LSEG Launches Trade Surveillance Tools Covering MiFID and FX Markets

London Stock Exchange Group (LSEG) has announced the launch of a new Trade Surveillance service aimed at helping financial institutions detect potential market abuse and financial crime more efficiently.

The service is now available with two initial solutions, covering MiFID-regulated instruments and foreign exchange markets. LSEG said the tools are designed to respond to increasingly complex trading behaviors and regulatory expectations, which have made traditional surveillance systems costly and less effective.

According to LSEG, Trade Surveillance is built on proprietary technology and extensive datasets that process billions of trade and order messages daily across its venues. The system combines clients' private trade data with public market information, reference data, and news to generate cross-venue alerts intended to reduce false positives and identify unusual trading behavior.

The MiFID-focused solution supports multiple asset classes and markets, using the same datasets relied upon by UK and EU regulators for market abuse detection. It enables cross-venue and cross-product alerts through a consolidated European order book that incorporates data from more than 40 UK and EU trading venues and approved publication arrangements. Clients using LSEG's Regulatory Reporting Solutions ARM can access the service without additional technical integration.

The FX version of Trade Surveillance is aimed at spot FX participants trading on LSEG FX Dealing, Advanced Dealing, Matching platforms, and third-party venues connected through LSEG's Trade Notification network. Delivered via a secure web-based interface, the solution allows users to view their private trades alongside the public Spot Matching order book, with no system integration required.

Liam Smith, Chief Operating Officer of LSE plc and Digital & Securities Markets at LSEG, said the new service is intended to help firms strengthen compliance frameworks, reduce operational risk, and gain more actionable insight into trading behavior.

Bruce Kellaway, CEO of Regulatory Reporting Solutions at LSEG, said alignment with UK and EU regulatory methodologies makes the MiFID solution a practical and cost-effective option for firms seeking to demonstrate compliance with market abuse rules.

Bart Joris, Head of FX Sell-Side Trading at LSEG, added that in a fragmented FX market, contextual data is essential for managing regulatory risk. He said the FX surveillance tool brings together activity across LSEG and third-party venues to support more informed analysis and decision-making.