Notice of Intent to Sole Source - Nasdaq Market Surveillance Solution

The Commodity Futures Trading Commission (“CFTC”) intends to negotiate and award a sole source contract for a base year and four 1-year option periods to Nasdaq to acquire the Nasdaq Market Surveillance (NMS) solution to conduct comprehensive trade surveillance and market monitoring on the market data received and processed under the CFTC’s existing reporting obligations and regulatory oversight framework. The Government intends to procure this requirement pursuant to the “Only One Responsible Source and No Other Supplies or Services Will Satisfy Agency Requirements” exception in FAR part 6.

Under the Commodity Exchange Act (CEA) and CFTC Regulations, the CFTC is authorized to detect, analyze, and enforce potentially manipulative and abusive trading practices, including spoofing, layering, wash trading, marking or banging the close, and front-running. To effectively facilitate the oversight requirements in the CEA and CFTC Regulations, CFTC requires a market surveillance system capable of handling high-volume, multi-venue trading data with T+1 detection of potential manipulation and/or other abusive trade practices in CFTC regulated derivatives markets. This requires a system that meets the highest standards of reliability, precision, and regulatory alignment.

The NMS is needed to conduct comprehensive trade surveillance and market monitoring on the market data received and processed under the CFTC’s existing reporting obligations and regulatory oversight framework. NMS will be applied to both real-time and post-trade market data streams, specifically covering products and activity governed by the CFTC under its jurisdiction over designated contract markets (DCMs) and swap execution facilities (SEFs), and related intermediaries. NMS is currently in production with over 20+ global exchanges, 17+ regulatory bodies, and 140+ market participants. NMS is designed to ingest native market data across CFTC asset classes and venues and supports CFTC products, including futures, options on futures, and swaps. CFTC knows of no other vendor that offers a commercially available bespoke system with the same breadth of integration and track record supporting regulatory bodies.

THIS NOTICE IS NOT A REQUEST FOR COMPETITIVE PROPOSALS nor a solicitation of offers. However, the Government will consider written responses from all responsible sources received by 12:00 p.m. (Eastern) on July 10, 2025. Written responses must include sufficient information to establish capability to fulfill the requirement. Oral communications are not acceptable in response to this notice. A determination by the government not to compete this proposed requirement is solely within the discretion of the Government. Information received will be considered solely for the purpose of future market research requirements. No formal solicitation package is available. The Government anticipates award in FY2025. The Government will not be responsible for any costs of preparation of responses to this announcement.