Trillium Adapts Surveyor to Spot HFT Gaming

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Michael Friedman

Trillium rolled out the original version of Surveyor last year as a post-trade means for compliance officers at trading firms to monitor traders’ activity for “layering”—when a trader floods one side of the order book with orders they have no intention of executing while also placing orders on the other side to execute against the artificially raised or depressed prices.

The firm is now building a version of Surveyor aimed at helping buy-side firms improve the designs of their smart order router

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