EDX selects Cinnober market surveillance system

Source: Cinnober

The Scila market surveillance system has been chosen by derivatives market EDX London (EDX).

The system will be deployed on the SOLA trading platform to be used by EDX London from late this year, under license from TMX Group.

Scila Surveillance, launched earlier this year, is a turnkey solution offering financial marketplaces, regulators and market participants a seamless route from detection to presentable evidence.

"Scila Surveillance stood out from the competition in terms of the functionality and flexibility required for the EDX derivatives markets and importantly demonstrated the ability to deliver a robust surveillance solution within our tight timescales", says Lee Betsill, Managing Director at EDX London.

The Scila Surveillance system has been developed as a response to the need for a new generation market surveillance system offering higher flexibility, improved usability and lower cost of ownership. The solution is Java-based and uses standardized connectivity protocols, making it easily implemented with any trading engine on the market.

"This confirms that Scila meets the demands of leading equity and derivatives exchanges", says Nils-Robert Persson, Executive Chairman of Cinnober. "We're the leading independent supplier of modern and innovative technology to the exchange industry. Having EDX London among our customers is of course a great pleasure."

EDX London is the third marketplace to implement the new market monitoring solution. Scila Surveillance has already been delivered to the Nordic MTF Burgundy and the Hong Kong Mercantile Exchange.

"We're delighted that Scila has achieved this hat trick. It has proven its flexibility in being implemented for equity, commodity and now derivatives markets. At the same time it underlines that Cinnober is able to successfully market a complete suite of trading venue IT infrastructure as well as individual components according to customer requirements. We've simply brought a smarter system to the marketplace for this specific niche and we are continuing to receive great interest from the industry in our solution", concludes Persson.

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