Rothera, the US-based CFTC regulated event contract market, has gone live with the Validus platform from trade surveillance and financial risk specialist Eventus to monitor activity across its rapidly expanding markets.
The exchange chose Validus for its highly customisable features and interface, which it said deliver the scalability and accountability required to oversee both fully collateralised and margined products. Rothera is also drawing on Frank AI, an Eventus solution that allows the exchange to embed AI coding and algorithms directly into its surveillance operations.
Rothera holds recognition from the US Commodity Futures Trading Commission as both a Designated Contract Market and a Derivatives Clearing Organization. The company secured regulatory approval earlier in the year to bring its events contracts platform to market, debuting its first two products on 21 May. Trading has accelerated sharply since then, with volumes hitting 3.5 billion contracts by mid-July following the introduction of World Cup contracts.
Eventus provides comprehensive, at-scale trade surveillance and financial risk solutions, with capabilities spanning multi-asset class surveillance, market risk and algo monitoring.
Rothera chief compliance and regulatory officer Kevin Dan said: “A reliable market surveillance partner is foundational to Rothera’s ability to offer customers fair and orderly markets on an Exchange that adheres to CFTC Core Principles. Eventus is a leader in multi-asset class trade surveillance, market risk and algo monitoring solutions, which makes it well suited for this high-growth stage of the event contract marketplace.”
Rothera president Matt Trudeau said: “We needed a fully integrated system capable of ramping up to surveil trading for thousands of event contracts. The Eventus team was easy to work with, understood our requirements and were able to meet an extremely aggressive implementation timeline to support our launch.”
Eventus CEO Cameron Routh said: “We’re proud to have met Rothera’s expectations for fast time-to-market on implementation and demonstration of regulatory readiness. It’s truly gratifying when our clients have a deep appreciation for what we do, and we’ve found Rothera to be a tremendous partner and collaborator. We’re excited that the exchange is already seeing value from Frank AI and look forward to meeting the trade surveillance needs of the firm going forward as Rothera continues on its impressive growth trajectory.”
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