How Does Cross-Market Surveillance Address Manipulation That Spans Multiple Exchanges or Assets?

Cross-market surveillance involves monitoring and analyzing trading data across different exchanges, asset classes, and sometimes even different jurisdictions. This is crucial because manipulative schemes, such as price manipulation or wash trading, often involve coordinating trades across multiple venues to obscure the activity or maximize impact.

By aggregating and correlating data, surveillance systems can detect patterns that would be invisible when looking at a single exchange.