INTL FCStone has expanded its relationship with Eventus Systems by deploying the firm’s flagship Validus surveillance platform to its operations in Europe, Middle East and Africa (EMEA).
The securities and commodities broker first moved to deploy the surveillance technology platform last year to monitor its futures activity in the US via its futures merchant commission (FCM) subsidiary. INTL FCStone said the expanded relationship not only covers geography, but also multiple product types and asset classes, including equities and fixed income.
INTL FCStone’s latest implementation of the cloud-based Validus platform will be active on a T+1 basis in the coming weeks, following nine weeks of discussions, and it replaces the current outsourced system used by the broker’s team in London.
“Our colleagues in the US have been extremely pleased with the ability to customise alerts as well as the performance and flexibility of the Validus platform – not only as it relates to US trading venues but also in the European markets traded by US clients,” said Alexander Culley, chief compliance officer for EMEA and Asia at INTL FCStone.
“That was important for us, as the markets here that are a major portion of our business have their own unique character and culture… Eventus has worked closely with us to reduce our costs and offer us much more flexibility while ensuring a more robust capability on each of the many markets in which we operate.”
Eventus raised more than $10 million in a recent funding round earlier this year, which its chief executive, Travis Schwab, said would be used to target growth across Europe as the industry continues to address MiFID II requirements, and in Asia where the firm has tailored its platform to multiple regions.
“It’s particularly gratifying that INTL FCStone has chosen to expand significantly on our relationship after seeing the benefits of Validus first-hand over the course of the past year,” Schwab commented. “This is a proven platform within the organisation in reducing false positive alerts, enabling compliance staff to make better use of their time and achieving tangible cost efficiencies.”