Caroline Pham Leads CFTC Modernization With Nasdaq Surveillance Deal

The Commodity Futures Trading Commission (CFTC) is upgrading its oversight of digital asset markets with the help of Nasdaq’s market surveillance technology. The collaboration is part of a broader push by Acting Chairman Caroline D. Pham to modernize the regulator’s systems and strengthen protections against fraud and manipulation.

Good to Know

• CFTC replaces its “90s-era” system with Nasdaq’s market surveillance platform.
• Nasdaq technology powers more than 50 exchanges and 20 regulators worldwide.
• Automated alerts and cross-market analytics will support fraud detection.

In a statement, Pham explained that the upgrade will give the CFTC the ability to monitor markets more effectively and respond faster to suspicious activity.

“As our markets continue to evolve and integrate new technology, it’s critical that the CFTC stays ahead of the curve. Nasdaq Market Surveillance will, for the first time, provide the CFTC with automated alerts and cross-market analytics that will benefit each of the CFTC’s operating divisions and better protect our markets from fraud, manipulation and abuse.”

The new system will replace the agency’s outdated legacy technology, bringing automation and advanced analytics into its daily operations. According to the CFTC, Nasdaq’s suite of tools will help staff identify unusual trading behaviors, analyze patterns across multiple asset classes, and respond more quickly to potential misconduct.

Why Nasdaq

Nasdaq’s surveillance platform is already widely adopted, with more than 50 global exchanges and 20 international regulators relying on it for fraud detection and market oversight. The system’s ability to track manipulation across different markets and generate automated alerts is central to its appeal.

Pham said the adoption is not just about digital assets—it’s about reshaping the CFTC into a regulator ready for today’s financial environment:

“It’s the latest example of our work in recent months to bring about the transformation and optimization necessary to make the CFTC a 21st-century regulator. The CFTC is a leader in derivatives regulation, and Nasdaq’s market surveillance platform will be a key component to our success.”