Trade surveillance helps financial firms identify suspected market abuse, investigate unusual activity and document how trading controls operate. As trading spans more venues, products and digital assets, isolated alerts are less useful than contextual analysis of orders, executions and participant behavior. Buyers increasingly need both surveillance platforms and the engineering capability to connect those platforms to reliable trading data, audit records and compliance workflows.
1. Itexus
Itexus develops financial software for trading, brokerage and investment businesses. Its trading-platform engineering services cover order and execution management, broker and exchange connectivity, real-time market data, risk dashboards and regulatory functions. The company explicitly includes trade surveillance systems, audit trails and activity logging among the components it builds for trading platforms.
For financial institutions updating an existing trading stack, Itexus connects surveillance-related workflows to a wider operating environment rather than treating compliance as an isolated screen. Its Python engineering practice also covers anomaly detection and market surveillance tools, making it relevant to custom monitoring, alerting and investigation projects.
Key Facts
- Best for: Custom trade surveillance functionality within trading and brokerage software
- Core services: Trade surveillance software development, audit logging, trading platform development
- Specialization: Order and execution workflows, market data, trading-system integrations
- Headquarters: Dover, DE, USA
- Founded: 2013
- Team size: 150+ engineers
Contact Information
- Website: itexus.com
- Email: moc.suxeti@ofni
- Address: 8, The Green, STE road, Dover, DE 19901, United States
- LinkedIn: www.linkedin.com/company/itexus
- Facebook: www.facebook.com/itexus
- Twitter: x.com/ItexusSoft
- Instagram: www.instagram.com/itexus.soft
2. Exactpro
Exactpro tests market surveillance systems connected to trading platforms, market data providers and other sources, covering functional and non-functional testing. It builds regression libraries, automates tests and injects data through trading interfaces such as a FIX gateway using its Sailfish tool, then checks surveillance gateway output against expected results.
Its published case study describes testing alert patterns including layering, spoofing, marking the close, wash trading and front running, consistency checks across gateways and the data warehouse with its Shsha tool, and production data replay to review alert volumes and false positives. It suits exchanges and trading venues that need independent assurance of a surveillance platform.
Key Facts
- Best for: Exchanges validating surveillance alert logic and data consistency
- Core services: Surveillance system testing, test automation, regression libraries, data replay
- Specialization: Quality assurance for market surveillance and trading systems
Contact Information
- Website: exactpro.com
- Phone: +44 (0) 20 3319 1644
- Address: Suite 1.10, 6-9 Snow Hill, London, EC1A 2AY, UK
- LinkedIn: www.linkedin.com/company/exactpro-systems-llc
3. Teamvoy
Teamvoy is a software development company that has worked since late 2019 as a technical partner on a trade surveillance platform for a stock exchange and financial services provider. Its team replaced a roughly 20-year-old desktop application with a browser-based platform built as 8 to 10 microservices on Java 21, Spring Boot 3, PostgreSQL, Docker, Kubernetes and AWS.
The work includes alert management with statuses, comments and grouping, analytics dashboards for investigations, an asynchronous export service for large CSV and XML datasets, and health monitoring tools. Legacy and new systems ran in parallel with zero downtime, and the platform serves about 30 institutions. It suits firms modernizing an existing surveillance product.
Key Facts
- Best for: Modernizing legacy trade surveillance applications
- Core services: Surveillance platform development, microservices, alert management, QA
- Specialization: Java and AWS engineering for market-abuse detection platforms
Contact Information
- Website: teamvoy.com
- Email: moc.yovmaet@tcatnoc
- Phone: +380504302091
- Address: 6 Akademika Bohomol'tsya, Lviv, 79005, Ukraine
4. HCLTech
HCLTech builds generative AI capabilities for trade surveillance through InsightGen, a solution on AWS that uses Amazon Bedrock, LangChain and LangGraph. It correlates alerts with structured order and trade data and with unstructured emails and chats, and generates explainable case dossiers for compliance analysts. It fits banks adding AI-assisted investigation to an existing surveillance stack.
Key Facts
- Best for: Banks adding AI-assisted investigation to surveillance platforms
- Core services: GenAI solution development, alert prioritization, compliance system integration
- Specialization: LLM-based trade and communications surveillance on AWS
- Headquarters: Noida, India
- Team size: 10,001+ employees
Contact Information
- Website: hcltech.com
5. A-listware
A-listware supplies software development teams and custom solutions for financial businesses. Its financial services practice includes banking systems, investment platforms, insurance applications and cryptocurrency products, supported by web, mobile and back-end development. This experience is relevant when a trade surveillance initiative needs engineering work around data pipelines, internal workflows or a firm's existing investment application.
The firm works across product discovery, implementation, testing and support. For buyers building a bespoke compliance environment, its value lies in extending financial software and integrating business-specific functionality, especially where surveillance data must connect with operational applications and user interfaces.
Key Facts
- Best for: Financial software customization and dedicated engineering capacity
- Core services: Financial application development, web and mobile engineering, testing and support
- Industries: Banking, investments, insurance, cryptocurrency
- Headquarters: London, UK
Contact Information
- Website: a-listware.com
- Phone: +1 (888) 337 93 73
- Email: moc.erawtsil-a@ofni
- Address: North Bergen, NJ 07047, USA
- LinkedIn: www.linkedin.com/company/a-listware
- Facebook: www.facebook.com/alistware
6. ScienceSoft
ScienceSoft provides custom financial software development, including trading and investment applications. Its trading software services encompass compliance-oriented functionality such as rule-based monitoring, market-abuse detection, and AI-assisted surveillance. This places its offering in the custom-build segment rather than solely the ready-made surveillance platform market.
A firm planning a bespoke trading environment can involve ScienceSoft in both the transaction-facing systems and the surrounding risk and compliance features. Trading dashboards, integrations, and monitoring logic can be tailored to the firm's operational model. Its broader financial software and data engineering capabilities are relevant when surveillance requires information consolidated from several internal systems.
Key Facts
- Best for: Custom trading and investment software with surveillance features
- Core services: Trading app development, AI and analytics, financial software integration
- Specialization: Market abuse monitoring, compliance controls, investment systems
- Headquarters: McKinney, TX, USA
- Founded: 1989
- Team size: 501–1,000 employees
Contact Information
- Website: www.scnsoft.com
- Email: moc.tfosncs@ue
- Phone: +371 66 011 905
- Address: Terbatas iela 14-3 Riga, LV-1011
- LinkedIn: www.linkedin.com/company/sciencesoft
- Facebook: www.facebook.com/sciencesoft.solutions
- Twitter: x.com/ScienceSoft
7. Itransition
Itransition engineers financial software and custom trading systems, including investment portfolio solutions and stock trading applications. Its published capabilities cover trading interfaces, analytics, risk management, and compliance-related features. The company also builds integrations and enterprise data platforms that support financial operations.
Itransition's value in a trade surveillance project lies in assembling tailored functionality around an organization's existing systems. That may include collecting execution and order data, building alert dashboards, linking case handling with internal tools, or modernizing an investment platform's reporting architecture. It is a relevant engineering partner for institutions that require surveillance as part of a wider software transformation.
Key Facts
- Best for: Custom monitoring workflows connected to trading software
- Core services: Financial software engineering, system integration, data analytics
- Specialization: Stock trading systems, risk controls, reporting applications
- Founded: 1998
- Team size: 1,001–5,000 employees
Contact Information
- Website: www.itransition.com
- Email: moc.noitisnarti@ofni
- Phone: +1 720 207 2820
- Address: 160 Clairemont Ave, Suite 200, Decatur, GA 30030
- LinkedIn: www.linkedin.com/company/itransition
- Facebook: www.facebook.com/Itransition
- Twitter: x.com/itransition
8. DataArt
DataArt works with capital markets organizations on software engineering, financial data analytics, and trading operations technology. Its financial services capabilities include front-to-back workflow transformation, data platforms, and pre-trade and post-trade compliance automation. This engineering background is pertinent to firms whose surveillance function depends on fragmented feeds and legacy infrastructure.
Trade surveillance programs need reliable order, execution, reference, and account data before detection models can be effective. DataArt's work in financial analytics and integration provides a foundation for consolidating these sources and creating connected compliance workflows. Its role is best viewed as a technology implementation and modernization partner, rather than a named single-product surveillance vendor.
Key Facts
- Best for: Capital markets data integration and compliance workflow modernization
- Core services: Capital markets engineering, analytics, application integration
- Specialization: Trading data platforms and pre-trade or post-trade compliance automation
- Headquarters: New York, NY, USA
- Founded: 1997
- Team size: 5,001–10,000 employees
Contact Information
- Website: www.dataart.com
- Email: moc.traatad@kroY-weN
- Phone: +1 (212) 378-4108
- Address: 475 Park Avenue South (between 31 & 32 streets) Floor 15, 10016
- LinkedIn: www.linkedin.com/company/dataart
- Facebook: www.facebook.com/DataArt.Dev
- Twitter: x.com/DataArt
9. Luxoft
Luxoft provides software engineering and technology consulting for financial services, with extensive work around capital markets and trading platforms. Its trading software development covers front-to-back systems, connectivity, regulatory requirements, and the technology needed to support high-volume transactions. These are important building blocks for surveillance deployments.
A surveillance program often fails to deliver useful alerts if its order feeds, trading systems, and investigative records cannot be reconciled. Luxoft's work in integration and financial technology makes it relevant to institutions modernizing these dependencies. The company is particularly suited to technical projects where trade surveillance sits alongside broader trading platform, operational monitoring, and compliance transformation.
Key Facts
- Best for: Financial institutions modernizing trading and compliance technology
- Core services: Trading software engineering, financial systems integration, consulting
- Specialization: Regulatory technology, trading workflows, data infrastructure
- Parent company: DXC Technology
- Headquarters: Zug, Switzerland
- Founded: 2000
- Team size: 10,001+ employees
Contact Information
- Website: www.luxoft.com
- LinkedIn: www.linkedin.com/company/luxoft
- Facebook: www.facebook.com/Luxoft
- Twitter: x.com/Luxoft
10. EPAM
EPAM combines financial services engineering with capital markets expertise that includes surveillance and regulatory compliance. Its work across trading systems, market data, risk, and analytics extends to detecting conduct and trading patterns that require specialist monitoring. Through financial technology capabilities associated with First Derivative and partnerships such as KX, it supports complex capital markets environments.
The company's engineering services are relevant where a surveillance initiative involves enterprise data architecture, model development, historical market data, or integration with existing trading platforms. EPAM can address the technical work surrounding detection and investigation while also supporting broader modernization of capital markets systems. Large financial institutions with heterogeneous infrastructure are a natural audience.
Key Facts
- Best for: Enterprise surveillance engineering and capital markets modernization
- Core services: Financial software engineering, analytics, regulatory technology
- Specialization: Capital markets data, compliance systems, high-volume processing
- Headquarters: Newtown, PA, USA
- Founded: 1993
- Team size: 10,001+ employees
Contact Information
- Website: www.epam.com
- Address: 9 Devonshire Square, EC2M 4YF, London, UK
- Phone: +44-203-514-0027
- LinkedIn: www.linkedin.com/company/epam-systems
- Instagram: www.instagram.com/epamsystems
- Facebook: www.facebook.com/EPAM.Global
11. Intellias
Intellias develops digital platforms for capital markets and other financial services businesses. Its capital markets offering includes trading technology, data engineering, analytics, risk systems, and regulatory compliance capabilities aligned with requirements such as MiFID II and EMIR. This provides a foundation for monitoring and documenting trading activity within a financial institution.
Institutions seeking to modernize their supervision workflows can draw on Intellias for architecture, data integration, and software engineering. The company can support the infrastructure that enables reporting, monitoring dashboards, and risk analytics to work together. Its experience with regulated financial software is relevant where surveillance functionality must be connected to order, execution, and reference data.
Key Facts
- Best for: Capital markets platform development and regulatory data modernization
- Core services: Financial product engineering, data platforms, software integration
- Specialization: Trading systems, risk analytics, regulatory compliance workflows
- Founded: 2002
- Team size: 1,001–5,000 employees
Contact Information
- Website: intellias.com
- Email: moc.sailletni@ofni
- Phone: +1 857 444 0442
- Address: 500 West Madison Street, Suite 1000, Chicago, IL 60661
- LinkedIn: www.linkedin.com/company/intellias
- Instagram: www.instagram.com/intellias_global
- Facebook: www.facebook.com/Intellias.GlobalPage
12. N-iX
N-iX provides software engineering and data services for financial institutions. Its financial services practice includes capital markets technology, analytics, cloud systems, and the development or modernization of compliance-related applications. These capabilities support the data collection, processing, and user-facing components that a surveillance function depends on.
For organizations implementing custom monitoring alongside existing investment infrastructure, N-iX offers engineering capacity across platform development and data integration. That work can include building consolidated trading datasets, operational dashboards, and supporting enterprise applications. The company is particularly relevant when surveillance is part of a larger financial systems modernization program.
Key Facts
- Best for: Custom financial data platforms and compliance-oriented engineering
- Core services: Financial software development, data analytics, cloud engineering
- Specialization: Capital markets applications and systems integration
- Headquarters: Valletta, Malta
- Founded: 2002
- Team size: 1,001–5,000 employees
Contact Information
- Website: www.n-ix.com
- Email: moc.xi-n@tcatnoc
- Phone: +442037407669
- Address: London EC3A 7BA, 6 Bevis Marks
- LinkedIn: www.linkedin.com/company/n-ix
- Facebook: www.facebook.com/N.iX.Company
- Twitter: x.com/N_iX_Global
13. Andersen
Andersen develops custom financial services software, including trading, investment management, and compliance technology. Its investment software offering covers trading systems and market data integration, while its compliance services address regulatory checks, monitoring, and reporting. The company also provides dedicated development teams and application modernization.
In trade surveillance projects, these capabilities are relevant to the supporting systems that make oversight practical: trusted transaction histories, compliance dashboards, case workflows, and interfaces between the trading stack and monitoring tools. Andersen suits firms that need custom software work around investment operations and regulatory requirements, particularly when surveillance features must fit a tailored business process.
Key Facts
- Best for: Trading software with customized compliance workflows
- Core services: Investment software development, compliance solutions, data integration
- Specialization: Regulatory reporting, risk monitoring, trading platform engineering
- Headquarters: Warsaw, Poland
- Founded: 2007
- Team size: 1,001–5,000 employees
Contact Information
- Website: andersenlab.com
- Email: moc.balnesredna@tcatnoc
- Phone: +48 22 390 64 08
- Address: 1 Rondo Daszyńskiego, 23rd floor, Warsaw, 00-843, Poland
- LinkedIn: www.linkedin.com/company/andersen-lab
- Instagram: www.instagram.com/andersen.global
- Facebook: www.facebook.com/AndersenSoftwareDev
- Twitter: x.com/AndersenLabs
14. Innowise
Innowise offers custom trading software development with capabilities directly relevant to trade surveillance and regulatory technology. Its financial software work includes tools for detecting suspicious orders or trades, applying rule-based and machine learning checks, and producing compliance reports. The company's trading focus also encompasses connected financial data and investment platforms.
A firm building tailored monitoring capabilities can involve Innowise in ingestion pipelines, alert dashboards, analytics, and integrations with trading infrastructure. Market abuse patterns such as spoofing or wash trading call for contextual information and clear investigative evidence. Innowise's custom-development model fits projects where those features must be adapted to a firm's specific asset classes and operating workflows.
Key Facts
- Best for: Custom market abuse monitoring within trading platforms
- Core services: Trading software engineering, RegTech, data analytics
- Specialization: Surveillance rules, suspicious activity detection, reporting workflows
- Headquarters: Warsaw, Poland
- Founded: 2007
- Team size: 1,001–5,000 employees
Contact Information
- Website: innowise.com
- Email: moc.esiwonni@tcatnoc
- Phone: +48 (787) 027 706
- Address: Rondo Daszyńskiego 2B, The Warsaw HUB B
- LinkedIn: www.linkedin.com/company/innowise-group
- Twitter: x.com/innowisegroup
15. OSKI Solutions
OSKI Solutions provides enterprise application development, system integration, cloud engineering and data analytics. Its technology coverage includes .NET, React, Angular, SQL Server, Azure and AWS, along with security and compliance-related software work. Published projects include enterprise operational tools, data pipelines and systems with substantial integration requirements.
Those capabilities support the software around trade surveillance operations, especially where an institution needs to bring monitoring outputs into internal workflows or connect disparate data sources. OSKI's experience in data integration, role-based access and enterprise modernization is relevant to building controlled, maintainable applications for operational and compliance users.
Key Facts
- Best for: Enterprise integrations and compliance-supporting application development
- Core services: Enterprise development, integration, cloud and data platforms
- Specialization: .NET software, data workflows and modernization
- Headquarters: Tallinn, Estonia
- Team size: 51–200 employees
Contact Information
- Website: oski.site
- Email: etis.ikso@tcatnoc
- LinkedIn: www.linkedin.com/company/oski-solutions
Comparison Table
| Company | Best for | Headquarters | Founded | Team size |
| Itexus | Custom trade surveillance functionality within trading and brokerage software | Dover, DE, USA | 2013 | 150+ engineers |
| Exactpro | Exchanges validating surveillance alert logic and data consistency | — | — | — |
| Teamvoy | Modernizing legacy trade surveillance applications | — | — | — |
| HCLTech | Banks adding AI-assisted investigation to surveillance platforms | Noida, India | — | 10,001+ employees |
| A-listware | Financial software customization and dedicated engineering capacity | London, UK | — | — |
| ScienceSoft | Custom trading and investment software with surveillance features | McKinney, TX, USA | 1989 | 501–1,000 employees |
| Itransition | Custom monitoring workflows connected to trading software | — | 1998 | 1,001–5,000 employees |
| DataArt | Capital markets data integration and compliance workflow modernization | New York, NY, USA | 1997 | 5,001–10,000 employees |
| Luxoft | Financial institutions modernizing trading and compliance technology | Zug, Switzerland | 2000 | 10,001+ employees |
| EPAM | Enterprise surveillance engineering and capital markets modernization | Newtown, PA, USA | 1993 | 10,001+ employees |
| Intellias | Capital markets platform development and regulatory data modernization | — | 2002 | 1,001–5,000 employees |
| N-iX | Custom financial data platforms and compliance-oriented engineering | Valletta, Malta | 2002 | 1,001–5,000 employees |
| Andersen | Trading software with customized compliance workflows | Warsaw, Poland | 2007 | 1,001–5,000 employees |
| Innowise | Custom market abuse monitoring within trading platforms | Warsaw, Poland | 2007 | 1,001–5,000 employees |
| OSKI Solutions | Enterprise integrations and compliance-supporting application development | Tallinn, Estonia | — | 51–200 employees |
How to Choose a Trade Surveillance Software Development Company
Trade surveillance software is only as good as the order and execution data it receives and the explanations it gives investigators. When you choose a development partner, judge how well they handle trading data, detection logic and audit records, since those decide whether alerts are useful and defensible.
Trading data engineering. Ask how they have ingested orders, quotes, executions and amendments from OMS, EMS, FIX logs and venue drop copies. Check how they normalize instruments and timestamps across venues and time zones, and handle late or corrected data. A partner that has only worked with end-of-day trade files will struggle with order-level scenarios such as spoofing.
Detection scenario design. Request examples of scenarios they have built for spoofing, layering, wash trades, marking the close or insider dealing, and how parameters were calibrated. Ask how they test scenarios against historical data and seeded cases. Good teams can explain the trade-off between coverage and alert volume for each scenario rather than shipping fixed thresholds.
Alert explainability. Investigators need to see why an alert fired. Ask for a demo of order book replay, timelines and the data points that triggered a scenario. If machine learning is used, ask how scores are explained and documented. Alerts that cannot be reconstructed months later are a problem in regulatory examinations.
Case management and audit trail. Check that the system records every action on an alert: who reviewed it, the evidence attached, comments, escalation and the closure reason. Ask how records are retained and made tamper-evident, and how they support exports for regulators. Integration with existing case management tools should be shown, not promised.
Cross-product and digital asset coverage. If you trade across asset classes or crypto venues, ask whether they have linked related instruments, such as derivatives and their underlyings, or on-chain and off-chain activity. Cross-market manipulation is hard to see in siloed systems. Ask how new products are added without rewriting the data model.
Integration with existing platforms. Many firms keep a vendor surveillance product and add custom data pipelines, scenarios or dashboards around it. Ask whether the partner has extended commercial platforms through their APIs, and how they handle upgrades. A team that insists on replacing everything may not be the cheapest or safest option.
Conclusion
Effective trade surveillance depends on data quality, sensible detection scenarios and the ability to reconstruct why an alert was generated. Cross-product trading and digital asset activity make this more demanding, while high alert volumes can weaken investigations if a system lacks good triage and case management. Organizations should assess asset-class coverage, data connectivity, configuration control, auditability and the practical effort of integrating a platform with existing trading infrastructure. The strongest surveillance programs also test their models and procedures as markets change, so oversight stays relevant rather than becoming a static compliance exercise.
Frequently Asked Questions
How much does custom trade surveillance software cost?
The cost depends mostly on data scope and scenario coverage. Adding data connectors and a few scenarios to an existing platform costs much less than building a full surveillance system with order book replay, case management and communications linkage. Main drivers are the number of venues and asset classes, data volumes, latency needs, required scenarios, and the testing and model validation effort.
How long does it take to build a trade surveillance system?
Extending an existing platform with new data feeds or scenarios can take weeks to a few months. A new surveillance system usually takes considerably longer, because data onboarding, scenario calibration and parallel running against current controls take time. Data quality problems discovered during ingestion are the most common cause of delays.
Should we buy a surveillance platform or build our own?
Buy when your asset classes and venues are well covered by an established product and you want proven scenarios quickly. Build or extend when you trade unusual products, need cross-venue or crypto coverage, want control over detection logic, or face high licence costs at your volumes. A hybrid, a commercial core with custom data pipelines and scenarios, is common.
Which regulations drive trade surveillance requirements?
In the EU and UK, the Market Abuse Regulation requires firms to detect and report suspicious orders and transactions, and MiFID II adds record-keeping duties. In the US, FINRA and SEC rules, including supervision obligations and the Market Access Rule, apply to broker-dealers. Crypto-asset service providers in the EU also face market abuse rules under MiCA.
Can machine learning replace rule-based surveillance scenarios?
Usually not on its own. Rules remain the clearest way to show regulators that specific abuse types are covered. Machine learning helps by scoring and prioritizing alerts, finding unusual behavior that rules miss, and reducing false positives. It needs documented training data, validation and explainable outputs, so most firms run it alongside rules rather than instead of them.