Red alert: how Nasdaq’s Smarts became surveillance blind spot - Risk.net

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On July 8, users of Nasdaq’s Smarts software received an email. It said – not in these words – that the software had not been doing its job.
That’s a problem, because Smarts has a big job. The software promises to help market participants spot suspicious trading behaviour – spoofing, frontrunning, insider trading and more – that could be illegal. Firms that do not properly monitor their trading may
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