The Intermarket Surveillance Group (ISG) is an international association of market regulators and exchanges that facilitates the sharing of information and coordinates surveillance efforts across different markets to detect and deter abusive trading practices. While traditionally focused on conventional finance, its principles extend to monitoring systemic risks in crypto.
Mechanism
The operational logic of ISG involves member organizations sharing trading data, investigative findings, and market intelligence to identify cross-market manipulation schemes, insider trading, or other illicit activities. In the context of crypto, this would involve collaborating on data from centralized crypto exchanges (CEXs) and potentially aggregated data from decentralized finance (DeFi) analytics to spot anomalous trading patterns that affect multiple venues.
Methodology
The strategic approach of the ISG aims to preserve market integrity, investor confidence, and fair competition by detecting and preventing market abuse that spans multiple trading platforms or asset classes. For RFQ crypto and institutional options trading, this methodology highlights the growing need for coordinated regulatory oversight and data sharing across both traditional and digital asset markets to address systemic risks and ensure robust market conduct.
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