Trading Surveillance Continues to Evolve for Safe, Resilient and Transparent Capital Markets

Stephan Leithner commented on this as follows:

“Analyzing data in nanoseconds to ensure market integrity – this is the crucial role of our trading surveillance teams.

I met with our colleague Andreas Mitschke to discuss his insights from 25 years dedicated to this mission at Deutsche Börse Group.

As leading European provider of capital market infrastructure, our engineers of the capital market build the foundation for safe and efficient markets in Europe and globally. Ensuring market integrity and efficiency is essential to protect investors and enable investment in innovation and growth.

A key driver of market efficiency is technology: high-frequency trading based on algorithms now accounts for 75-90% of trades on our systems. AI helps us understand external information, such as social media posts.

Our surveillance experts systematically monitor trading data to identify and report potential manipulation or insider trading. This detective work combines advanced technology, including AI, with sharp human intellect. Andreas is convinced: the "human factor" remains decisive in assessing complex cases.

A big thank you to Andreas and all our trading surveillance colleagues for their vital work in uncovering financial crime over the past 25 years! Looking ahead, our trading surveillance continues to evolve. Reduced fragmentation in the context of the SIU, with centralized and deeper liquidity pools will enhance our data monitoring, while new assets like crypto and tokenized securities demand innovative approaches to ensure market integrity, also considering possible correlation effects.

Let’s continue this success story together – for safe, resilient and transparent capital markets, in Europe and the world!”