eToro Deploys Automated Market Surveillance by NICE Actimize

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

eToro Deploys Automated Market Surveillance by NICE Actimize

July 8, 2020

eToro, the leading multi-asset investment platform has deployed NICE Actimize’s SURVEIL-X Markets Surveillance solution to augment its critical compliance infrastructure to guard against market manipulation and ensure compliance across its trading products, targeting support for equities, commodities, ETFs, CFDs and more.

eToro will also utilize NICE Actimize’s industry-leading case management capabilities providing robust evidence of a strong and repeatable compliance process. eToro currently has a collaborative community of more than 13 million registered users located in more than 100 countries.

NICE Actimize’s SURVEIL-X Markets Surveillance enables global regulatory compliance across products and markets with analytics capabilities offering fully automated surveillance and end-to-end workflow management, investigation, audit, and reporting/dashboard capabilities.

The market surveillance application enables securities trading firms like eToro to quickly and cost-effectively detect sophisticated forms of market manipulation including pump and dump, layering, and insider trading. Its configurable rules engines reduce false positives and costs by enabling firms to tailor alert thresholds to their customers’ trading activity.

Avi Sela, COO of eToro, said: “As a global, multi-asset investment platform, we are committed to providing a reliable, fully compliant brokerage experience, protecting customer assets while offering full transparency and meeting the needs of global regulators. To accomplish this, we chose financial markets compliance innovator NICE Actimize to provide solutions that address the rapidly changing landscape. We required a solution that would adapt to the broad range of emerging assets we offer, and NICE Actimize was the choice which had the adaptability to meet our current and future needs.”

Chris Wooten, EVP, NICE, commented: “As we serve the global investment community, we provide broad, consistent global coverage via standard models for equities, fixed income, foreign exchange, swaps, futures and options along with ease of deployment and seamless scalability. With more than 12 years’ experience implementing OTC instrument markets surveillance, our out-of-the-box detection scenarios provide superior analytics that have been successfully implemented by numerous top tier global clients. We recognize eToro’s commitment to the highest standards of customer safeguards and are excited to provide its global investment platform secure and cost-effective protection.”

In May, eToro announced it reached 13 million registered users and registered an increase of 427% (YoY) in new users making their first deposit on the platform in the first four months of the year. The trading platform has recently launched commission-free investing for stocks for users in the UK and Europe as stock trading on the platform tripled since the beginning of 2020. The commission-free offering will soon be extended to the Asia Pacific and the US.

eToro was founded in 2007 and grew steadily to become one of the world’s leading retail trading brokers, offering its services in more than 100 countries and employing over 850 professionals across 10 offices. Its website and customer service support are available in 21 and 8 languages respectively. In 2018, the company’s value was $800 million.

NICE Actimize has continued a steady pace of business growth despite the COVID-19 pandemic. Rakuten Securities has recently deployed NICE Actimize’s Autonomous Anti-Money Laundering portfolio, including the    CDD-X Customer Due Diligence platform and the Suspicious Activity  monitoring and Watch List Filtering solutions.

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