Set to capture the growing market for trade surveillance at investment banks and brokers
Cinnober today launches Scila Compliance, a new multi-asset monitoring and trade surveillance system for investment banks and brokers that builds on its established success with trade surveillance in the world of exchanges.
With tailored alerts and reports, Scila Compliance provides market participants an efficient way to ensure they act in accordance with regulations, market rules and their own internal principles and risk policies. The solution can also be used for performance measurements, aggregated position monitoring, and as an extensive statistical and reporting tool.
The new solution offers its users the ability to customize reports using GUI-based tools as well as write their own alert rules. It also contains capabilities to monitor HFT applications and get a second opinion on their performance, as well as functionalities often marketed separately for anti money-laundering and transaction reporting obligations to authorities.
“We think that a great trade surveillance system should do more than just keep you out of trouble,” says Javier Tordable, CEO of Cinnober. “You should also be able to leverage the large amount of business data and actually improve your trading operations. Scila Compliance goes beyond enhancing your management of financial and regulatory risks. It also provides a corporate dashboard for benchmarking trading operations and uncovering new business opportunities.”
Scila Compliance is easily adapted to rules and reports suited to particular market environments. Standard and open technologies make the system easy and cost-efficient to deploy, implement and maintain. It utilizes an in-house developed framework for implementing protocol adaptors, which facilitates short implementation times even for complex proprietary protocols, typically 2-3 weeks. Using a common framework for all protocol adaptors also minimizes operational complexity.
“Our surveillance track record supports our aggressive growth plans for Cinnober,” Tordable continues. “Since it was launched three years ago, Scila has won almost every competitive procurement for exchange surveillance. It’s about time now that banks also have access to a flexible, quicker and smarter technology.”
Scila Compliance is part of the same suite of tools as Scila Surveillance, a multi-asset real-time surveillance system for exchanges and marketplaces launched in 2009. A total of nine markets, including giants such as Deutsche Börse and Eurex, have chosen Scila Surveillance to monitor trading in instruments as diverse as equities, futures and options, CFDs, FX, and energy contracts.
“Our main focus is to take the pain out of compliance for investment banks and brokers,” says Mats Wilhelmsson, COO of Scila. “Our customers have access to a proven and flexible technology with short time-to-market. Delivery times for Scila Compliance are measured in weeks, not months. And implementing a change takes days, not weeks.”
Swedish-based Cinnober has a long and imposing track record within the field of providing mission-critical solutions and services within trading, clearing and surveillance to leading trading and clearing venues. Customers include major trading and clearing venues in Europe and North America such as Alpha Exchange, Chicago Board Options Exchange, Deutsche Börse, London Metal Exchange and NYSE Liffe. In the past year Cinnober has increased its global presence while signing new contracts with emerging markets and with players such as BMF&FBOVESPA in Brazil as well as the Stock Exchange of Thailand and Qatar Exchange.