Rothera, the US-based event contract exchange regulated by the CFTC, has gone live with the Validus platform from trade surveillance specialist Eventus to monitor activity across its rapidly expanding markets.
The deployment sees Rothera, which holds both Designated Contract Market (DCM) and Derivatives Clearing Organisation (DCO) status with the US Commodity Futures Trading Commission, hand mission-critical oversight of its trading activity to Eventus’ flagship surveillance technology.
The exchange won regulatory clearance earlier in the year and debuted its first two products on 21 May, with trading in its World Cup contracts helping push cumulative volume to 3.5 billion contracts by the middle of July.
According to the exchange, Validus was chosen for its highly customisable functionality and interface, which give it the scale and accountability required to oversee both fully collateralised and margined products. Rothera is also adopting Frank AI, an Eventus solution that allows the exchange to embed AI coding and algorithms directly into its surveillance operations.
Eventus provides comprehensive, at-scale trade surveillance and financial risk solutions, 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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