing powerful tools that can contribute to a healthy marketplace.”
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