Scila Surveillanceâa multi-asset solution marketed by Swedish Cinnoberâhas been selected as the new surveillance system for Deutsche BÃ¶rse Groupâs two largest exchanges: the cash market Xetra and the derivatives market Eurex.
By incorporating Scila into those two key markets within the Group, Deutsche BÃ¶rse will be able to monitor trading in batch and real-time mode simultaneously and thus further ensure market integrity and safety.
Scila, which will replace an existing in-house solution, includes several customizations with unique functionalities that are key for Deutsche BÃ¶rse Groupâs 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. The configuration deployed at Deutsche BÃ¶rse 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.
âWe 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 requirementsâ, said Michael Zollweg, Head of Trading Surveillance Office at Deutsche BÃ¶rse.
âDeutsche BÃ¶rse is an extremely impressive company that operates some of the worldâs leading exchanges,â said Nils-Robert Persson, Executive Chairman of Cinnober. âWe are honored to deliver our multi-asset technology and the fact that they have chosen Scila Surveillance for these large and important markets is a great testament of its competitiveness.â
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.
âWe have built a new generation surveillance system that responds to the needs for something more flexible and easy to use, with a lower total cost of ownership compared with competing solutions in this areaâ, said Mats Wilhelmsson, COO of Scila. âThis deal with Deutsche BÃ¶rse is a strong recognition of the superiority of our solution. Ever since start weâve experienced great interest in our products since we stand for new and modern technology.â
Cinnober provides high-transaction trading and clearing related systems to a number of leading venues, including Alpha Trading Systems, Burgundy, the Chicago Board Options Exchange, the London Metal Exchange, Markit BOAT and NYSE Liffe.