Novig taps Eventus for sports prediction market surveillance

Novig has implemented Eventus’ Validus trade surveillance platform to monitor trading on its sports prediction market exchange after receiving designation from the U.S. Commodity Futures Trading Commission as a Designated Contract Market. Novig plans to operate as a federally regulated prediction market and to expand service nationwide this summer.

The cloud-native Validus system will act as Novig’s primary surveillance tool, providing both real-time alerts and post-trade monitoring as the exchange scales. The platform will cover order and trade data and supply audit trails intended to support investigations and regulatory reporting.

Kelechi Ukah, Novig co-founder and chief technology officer, described trade surveillance as core infrastructure rather than a compliance afterthought and said reliable monitoring is needed to maintain participant trust and liquidity. Ukah noted that Eventus helped shape a surveillance program designed to grow with the platform.

Prediction markets produce discrete outcomes and show liquidity patterns that differ from traditional securities. Novig sought a surveillance solution that could adapt to those market mechanics while aligning with CFTC expectations. Eventus worked with Novig to turn regulatory guidance into specific surveillance scenarios and coverage plans.

Novig highlighted several Validus capabilities it considered important. The system allows tuning of detection scenarios for behaviors such as spoofing, layering and wash trading to match Novig’s market rules. It supports cross-account and cross-market analysis to identify coordinated or indirect manipulation, offers case management workflows to operationalize investigations, and provides forensic audit logs for post-incident review. Eventus’ integration model lets Novig map internal objects such as orders, fills and markets into the surveillance system with limited data transformation.

Cameron Routh, Eventus chief executive, emphasized integration quality and flexibility for an API-first exchange and said the company’s experience with regulated venues informed the deployment.

Novig is a U.S. sports prediction market operator that received the CFTC DCM designation and expects to expand its federally regulated service across the country this summer. Eventus supplies trade surveillance and financial risk technology to regulated trading venues and market participants, and Validus is one of its products aimed at meeting regulatory surveillance needs while supporting operational workflows.