TT Score

Cluster List View

Cluster List View

The Cluster List view shows individual clusters created from the selected dates. Each row of this sortable list is highlighted with a color to indicate the severity of that cluster's risk score.

Cluster List display

The Cluster List display is organized into the following sections:

  1. Cluster List: Displays the Cluster List view of the selected dates' data as well as filtering and navigation tools.
  2. Data Selection Panel: Manages the dates available to TT Score and specifies the criteria to use when populating the list.

Interpreting the Cluster List

The Cluster List is used to conduct a cluster list review. Once a problematic cluster group is identified, you can inspect the individual clusters contained in that group using the Cluster Scorecard. This Score column is color coded using a graduated scale tied to the risk score, transitioning from red through yellow to green and pale green as scores decrease.

While conducting a cluster list review, it can be helpful to:

  • Filter out lower scoring clusters using the Score filter to make larger datasets more navigable.
  • Sort the list by Start Time to see if higher scoring clusters bunch up at particular times of day.

The Cluster List displays the following:

  • Score: Risk score calculated for the cluster.
  • Model: Type of risk highlighted in the cluster.
  • Trader: Trader ID used for the cluster's trading activity.
  • Account: Account used for the cluster's trading activity.
  • Instrument: ID of the instrument whose activity is contained in the cluster.
  • Exchange: Exchange where the instrument was traded.
  • Cluster Start Time: Cluster start time with microsecond precision.
  • Reviewed: Shows whether the cluster has been reviewed by compliance officers (Yes or No).
  • Actions: Allows you to inspect and review the cluster details.

Cluster List navigation and filters

  1. Cluster Filters: Filter the view by trader, account, instrument, exchange, and line of business.
  2. Select View: Switch between Individual Clusters, Heat Map, Outlier Chart, and Daily Cluster Groups views.
  3. Review Filters: View all clusters or filter by reviewed or unreviewed.
  4. Export (Cluster List view only): Exports filtered data into a .csv spreadsheet file.
  5. Bulk Review (Cluster List view only): Marks all clusters as "reviewed" for the selected model and data.

Data Selection Panel

On the left of the screen, the Data Selection Panel shows the daily activity logs that have been selected using the date picker and are available for data visualization. It also includes filters to apply to the data view.

The panel includes the following:

  1. Score Range: Sets the maximum score of the clusters to include in each view.
  2. Date Range: Date-based selector to add daily activity data to analyze.
  3. MODELS: Sets which types of suspect trading patterns to analyze in the data. Check this checkbox to apply all problematic trading models.

    TT Score uses the following models to analyze data for problematic trading patterns:
    • Abusive Messaging: Quote stuffing schemes designed to introduce predictable latency into an exchange's quoting engine or malfunctioning algorithms that might cause market disruptions.
    • Automated Collusive Spoofing: Patterns of manipulative or disruptive trading activity by multiple traders working together to automatically submit a number of orders for which they have no intention of executing in an attempt to move the market.
    • Automated Spoofing: Patterns of manipulative or disruptive trading activity that involve the automated placement of a number of orders for which a trader has no intention of executing in an attempt to move the market.
    • Collusive Spoofing: Patterns of manipulative or disruptive trading activity by multiple traders working together to place a number of orders for which they have no intention of executing in an attempt to move the market.
    • Cross Trading: A cross trade occurs when a buy order and a sell order for the same instrument are entered for different accounts under the same management, such as a broker or portfolio manager.
    • Exchange Messaging Rate Limits: Instances where traders exceeded the exchange message rate limit for a set period of time during a trading session.
    • Marking the Close: Trading activity intended to manipulate the settlement price of an instrument during its settlement period.
    • Momentum Ignition: Behaviors that indicate an attempt to create an artificial price movement with aggressive orders followed by an attempt to capitalize on such movement.
    • Pinging: The entry of multiple small orders intended to discover hidden book depth followed by a series of order actions designed to force the large order to trade at less desirable prices.
    • Spoofing: Patterns of manipulative or disruptive trading activity that involve the placement of a number of orders for which a trader has no intention of executing in an attempt to move the market.
    • Wash Account: The same account ID is both the buyer and seller in the same transaction.
    • Wash Trader: The same trader ID is both the buyer and seller in the same transaction.
  4. Products: Sets one or more of the following product types to include in each view:
    • Futures
    • Spreads-Strategies
    • Equity-Index Options
  5. Keep Dropdown Filters Selected: Maintains your selected trader, account, instrument, and exchange filters when changing the selected date(s), models, or product types.
  6. Apply Filters: Applies the selected dates and filters.