Trade surveillance software provider Eventus saw “robust” global growth in 2023, signing up three tier-1 global banks to its Validus trade surveillance platform.
The company experienced notable diversification in its global client base in 2023, with almost 50% of revenue originating from outside the US, indicating strong growth in the Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA) regions.
The APAC growth was reflected in Eventus’ strategic expansion in Tokyo and major new clients in Japan and Australia. The firm’s Algo Monitoring application, tailored to meet the requirements of the Markets in Financial Instruments Directive (MiFID) II and its Regulatory Technical Standard (RTS) 6, has been an important growth driver in the EMEA region.
In the autumn of 2023, Eventus released a new user interface, enhancing clients’ ability to gain faster surveillance insights and streamline their management processes. The engineering team is also developing a streaming platform to handle high-throughput data streams, facilitating real-time and batch processing scenarios, while offering high performant, reliable and fault-tolerant data ingestion and storage. The in-memory processing will allow clients to perform faster data analytics and computation, providing the ability to make data-driven decisions.
The firm covers all asset classes and financial market client types, including exchanges and trading venues. Despite industry challenges in the digital assets sector in early 2023, Eventus continued to see demand for Validus.
Eventus CEO Travis Schwab said: “After year over year of triple-digit growth, we took a moment in 2023 to reflect on our expanding client base and challenge ourselves on how we can ensure we meet their future needs. Our focus was on refining our offerings and enhancing our capabilities. This proactive approach, coupled with our commitment to flexibility and efficiency, is why clients consistently choose Eventus over traditional providers.”
Schwab added: “Our digital asset clients are at the forefront of the industry, particularly with the launch of margined futures and spot bitcoin exchange-traded funds (ETFs) in 2024. Eventus is uniquely positioned to support our clients’ growth as they incorporate these offerings into their platforms and expand their businesses to multiple asset classes.”
Joe Schifano, global head of regulatory affairs, commented on the industry’s shift away from stagnant legacy systems. “Surveillance leaders are increasingly frustrated with the lack of innovation in their legacy systems. We anticipate a conservative yet significant revolution in surveillance techniques, moving away from the outdated ‘one-size-fits-all’ mantra. It’s not working.”
© Markets Media Europe 2023
