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Oslo Bors has decided to use Scila Surveillance as surveillance system for their derivatives market. The system will go into production later this year when Oslo Bors migrates its derivatives market to a new trading platform provided by the London Stock Exchange (LSE).
A strategic partnership between Oslo Bors and LSE was announced in March this year in which the two exchanges will cooperate to improve efficiency and liquidity. LSE's selection of Scila Surveillance for its EDX market surveillance was made public earlier this month and now Oslo Bors has settled on the same solution.
Harald Naess, Senior Vice President Information Technology at Oslo Bors said: "With Scila Surveillance we get a highly competent and cost-efficient surveillance solution in place in good time for our derivatives platform replacement. We're glad to see a new, innovative system in this arena."
Launched earlier this year, Scila Surveillance offers financial marketplaces, regulators and market participants a seamless route from detection of market abuse to presentable evidence. This new generation system responds to the need for a market surveillance system with higher flexibility, improved usability and lower cost of ownership, and was developed by experienced market surveillance professionals and system architects. It is a Java-based solution that can be implemented with any trading engine on the market, with short delivery time.
Oslo Bors is the fourth marketplace to choose the new market monitoring solution. Scila Surveillance has already been selected by the Nordic MTF Burgundy, the Hong Kong Mercantile Exchange, and EDX London - part of the London Stock Exchange Group.
"We are happy that Oslo Bors has decided to use Scila Surveillance," said Nils-Robert Persson, Executive Chairman of Cinnober. "The system has been very well received and has so far been chosen by equity, commodity and derivatives markets. It is a very flexible, all-purpose surveillance system unlike any in the market, and I see great potential for its ongoing success."
For further information, please contact:
Nils-Robert Persson Mats Wilhelmsson Executive Chairman, Cinnober Financial COO, Scila AB Technology AB Tel. +46-(0)70 361 52 81 Tel. +46-(0)70 552 52 28
About Cinnober Financial Technology Cinnober provides mission-critical systems to a number of leading marketplaces, including Alpha Trading Systems, the Chicago Board Options Exchange, the London Metal Exchange, Markit BOAT, NYSE Liffe and Turquoise. Cinnober's products are highly customizable and based on TRADExpress, a scalable, high-performance, low-latency platform for transaction processing. TRADExpress is 100% Java-based, enabling solutions that are flexible, as well as hardware- and database-independent. For additional information about Cinnober, please visit www.cinnober.com
About Scila Surveillance Scila Surveillance offers financial markets, regulators and market participants a seamless route from the detection of market abuse to presentable evidence. It is based on standard open technologies which make it very easy and cost-efficient to deploy and maintain. The system is capable of handling extremely large transaction volumes and can be implemented with any trading engine on the market. The system is a turnkey surveillance system developed by Scila AB, a Stockholm-based company with vast experience of market surveillance and transaction technology. Cinnober holds a strategic minority stake in Scila AB, and there is an exclusive sales agreement between the two companies. For additional information about Scila, please visit www.scila.se
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
SOURCE: Cinnober
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