Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, and Rothera, the U.S.-based CFTC regulated event contract market, today announced that Rothera has deployed and implemented Eventus' Validus platform for trade surveillance of its fast-growing markets.
Rothera is recognized by the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). Earlier this year, the firm obtained regulatory approval to launch its events contracts platform, introducing its first two products on May 21. Since introducing contracts on the World Cup, volume reached 3.5 billion traded contracts as of mid-July.
Rothera Chief Compliance and Regulatory Officer Kevin Dan said: "A reliable market surveillance partner is foundational to Rothera's ability to offer customers fair and orderly markets on an Exchange that adheres to CFTC Core Principles. Eventus is a leader in multi-asset class trade surveillance, market risk and algo monitoring solutions, which makes it well suited for this high-growth stage of the event contract marketplace."
Rothera selected Validus because its highly customizable features and interface provide the scalability and accountability needed to manage both fully collateralized and margined products, Dan said. Eventus' Frank AI solution represents a powerful new tool for Rothera to integrate AI coding and algorithms into surveillance.
Rothera President Matt Trudeau said: "We needed a fully integrated system capable of ramping up to surveil trading for thousands of event contracts. The Eventus team was easy to work with, understood our requirements and were able to meet an extremely aggressive implementation timeline to support our launch."
Eventus CEO Cameron Routh said: "We're proud to have met Rothera's expectations for fast time-to-market on implementation and demonstration of regulatory readiness. It's truly gratifying when our clients have a deep appreciation for what we do, and we've found Rothera to be a tremendous partner and collaborator. We're excited that the exchange is already seeing value from Frank AI and look forward to meeting the trade surveillance needs of the firm going forward as Rothera continues on its impressive growth trajectory."
