The Stock Exchange of Thailand (SET) and its subsidiary Thai Futures Exchange (TFEX) received one of the most prestigious awards at the FOW International Awards 2015 last night. The Thai bourse was granted the “Best Technology Innovation by an Exchange” for its new trading infrastructure at a thrilling gala dinner in London. Cinnober is the proud supplier behind the successful trading technology.
“This award is an honor — we really appreciate it,” says SET President Kesara Manchusree. “We’ve had a clear vision of the goals we want to achieve, and as we enter our fifth decade of operation, the implementation of new world-class technology is a 'must' in strengthening our market position and supporting future growth.”
The award follows on the heels of an earlier FOW award to TFEX in September: Asia’s Best Technology Innovation.
When the Thai bourse decided to phase out its existing trading infrastructure consisting of a mix of both in-house and third-party systems, it was a key objective to find an experienced technology partner with an established global reputation to deliver the core trading systems. The much sought-after assignment went to Cinnober, and the results are now in: the new SET CONNECT trading system has been running both equity and derivatives on the very same platform for more than year now, with radically improved latency and 100% uptime.
“I’m truly happy for our friends at SET, who have dedicated themselves to strengthening their market position, and who really deserve the international attention they are now receiving,” says Veronica Augustsson, CEO of Cinnober. “I’m also proud that Cinnober has been a part of this fantastic journey and has made a contribution to their success. We are passionate about growing our customers’ business by delivering modern and efficient technology. This award is proof that we have succeeded.”
With Cinnober onboard the exchange has found a partner able to provide the full suite of functionality needed. The SET CONNECT is based on Cinnober’s high performance TRADExpress Trading System, which serves high-volume trading venues globally. It delivers powerful functionality, leading low latency, highest availability and is easily extendable and scaled up on demand. The state-of-the art multi-asset system allows easy integration for clients, and with other trading venues through the standard FIX protocol — vital to compete in a globalized and competitive financial industry. It is integrated with a sophisticated data dissemination system, TRADExpress Information Manager, the TRADExpress Index Engine and Cinnober’s market surveillance system.
It was also a fantastic evening for the LME Clear. Partly because Trevor Spanner was awarded “Chief Executive of the Year”, and besides that, they received an award for “Best new Technology Product – Risk management”. This was awarded for their LMEmercury clearing system, which is based on Cinnober’s TRADExpress RealTime clearing.