Eventus aims to redefine trade surveillance with client-driven solutions in 2024
NEW YORK, Jan. 23, 2024 /PRNewswire/ — Eventus, a leading provider of comprehensive, at-scale trade surveillance software, today announced robust global growth in 2023 and a strong outlook for 2024 as the firm aims to redefine trade surveillance with client-driven solutions and customizable technology.
CEO Travis Schwab reflected on the company’s strategic growth and client-focused initiatives in 2023, emphasizing the team’s dedication to enhancing client experiences through flexibility, automation, efficiency and expertise.
He said: “After year over year of triple-digit growth, we took a moment in 2023 to reflect on our expanding client base and challenge ourselves on how we can ensure we meet their future needs. Our focus was on refining our offerings and enhancing our capabilities. This proactive approach, coupled with our commitment to flexibility and efficiency, is why clients consistently choose Eventus over traditional providers.”
The firm signed three tier-1 global banks in 2023 that will be using its Validus trade surveillance platform for multiple asset classes and use cases. Eventus also built further on its dominant position in the futures markets.
The company experienced notable diversification in its global client base in 2023, with almost 50% of revenue originating from outside the U.S., indicating strong growth in the Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA) regions. The APAC growth was reflected in Eventus’ strategic expansion in Tokyo and major new clients in Japan and Australia. The firm’s Algo Monitoring application, tailored to meet the requirements of the Markets in Financial Instruments Directive (MiFID) II and its Regulatory Technical Standard (RTS) 6, has been an important growth driver in the EMEA region, Schwab said.
The firm covers all asset classes and financial market client types, including exchanges and trading venues. Despite industry challenges in the digital assets sector in early 2023, Eventus continued to see robust demand for Validus.
Schwab said: “Our digital asset clients are at the forefront of the industry, particularly with the launch of margined futures and spot bitcoin exchange-traded funds (ETFs) in 2024. Eventus is uniquely positioned to support our clients’ growth as they incorporate these offerings into their platforms and expand their businesses to multiple asset classes.”
Schwab said Eventus remains true to its founding principle that compliance software should be adaptable and user-centric. “In 2023, our Product team focused on equipping Validus with advanced tools to ensure it continues to provide the flexibility and scalability needed as our clients and their needs grow.”
Joe Schifano, Global Head of Regulatory Affairs, commented on the industry’s shift away from stagnant legacy systems. “Surveillance leaders are increasingly frustrated with the lack of innovation in their legacy systems. We anticipate a conservative yet significant revolution in surveillance techniques, moving away from the outdated ‘one-size-fits-all’ mantra. It’s not working.”
In the fall of 2023, Eventus released a new user interface, enhancing clients’ ability to gain faster surveillance insights and streamline their management processes. The engineering team is also developing a cutting-edge streaming platform to handle high-throughput data streams, facilitating real-time and batch processing scenarios, while offering high performant, reliable and fault-tolerant data ingestion and storage. The in-memory processing will allow clients to perform faster data analytics and computation, providing the ability to make data-driven decisions.
Martina Rejsjo, Director of Product Strategy, said: “Our latest architecture is designed for rapid evolution with new features like cross-product capability, dynamic parameterization and behavioral analysis, and it also enables our Services team to efficiently create tailored solutions by asset class and jurisdiction in line with our clients’ specific needs.”
Jeff Bell, President and COO, highlighted the unique value of Eventus’ Services team. “Our commitment to providing precisely the level of service each client requires sets us apart. In 2023, we added our Regulatory Solutions team, comprising in-house experts from top-tier banks and exchanges, to develop custom procedures and reports as well as build automations, ensuring our clients stay ahead of risks and seize new business opportunities.”
Looking forward, Eventus will continue leveraging development efforts and strategic partnerships. In addition to continued focus on its core trade surveillance and algo monitoring offerings, it plans to explore avenues of growth in areas such as transaction monitoring, additional fixed income coverage and expanded use of AI technologies.
“Validus will remain a product designed by practitioners and shaped by our clients, for the most effective and accurate risk mitigation,” Schwab said.
Other Eventus achievements in 2023 included earning a System and Organization Controls (SOC) 2® Type 2 certification demonstrating the suitability of the design and operating effectiveness of its controls. In addition, Eventus has now captured nearly 40 global and regional awards and honors since 2018, adding seven in 2023 alone.
Eventus provides state-of-the-art, at-scale trade surveillance software across all lines of defense. Its powerful, award-winning Validus platform is easy to deploy, customize and operate across equities, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume, and real time environments of Eventus’ rapidly growing client base, including tier-1 banks, broker-dealers, futures commission merchants (FCMs), proprietary trading groups, market centers, buy-side institutions, energy and commodity trading firms, and regulators. Clients rely on the platform, coupled with the firm’s responsive support and product development, to overcome its most pressing trade surveillance regulatory challenges. For more, visit www.eventus.com.
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