Nasdaq is providing SMARTS Market Surveillance technology to monitor cryptocurrency market
NEW YORK and STOCKHOLM, Sweden, April 25, 2018 (GLOBE NEWSWIRE) — Gemini Trust Company, LLC (Gemini) and Nasdaq Inc. (Nasdaq:NDAQ) announced today that Gemini will be leveraging Nasdaq’s SMARTS Market Surveillance technology to monitor its marketplace. The technology, which is considered the most widely deployed surveillance system in the world, will enable Gemini to monitor across all of its trading pairs, including: BTC/USD, ETH/USD and BTC/ETH. Further, SMARTS will also surveil activity across the Gemini auction process that is used to determine the settlement price for the Bitcoin XBT futures contracts that trade on Cboe’s CFE Exchange.
“Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole,” said Tyler Winklevoss, CEO, Gemini. “Our deployment of Nasdaq’s SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants.”
“Gemini has been a leading voice in advocating for stronger transparency and thoughtful regulation of the cryptocurrency markets – views we deeply share and have put into practice as a market operator and technology partner,” said Valerie Bannert-Thurner, Senior Vice President and Head of Risk & Surveillance Solutions, Nasdaq. “Being regulated by the New York State Department of Financial Services (NYSDFS), Gemini is held to the utmost standards in terms of capital reserve requirements. This is a major milestone in the application of SMARTS– and an important indicator of our commitment to expand the use of our market technology into non-traditional marketplaces, as well as new frontiers beyond the capital markets.”
As the industry benchmark for real-time and T+1 cross-market surveillance platforms, Nasdaq’s SMARTS surveillance technology automates the detection, investigation and analysis of potentially abusive or disorderly trading, to help improve the overall efficiency of the surveillance organization and reduce cost, even as market complexity and new regulations increase. These solutions are used to power monitoring for more than 45 marketplaces, 17 regulators and 140+ market participants, including several buy-side institutions, across 65 countries.
Gemini Trust Company, LLC (Gemini) is a next generation digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. Gemini is a New York trust company that is held to the highest level of fiduciary obligations, capital reserve requirements, and banking compliance standards. Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money. Gemini, in partnership with Cboe Exchange, Inc., launched the first-ever bitcoin futures contract in December of 2017. For more information, visit Gemini.com.
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $12 trillion. To learn more, visit: http://business.nasdaq.
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