Cross-market surveillance: multi-asset and multi-venue monitoring

Cross-market abuse is one of the fastest-growing risks in 2025. In this article, we examine why monitoring across multiple asset classes and venues has become essential, the challenges firms face, and how to implement effective surveillance across borders and products.

Why cross-market abuse is a top risk in 2025

Financial crime no longer stays neatly within a single market. 

A manipulative order in one venue can now trigger price shifts and profits in entirely different asset classes or geographies. 

Regulators are taking notice: Market Abuse Regulation (MAR) in the EU, Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in the US, and Australian Securities and Investments Commission (ASIC) and Monetary Authority of Singapore (MAS) in APAC are all sharpening their focus on cross-market behaviour.

Without the ability to monitor trading activity holistically across venues and products, firms risk missing abuse that slips between the cracks or being caught unprepared when regulators connect the dots first.

The challenge of multi-asset and multi-venue monitoring

Cross-market abuse can be difficult to detect because it often involves timing, relationships between products, and execution across jurisdictions. Traditional surveillance systems, often segmented by asset class or region, struggle to capture these connections. 

Other common obstacles include:

• Fragmented data feeds with different identifiers and formats
• Lack of integration between asset-class-specific surveillance tools
• Limited ability to monitor both traditional and digital asset markets together
• Time-zone and jurisdictional mismatches in data reporting

This complexity means even well-staffed teams can miss important linkages, especially when they span multiple regulators’ jurisdictions.

Common cross-market abuse scenarios

Cross-market manipulation takes many forms. Some of the most challenging to detect include:

• ETF–crypto price coupling – Using volatility in crypto to influence ETF NAVs or vice versa.
• Derivatives driving equities – Building a futures position, then moving the underlying equity price to profit on expiry.
• Dark pool to lit market signalling – Posting orders in dark pools to move sentiment or price in public markets.
• FX–commodities link trades – Exploiting currency swings to impact commodity derivative pricing.

Each of these scenarios requires both broad visibility and deep pattern recognition, the kind made possible by combining AI with experienced analysts.

Each firm’s surveillance setup is different. According to our experience, the most effective approaches share key foundations:

• Centralise data across venues: Consolidate equities, derivatives, FX, fixed income, and crypto data into one platform.
• Standardise and enrich: Align identifiers, timestamps, and asset classifications; enrich with client and account data for quicker link analysis.
• Use hybrid detection models: Combine regulatory rules with AI/ML to detect both known misconduct and emerging behaviours.
• Include communications surveillance: Connect suspicious trades with relevant voice, chat, or email records.
• Support cross-jurisdiction views: Build dashboards that offer visibility across regions and regulatory frameworks, from MAR to MiCA.

How Trapets helps you

Trapets’ Market and Trade Surveillance give you the tools to implement effective cross-market monitoring. It supports both real-time and T+1 surveillance across asset classes and venues, including equities, fixed income, crypto, and derivatives. All within a single, centralised system.

The solution is designed to align with global regulatory frameworks such as MAR, MiFID II, and MiCA. For firms that require additional capacity or expertise, Trapets offers managed surveillance services. Combine intelligent detection tools with support from experienced analysts, helping ensure timely action.

Looking ahead: preparing for what’s next

Cross-market monitoring will become even more important as asset classes merge, crypto products enter traditional markets, and regulators collaborate more closely. Firms that invest in this capability today will be better positioned for:

• Increased cross-border investigations.
• Broader surveillance expectations, including DeFi (decentralised finance) and tokenised assets.
• Greater use of AI explainability in enforcement actions.

Final word

Cross-market abuse often goes undetected when surveillance lacks full visibility across venues, asset classes, and jurisdictions. 

Closing those gaps requires both technology and deep expertise, along with an operational setup that supports timely insight. With Trapets, you can see the full picture, and respond before the regulators do.

Book a demo to discover how our cross-market surveillance can protect your firm and strengthen your compliance position.