TurkDex taps Aleri for trading surveillance

Source: Aleri

Aleri , the Continuous Intelligence company and a leading provider of enterprise-class complex event processing (CEP) technology and CEP-based solutions, today announced that TurkDEX, the first and only private derivatives exchange in Turkey with a license from the Capital Markets Board to trade derivatives instruments, has chosen and deployed Aleri's Coral8 CEP Engine for high volume, high-speed trading surveillance applications.

These applications will allow TurkDEX to deliver a trusted, secure trading environment that help individuals and institutions better manage risk.

As the first private exchange in Turkey, according to market statistics, TurkDEX is the world's third rapidly growing derivatives exchange during the first half of 2009 and offers members and investors the only domestic trading platform for trading derivatives, primarily futures contracts. Total daily trading volume records are consistently broken at TurkDEX, a clear indication of the growth and solidification of the derivatives trading market in Turkey. On October 30th, 2009, TurkDEX's daily trading volume totaled 2.1 billions USD, establishing an all-time record in daily trading volume.

"The complexity of the surveillance application goes well beyond basic analysis of market and trade data, with positions, margin requirements and profit/loss continuously recalculated and populated across all accounts at market speeds" said Abdullah Akoglu, Lead Development Engineer of TurkDEX. "The combination of simplicity and power provided by the Continuous Computation Language and the rapid integration capabilities of Aleri's CEP software, gave our developers the critical tools to create the sophisticated applications in extremely challenging schedules to meet regulatory and corporate needs."

The TurkDEX application development team was faced with extremely short implementation schedules for the surveillance application due to corporate goals and regulatory compliance reasons. Using the Coral8 Engine, the team was able to develop and deploy the new application in the aggressive timeframes defined by the business.

Through the new surveillance applications, TurkDEX is experiencing the following benefits:

* · Pattern detection identifies market abnormalities through effective real-time monitoring; ·
* Derivative market investments and trading volumes are increasing with the CEP-driven surveillance application creating a reliable, secure trading environment; ·
* The operational cost of surveillance and trade monitoring has been considerably educed.

"We are thrilled to provide TurkDEX with critical CEP software for their surveillance solution they needed in order to swiftly detect and act upon market abuse attempts," said Don DeLoach, CEO and president of Aleri. "We look forward to supporting the exchange establish a reliable and sustainable platform to handle the influx of derivatives trading volumes."

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