The Stock Exchange of Thailand (SET) and Cinnober have today announced a successful big-bang migration for the Thai bourse’s securities trading infrastructure. The new securities trading system, called SET CONNECT, went live on September 3 and is based on Cinnober’s high-performance TRADExpress technology.
The new trading system is also accompanied by new solutions from Cinnober for market data dissemination as well as market surveillance and index calculations. These developments follow SET’s IT Master Plan, which aims to enhance the confidence of global investors in the potential of the Thai capital market, propelling the market onto the international stage.
“This milestone boosts the Thai capital market’s competitiveness, which is a crucial step for us in providing trading services with cutting-edge technology, and makes it one of the world’s most efficient trading platforms,” said Charamporn Jotikasthira, SET President. “This is a result of the mixture of innovation and world-class technology from Cinnober, and our close cooperation with our trading community, including broker members, ISVs and market data vendors.”
SET CONNECT offers superior transaction speed to support high-frequency and algorithmic trading, and provides the use of industry standard interfaces, which will make it easier to link with other marketplaces to attract further liquidity. The new securities trading infrastructure covers market and business expansions in the future both in terms of trading volume and valuation, while being flexible enough to accommodate new financial products and multi-currency trading.
Cinnober Financial Technology AB’s CEO Javier Tordable, said: "Given its scope and unprecedented time to market, this comprehensive replacement project with SET is impressive. Thanks to a great cooperation between Cinnober and SET, it has been very successful. SET is now taking a lead in the region with its ambitious IT Master Plan and we're proud to be their partner on this exciting journey. This is a major step forward and we're looking forward to the fuller unveiling of functionality in phase two of the project, when derivatives will be traded on the same platform."
In addition to SET CONNECT, three other systems were included in the delivery from Cinnober. The new market data system brings more efficiency, fairness and transparency to disseminating trading information to members and information service providers. The market surveillance system, based on well-established Scila Surveillance, improves SET’s abilities to instantly and proactively monitor and detect anomalies with high effectiveness, boosting reliability and minimizing risks. An innovative Index Engine, jointly developed by Cinnober and SET, now manages index calculations. It also allows new indexes, calculated and disseminated in real time, to be developed as market needs evolve.
Cinnober is a major global supplier of 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, Deutsche Börse, London Metal Exchange, LME Clear 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, the Qatar Exchange, and Dubai Gold & Commodity Exchange.