Not the same as fraud
Fraud targets a victim. SFMA targets a market, a sovereign or a systemically important institution. The damage is measured in liquidity, confidence and stability — not in a single counterparty's balance sheet.
Some of the most consequential threats to a country's financial stability are not fraud, not money laundering, and not classic market abuse — they are coordinated, often cross-border attempts to manipulate or destabilise the market itself. Marengo gives central banks, financial-stability authorities and EU institutions a real-time, evidence-grade view of those attempts, including their preparation phase.
Marengo only signals and explains. The interpretation, the operational call and any public communication remain — by design — with the institution.
SFMA — Systemic Financial Manipulation & Attack — is a Silbad-coined category. To our knowledge, no incumbent platform addresses it as a dedicated discipline.
A set of financial activities, detectable from transactional and market patterns, aimed at manipulating or destabilising the stability, liquidity or market functioning of a country, financial institution or company.
Fraud targets a victim. SFMA targets a market, a sovereign or a systemically important institution. The damage is measured in liquidity, confidence and stability — not in a single counterparty's balance sheet.
AML follows the proceeds of past crime through the financial system. SFMA is forward-looking: it watches for coordinated patterns that suggest a manipulation or attack is being prepared or is already under way.
Market-abuse regimes (MAR-style) focus on insider dealing and instrument-level manipulation. SFMA is broader and systemic — coordinated activity across instruments, venues and actors with the intent of destabilisation.
Marengo recognises not only the manipulation itself but the preparatory footprint that precedes it. The earlier the signal, the more options the institution has.
Marengo runs continuously against the full breadth of the markets it is configured for. It does not perform a post-mortem after an event — it provides early warning while there is still time to act.
Continuous evaluation of market and transactional data. Marengo recognises both the manipulation event and the precursor patterns that anticipate it.
A single counterparty rarely shows the whole picture. Marengo correlates signals across institutions, instruments and venues to surface coordinated activity that would otherwise stay hidden in silos.
Every signal arrives with its rationale, evidence chain and uncertainty bounds. The operational interpretation and any communication or intervention remain entirely with the institution — aligned with the EU AI Act's human-oversight requirements.
Responsibility for SFMA is allocated differently in every jurisdiction — and in some countries it is not formally assigned at all. Marengo is built for the function, not the org chart.
Central-bank financial-stability and macroprudential functions tasked with recognising systemic risk before it materialises into a stability event.
Ministries of finance and treasury functions whose remit covers economic security, sanctions enforcement and resilience of the national financial system.
ECB SSM, ESRB and EBA — institutions whose oversight extends across Member States and who already coordinate cross-border systemic-risk responses.
National financial-market supervisors and EU-level securities-markets bodies whose mandates already cover market integrity and abuse.
Marengo is offered exclusively to public-sector and EU institutional users, and only in countries whose human-rights and rule-of-law standing is consistent with Silbad's ethical-distribution policy. Every engagement is preceded by an ethical review.
Marengo is one of four deployable defence systems that share one reasoning engine — Lindwurm — and one model factory, Incitatus, which continuously develops, evaluates and refreshes the domain models they run on.
Babieca and Chetak product pages are in active development. Until they ship, the link above opens the Marengo contact channel and a Silbad specialist will route the enquiry.
Marengo engagements are bespoke and long-cycle. The first conversation is a structured scoping discussion: your jurisdiction's SFMA exposure, the data we can lawfully access, the human-oversight model your institution requires, and a realistic pilot envelope.