Novig strengthens prediction market exchange with Eventus surveillance solution

The leading sports prediction market in America, Novig, bolstered its exchange with the delivery of a trade surveillance solution from Eventus, the innovative provider of comprehensive, at-scale trade surveillance and financial risk solutions.

Novig gains access to Eventus Validus

Under the terms of the new collaboration, Novig will tap into a range of benefits from the Eventus Validus platform, which is designed to address challenges and monitor trading markets.

Notably, Novig will be able to fine tune surveillance scenarios as spoofing, layering and wash trading to its specific market mechanics.

At the same time, the solution from Eventus offers cross-account/cross-market analysis that helps flag coordinated or indirect market manipulation.

Importantly, as Novig continues to grow, the Eventus Validus platform can scale up, ensuring coverage and handling increasing event volume.

Novig will benefit from real-time and post-trade coverage along with proactive detection and what is described as "clean forensic auditability," as explained in a press release.

Eventus’ platform is also straightforward and offers an easy way for Novig to map its internal objects like orders and markets.

The partnership with Eventus comes on the heels of Novig’s designation from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM).

Following this milestone designation, the company will soon operate as a federally regulated prediction market and grow its offering across the United States following a single regulatory framework.

Trade surveillance is important for Novig

Cameron Routh, Eventus’ CEO, spoke with excitement about the new alliance with Novig.

"As a modern, API-first exchange, integration quality and flexibility were priorities for Novig, and we're gratified that the versatility of our platform and our team's deep domain expertise and experience with regulated venues were important factors in our selection," he explained.

Routh added that Eventus is delighted to see its partners recognizing the importance of trade surveillance on the path to long-term growth.

"That's why we're laser-focused on providing powerful tools that can contribute to a healthy marketplace," he further explained.

Kelechi Ukah, Novig’s co-founder and Chief Technology Officer, was similarly excited.

"We approach trade surveillance as core infrastructure, not a compliance afterthought. If participants don't trust the market, liquidity disappears so our trade surveillance program is foundational to our mission," the executive said.

"Eventus has been a strong partner in shaping a robust and credible surveillance program for Novig that will accommodate us as we grow. Eventus strikes the best balance between institutional-grade credibility and flexibility to meet Novig's unique needs," Ukah outlined in conclusion.

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