19 April 2014

Austrian regulator E-Control selects Cinnober for market surveillance

10 December 2013  |  768 views  |  0 Source: Cinnober Financial Technology

The Austrian regulatory authority for the electricity and gas-markets, E-Control, has selected independent supplier Cinnober for the implementation of its new surveillance system.

The multi-asset solution Scila Surveillance will strengthen E-Control’s regulatory capacity to monitor the energy market for abuse and manipulation.

E-Control — short for Energie-Control Austria — is responsible for monitoring, supporting and regulating the implementation of the national energy market’s liberalization. One of its main tasks is to focus on prohibition of insider trading and market manipulation.

"Wholesale energy markets play a critical role in determining prices for energy customers in Austria,” says Walter Boltz, Managing Director of E-Control. “Regulatory monitoring of those markets is important to detect and deter market manipulation. Scila Surveillance was selected because it offers the possibility to quickly detect unusual pricing behavior. The customizations we propose will help fulfill our wish to ensure fair energy prices are always paid by consumers of energy."

As a national energy regulator, E-Control will monitor wholesale energy markets in accordance with new powers assigned to it under European and Austrian Law. A specialized surveillance system designed for the wholesale energy markets, which can scan trading behavior as well as calculate physical energy delivery requirements to the lowest level of granularity, is part of the comprehensive monitoring strategy. Scila Surveillance offers the possibility to easily customize and devise new modules that will be essential to monitoring energy markets for abuse.

“New conditions and regulations require reliable technology,” comments Veronica Augustsson, CEO of Cinnober. “With Scila Surveillance, we provide a robust and comprehensive solution with capacity to handle the entire monitoring chain for all kind of financial actors. I’m very pleased that the Austrian energy market will now benefit from our flexible surveillance technology, while it ramps up for the new level of regulations we see coming in Europe.”

Scila Surveillance is a market surveillance system designed for both marketplaces and regulators. The solution has achieved great success, thanks to its flexibility, its ability to handle a variety of instruments, ease of use, short implementation time and the use of open standards technologies, resulting in a low total cost of ownership for the customer.

Cinnober is a world-leading supplier of financial technology to marketplaces and clearing houses. Its client list consists of major global actors with extreme demands on reliability and performance, including BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, the London Metal Exchange, LME Clear, MarkitSERV and the Stock Exchange of Thailand.

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