Deutsche Börse and Cinnober today announced a licensing agreement that foresees the implementation of Cinnober's state-of-the-art market surveillance technology at both the Deutsche Börse cash market Xetra and the derivatives market Eurex Exchange.
The technology called Scila Surveillance will replace Deutsche Börse's in-house solution. By incorporating Scila into the two exchanges, Deutsche Börse will be able to monitor trading in batch and real-time mode simultaneously and thus further ensure market integrity and safety.
Scila includes several customizations with unique functionalities that are key for Deutsche Börse Group's exchanges. First, it allows a market replay also in a graphical manner as well as a re-run of historical market situations; and secondly it enables a cross-border monitoring of Xetra and Eurex.
Additionally, exchange supervisory authorities will receive individualized reports of market activity much quicker. Scila will be able to handle more than 100,000 transactions per second; this rate can be increased if necessary. Further, all market data is stored and always available, no offloading of historical data is necessary anymore.
"We conducted extensive analysis of our market monitoring needs as part of our ongoing commitment to fulfill our regulatory reporting requirements.
Cinnober has a stellar reputation and proven track record in providing leading technology solutions in this field. Their software Scila in particular has the ability to meet our high capacity demands and requirements," said Michael Zollweg, Head of Trading Surveillance Office at Deutsche Börse.
"Deutsche Börse is an extremely impressive company that operates some of the world's leading exchanges," said Nils-Robert Persson, Executive Chairman of
Cinnober. "We are honored to deliver our technology and the fact that they have chosen Scila Surveillance for these large and important markets is a great testament of its competitiveness."
Scila Surveillance is a turnkey high-transaction solution offering marketplaces, regulators and compliance departments a seamless route from detection of market abuse to presentable evidence. It was launched in 2009 and has been chosen by numerous marketplaces for equities, commodities, derivatives, FX, and CFDs.