Gemini Exchange partners with Nasdaq for their Tech on Market Surveillance

Gemini Exchange, founded by the Winklevoss twins announced that it has partnered with Nasdaq to use their surveillance technology called SMARTS Market Surveillance which will be used to monitor and mitigate market manipulation.

This technology will enable Gemini Exchange to increase oversight on all of its trading pairs including BTC/USD, and ETH/USD and BTC/ETH. Furthur this technology will be used to surveil their newly launched Gemini Block Trading as well as Gemini Auctions (which are used to determine the settlement price for the Bitcoin (USD) Futures Contracts that trade on CBOE’s CFE Exchange).

SMARTS is said to “automate the detection, investigation, and analysis of potentially abusive or disorderly trading,”

Tyler Winklevoss CEO of Gemini said:

“Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole, Our deployment of Nasdaq’s SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants.”

Valerie Bannert-Thurner, Senior VP, and Head of Risk & Surveillance Solutions Nasdaq said:

“Gemini has been a leading voice in advocating for stronger transparency and thoughtful regulation of the cryptocurrency markets – views we deeply share and have put into practice as a market operator and technology partner,”

“Being regulated by the New York State Department of Financial Services (NYSDFS), Gemini is held to the utmost standards in terms of capital reserve requirements. This is a major milestone in the application of SMARTS– and an important indicator of our commitment to expand the use of our market technology into non-traditional marketplaces, as well as new frontiers beyond the capital markets.”

Recently New York attorney general Eric Schneiderman sent an inquiry for transparency to 13 exchanges out of which Gemini was one.

Nasdaq CEO Adena Friedman told in an interview that “Nasdaq would consider becoming a crypto exchange over time”

Nasdaq Tweeted:

"Gemini has been a leading voice in advocating for stronger transparency and thoughtful regulation of the cryptocurrency markets – views we deeply share and have put into practice as a market operator and technology partner,” https://t.co/JdSSLNm54I

— Nasdaq (@Nasdaq) April 25, 2018

Image Source: Flickr

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