Intermarket Surveillance Group (ISG) 2025: Global Market Monitoring & Insights

Andy Smith is a Certified Financial Planner (CFP®), licensed realtor, and educator with over 35 years of extensive experience in financial management. Specializing in personal finance, corporate finance, and real estate, he has successfully guided thousands of clients toward achieving their financial objectives.

What Is the Intermarket Surveillance Group (ISG)?

The Intermarket Surveillance Group (ISG) is a global coalition of over 50 organizations, including market regulators and exchanges from multiple countries. Its primary mission is to detect and prevent manipulative and fraudulent activities within financial markets by fostering collaboration and information exchange among its members. This cooperation enables coordinated investigations and enforcement actions against market misconduct.

Key Highlights

• The ISG consists of more than 50 international market regulators and exchanges dedicated to market integrity.
• Its core objective is to identify and monitor fraudulent and manipulative practices in financial markets worldwide.
• Founded in 1981 by U.S. exchanges, the ISG was established to facilitate cross-jurisdictional information sharing among financial regulators.
• Since 1990, the ISG expanded to include affiliate memberships, welcoming non-U.S. exchanges as global markets became increasingly interconnected.

How the Intermarket Surveillance Group Operates

Originally created to bridge regulatory gaps between jurisdictions, the ISG enables its members to share critical market surveillance information seamlessly. In 2008, the distinction between full and affiliate members was removed, emphasizing a unified approach to monitoring all member markets, not just those in the U.S.

Membership is open to regulated financial market centers empowered to detect and act against market abuses. Members must be authorized to exchange confidential information strictly for regulatory purposes.

The ISG itself does not enforce rules or impose penalties. Instead, it facilitates information flow that empowers individual regulators and exchanges to take appropriate disciplinary measures based on shared evidence.

Its membership includes all U.S. securities and futures exchanges, alongside financial regulators and associations, as well as participants from North America, Australia, Asia, the Middle East, and Europe.

Information sharing is mandatory and protected by confidentiality agreements, ensuring data is used solely for regulatory enforcement. Communication is often electronic, with the group convening at least twice annually to coordinate efforts.

ISG Specialized Subgroups

To effectively oversee diverse markets, the ISG operates several subgroups focusing on key areas such as Technology, Membership, Surveillance, Derivatives, Forum and Events, Practices, U.S. Members, and Non-U.S. Members. These specialized teams enhance the group's ability to address complex market challenges globally.

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