Was your trading economically justified?
It's the question energy regulators across Europe ask, and the one threshold surveillance can't answer. Korinsic is built to answer it, across your physical and financial books.
→ Limited Availability
→ Limited Availability
Was your trading economically justified?
It's the question energy regulators across Europe ask, and the one threshold surveillance can't answer. Korinsic is built to answer it, across your physical and financial books.
→ Limited Availability
Was your trading economically justified?
It's the question energy regulators across Europe ask, and the one threshold surveillance can't answer. Korinsic is built to answer it, across your physical and financial books.
→ Limited Availability
the gap
Generic surveillance wasn't built for energy markets.
Tools built for financial markets see prices and volumes. In energy, whether behaviour was manipulative depends on what was physically and commercially possible at the time. Threshold logic can't see that. And the stakes have changed; manipulation penalties now scale with group turnover.
Every desk looks suspicious to a rules engine
A market maker quotes both sides. An asset optimiser withdraws capacity. A hedger rolls the curve. All three get flagged because the tool can't see the book behind them.
The physical data isn't in the model
Plant availability, transmission constraints, storage, weather. Without them, surveillance can't tell an outage from a strategy. Every alert becomes a manual investigation.
Real manipulation stays under the thresholds
Withholding, cross-market moves and settlement-window trading are designed to look normal one venue at a time. Threshold tools miss them, and the record won't hold up in an inquiry.
the gap
Generic surveillance wasn't built for energy markets.
Tools built for financial markets see prices and volumes. In energy, whether behaviour was manipulative depends on what was physically and commercially possible at the time. Threshold logic can't see that. And the stakes have changed; manipulation penalties now scale with group turnover.
Every desk looks suspicious to a rules engine
A market maker quotes both sides. An asset optimiser withdraws capacity. A hedger rolls the curve. All three get flagged because the tool can't see the book behind them.
The physical data isn't in the model
Plant availability, transmission constraints, storage, weather. Without them, surveillance can't tell an outage from a strategy. Every alert becomes a manual investigation.
Real manipulation stays under the thresholds
Withholding, cross-market moves and settlement-window trading are designed to look normal one venue at a time. Threshold tools miss them, and the record won't hold up in an inquiry.
the gap
Generic surveillance wasn't built for energy markets.
Tools built for financial markets see prices and volumes. In energy, whether behaviour was manipulative depends on what was physically and commercially possible at the time. Threshold logic can't see that. And the stakes have changed; manipulation penalties now scale with group turnover.
Every desk looks suspicious to a rules engine
A market maker quotes both sides. An asset optimiser withdraws capacity. A hedger rolls the curve. All three get flagged because the tool can't see the book behind them.
The physical data isn't in the model
Plant availability, transmission constraints, storage, weather. Without them, surveillance can't tell an outage from a strategy. Every alert becomes a manual investigation.
Real manipulation stays under the thresholds
Withholding, cross-market moves and settlement-window trading are designed to look normal one venue at a time. Threshold tools miss them, and the record won't hold up in an inquiry.
what we do
Detection that starts from what's physically possible.
Korinsic combines trading data from European energy participants with the fundamental and operational data that explains it. Detection is designed around booking model and physical position, so an alert comes with the economic context an investigator needs to act on it.
Korinsic combines trading data from European energy participants with the fundamental and operational data that explains it. Detection is designed around booking model and physical position, so an alert comes with the economic context an investigator needs to act on it.
typologies
The first six typologies, and the signatures each is scored on. Design partners shape what comes next.
Spoofing and layering
Order book manipulation in intraday and futures markets. Book asymmetry, cancel-to-fill ratios, reversion after cancels.
Cross-market manipulation
A physical or spot position used to move a financial benchmark, or the reverse. Only visible when surveillance sees both books.
Capacity withholding and hoarding
Capacity held back against fundamentals. A plant kept offline, storage kept full, an offer priced not to clear.
Wash and matched trades
Volume with no real change in beneficial ownership. Creates a false picture of liquidity, or of where price is settling.
Benchmark and settlement manipulation
Trading into settlement windows and index publication periods to move the print at the moment it's recorded.
Insider dealing on fundamentals
Trading ahead of non-public information: an outage, a maintenance window, a capacity change not yet announced.
how scoring works
Was the capacity withheld, or unavailable?
Most tools get withholding wrong. Even with the physical data, a rules engine can only turn withholding into another threshold to breach.
we treat it as evidence, scored on:
→ Offers benchmarked against modelled cost-reflective pricing
→ Marginal cost benchmarking against modelled cost-reflective price
→ Capacity utilisation checked against plant and grid conditions
→ Capacity utilisation analysis with hydro and grid context
→ Patterns recognised across assets and desks
→ Pattern recognition across plants and trading desks
→ All signals combined into a single assessment
→ Probability inference fusing all signals into one classification
typologies
The first six typologies, and the signatures each is scored on. Design partners shape what comes next.
Spoofing and layering
Order book manipulation in intraday and futures markets. Book asymmetry, cancel-to-fill ratios, reversion after cancels.
Cross-market manipulation
A physical or spot position used to move a financial benchmark, or the reverse. Only visible when surveillance sees both books.
Capacity withholding and hoarding
Capacity held back against fundamentals. A plant kept offline, storage kept full, an offer priced not to clear.
Wash and matched trades
Volume with no real change in beneficial ownership. Creates a false picture of liquidity, or of where price is settling.
Benchmark and settlement manipulation
Trading into settlement windows and index publication periods to move the print at the moment it's recorded.
Insider dealing on fundamentals
Trading ahead of non-public information: an outage, a maintenance window, a capacity change not yet announced.
how scoring works
Was the capacity withheld, or unavailable?
Most tools get withholding wrong. Even with the physical data, a rules engine can only turn withholding into another threshold to breach.
we treat it as evidence, scored on:
→ Offers benchmarked against modelled cost-reflective pricing
→ Capacity utilisation checked against plant and grid conditions
→ Patterns recognised across assets and desks
→ All signals combined into a single assessment
typologies
The first six typologies, and the signatures each is scored on. Design partners shape what comes next.
Spoofing and layering
Order book manipulation in intraday and futures markets. Book asymmetry, cancel-to-fill ratios, reversion after cancels.
Cross-market manipulation
A physical or spot position used to move a financial benchmark, or the reverse. Only visible when surveillance sees both books.
Capacity withholding and hoarding
Capacity held back against fundamentals. A plant kept offline, storage kept full, an offer priced not to clear.
Wash and matched trades
Volume with no real change in beneficial ownership. Creates a false picture of liquidity, or of where price is settling.
Benchmark and settlement manipulation
Trading into settlement windows and index publication periods to move the print at the moment it's recorded.
Insider dealing on fundamentals
Trading ahead of non-public information: an outage, a maintenance window, a capacity change not yet announced.
how scoring works
Was the capacity withheld, or unavailable?
Most tools get withholding wrong. Even with the physical data, a rules engine can only turn withholding into another threshold to breach.
we treat it as evidence, scored on:
→ Offers benchmarked against modelled cost-reflective pricing
→ Capacity utilisation checked against plant and grid conditions
→ Patterns recognised across assets and desks
→ All signals combined into a single assessment
coverage
Built for the whole portfolio
Adding a desk or entering a new market shouldn't mean standing up another surveillance programme.
Products
One approach across every energy product you trade, from physical delivery to financial derivatives.
→ Power (day-ahead, intraday, balancing)
→ Gas and LNG
→ Financial derivatives
→ Emissions and certificates
Desks
A quote pattern that's manipulative on prop is normal for a market maker. We know the difference.
→ Prop trading
→ Market making
→ Asset-backed optimisation
→ Hedging
Markets
One surveillance layer across every venue you trade on, from regulated exchanges to bilateral OTC.
→ Exchanges
→ Brokered markets
→ OTC
Products
One approach across every energy product you trade, from physical delivery to financial derivatives.
→ Power (day-ahead, intraday, balancing)
→ Gas and LNG
→ Financial derivatives
→ Emissions and certificates
Desks
A quote pattern that's manipulative on prop is normal for a market maker. We know the difference.
→ Prop trading
→ Market making
→ Asset-backed optimisation
→ Hedging
Markets
One surveillance layer across every venue you trade on, from regulated exchanges to bilateral OTC.
→ Exchanges
→ Brokered markets
→ OTC
coverage
Built for the whole portfolio
Adding a desk or entering a new market shouldn't mean standing up another surveillance programme.
Products
One approach across every energy product you trade, from physical delivery to financial derivatives.
→ Power (day-ahead, intraday, balancing)
→ Gas and LNG
→ Financial derivatives
→ Emissions and certificates
Desks
A quote pattern that's manipulative on prop is normal for a market maker. We know the difference.
→ Prop trading
→ Market making
→ Asset-backed optimisation
→ Hedging
Markets
One surveillance layer across every venue you trade on, from regulated exchanges to bilateral OTC.
→ Exchanges
→ Brokered markets
→ OTC
coverage
Built for the whole portfolio
Adding a desk or entering a new market shouldn't mean standing up another surveillance programme.
Products
One approach across every energy product you trade, from physical delivery to financial derivatives.
→ Power (day-ahead, intraday, balancing)
→ Gas and LNG
→ Financial derivatives
→ Emissions and certificates
Desks
A quote pattern that's manipulative on prop is normal for a market maker. We know the difference.
→ Prop trading
→ Market making
→ Asset-backed optimisation
→ Hedging
Markets
One surveillance layer across every venue you trade on, from regulated exchanges to bilateral OTC.
