Cinnober Financial Technology, a global independent provider of technology solutions for the finance industry, today announces that the Stock Exchange of Thailand (SET) has signed a new license agreement with Cinnober for a term of seven years.
The license covers a multi-asset class trading platform for SET’s equities and derivatives markets, including index calculation and data dissemination functionality, built on Cinnober’s TRADExpress™ technology and the Scila market surveillance system.
SET has operated successfully using the software since September 2012, with a track record of 100% uptime. During this period, the Thai exchange has strengthened its position in the market to become the most liquid equities exchange in the ASEAN region. In addition, derivatives trading volumes and open interest have grown steadily, and the business from foreign investors has increased.
“Thailand’s stock exchange has operated one of the most reliable and robust platforms in the world’s capital markets. We are proactively building platforms offering end-to-end services and seamless experience to investors and intermediaries to cope with the technology disruption and digital revolution in the world’s financial market,” says Dr. Pakorn Peetathawatchai, President of SET. “With Cinnober’s invaluable expertise, this partnership allows us to continuously achieve the top market position in the region while introducing world-class standards and best practices to Thailand’s capital market.”
“We are pleased and proud to further our partnership with SET and support their future growth,” says Peter K. Lenardos, CEO of the Cinnober Group. “Over the past 6 years, SET has successfully realized ambitious goals using Cinnober technology. A key to their growth has been streamlining client connectivity with the SET markets using global standards, while offering stability, speed and performance.”
SET’s single-platform solution for equities and derivatives, called SET CONNECT, is based on Cinnober’s TRADExpress Trading System providing speed, throughput capacity and operational efficiency. By integrating these two previously separated markets, client connectivity was optimized using the global standard FIX, and combination orders introduced across the two markets.