Qatar Exchange goes live with Scila Surveillance
Qatar Exchange has successfully taken its new market monitoring system, Scila Surveillance, into production. The system, delivered by Cinnober, is customized to the needs of Qatar Exchange (QE) in terms of (a) new alerts to detect abnormal market behavior and conditions that are specific to the exchange’s Rule Book, (b) integration with the exchange’s trading engine, post-trade system and news feed, and (c) new reports and screen features.
The implementation project was started in March of 2011 when Scila Surveillance was selected as the preferred solution following a competitive bid involving multiple international vendors. The project involved a team from QE operations and IT departments working with the Scila team.
The rollout of the application was achieved in two phases, with an initial standard release being implemented in August 2011, followed by a fully customized version that now has been launched.
The Swedish-based technology supplier Cinnober is the leading independent provider of marketplace and clearing technology, delivering solutions for trading, market data distribution, market surveillance, clearing and real-time risk management. The Scila Surveillance system is utilized by leading trading venues such as Deutsche Börse, Eurex and Oslo Börs as well as new assertive initiatives such as Burgundy, Hong Kong Mercantile Exchange and Turquoise Derivatives.
“Confidence is perhaps the single most important asset for any trading venue. A modern and effective market surveillance tool is a key component for obtaining this confidence,” said Nils-Robert Persson, Executive Chairman of Cinnober. “Qatar Exchange has set off on a remarkable journey where they have aggressive targets while building a marketplace in the region with leading infrastructure.”
Scila offer a rich graphical interface for the surveillance of the market and is built around three components: real-time display of trade data and related information in full detail both in tabular and graphical formats; a set of alerts designed to detect abnormal trading activity on the market in real time; and a set of reports designed to provide analytical statistics for selected users and securities.
“We’re proud to take part in Qatar Exchange’s ongoing project to build one of the most competitive trading infrastructures in the MENA region,” said Mats Wilhelmsson, COO of Scila. “Our customers rely on Scila for leading surveillance technology that delivers more than it promises; no one beats us at supplying innovative and effective solutions with a low total cost of ownership.”
For further information, please contact:
Cinnober Financial Technology
Tel. +46-(0)70 552 52 28
Tel. +46-(0)70 361 52 81
Tel. +974 44333615
About Qatar Exchange:
Established in 1995, the Doha Securities Market (DSM) officially commenced operations in May 1997. Since then the Exchange has grown to become one of the leading stock markets in the GCC region and for two consecutive years (2010, 2011), was the best performing stock exchange in the GCC. Following a strategic partnership agreement between Qatar Holding and NYSE Euronext in June 2009, the DSM was renamed the Qatar Exchange (QE). QE currently has 42 listed companies and its market capitalization is over QR457 billion (US$127 billion). The primary aim of QE is to support Qatar’s economy by giving investors a platform through which they can trade fairly and efficiently. QE also provides the public with access to market information, ensures correct disclosure of information, and enforces securities regulations. QE is regulated by the Qatar Financial Markets Authority. For more information, please visit www.qe.com.qa
About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and clearing venues. Cinnober’s solutions are based on the TRADExpress™ Platform incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, data distribution and surveillance. Cinnober’s customers include Alpha Trading Systems, Borsa Italiana, BM&FBOVESPA, Burgundy, Chicago Board Options Exchange, Deutsche Börse, Eurex, Hong Kong Mercantile Exchange, London Metal Exchange, Markit BOAT, NYSE Liffe, Stock Exchange of Thailand, Qatar Exchange and Quadriserv. For additional information, please visit www.cinnober.com.
About Scila AB
Scila provides a surveillance tool built on many years of experience from both market surveillance and systems design. Scila Surveillance uses modern technology to give the customer a seamless route from detection of market abuse to presentable evidence. Scila delivers the future in modern market surveillance technology by offering the industry the most competitive solution available. Cinnober owns a minority stake in Scila AB and there is an exclusive sales agreement between the two companies. For additional information about Scila AB, please visit www.scila.se