SOURCE: Cinnober

Cinnober

April 06, 2011 05:38 ET

Qatar Exchange Buys Scila Surveillance From Cinnober

First Customer for Cinnober in the Middle East

STOCKHOLM, SWEDEN--(Marketwire - April 6, 2011) - Qatar Exchange is the latest in a line of prestigious exchanges that have chosen multi-purpose market monitoring system Scila Surveillance, in this case for its equities market. This marks Cinnober's entry into the Middle East.

Scila Surveillance will be integrated with a number of existing systems at Qatar Exchange, including its Universal Trading Platform, Equator post-trade system, PFI2 index calculation platform, data dissemination and referential management applications. The installation is robust and fully redundant as well as highly cost-efficient in terms of hardware. Go-live is scheduled for Q3 2011.

"After a thorough procurement process Scila Surveillance stood out with its outstanding functionality while being the most cost-efficient solution on the market," says Olivier Gueris, COO of Qatar Exchange. "The implementation of Scila at Qatar Exchange will provide the exchange with the world-class real-time surveillance and reporting tools it requires in these times of robust growth and extreme market sophistication."

"We are honored to welcome Qatar Exchange as a new customer and look forward to a mutually fruitful partnership," says Jan Arpi, CEO of Cinnober. "Of course we are thrilled to enter this market. Confidence and integrity are essentials for any market, and the demands on surveillance tools are tougher today than ever before. With Scila Surveillance, Qatar Exchange has a proven, future-proof solution that can be easily extended to additional products and adapted to changing needs."

Scila Surveillance was launched two years ago as a modern and cost-efficient solution with usability and flexibility as key qualities. It was recently selected by Deutsche Börse Group for their Xetra and Eurex markets. A total of nine markets have chosen it to monitor trading in instruments as diverse as equities, futures and options, CFDs, FX, and energy contracts.

About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and clearing venues. All Cinnober's solutions are based on the TRADExpress™ Platform incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. Cinnober's portfolio of offerings include price discovery and matching, real-time risk management, clearing and settlement, data distribution and surveillance. Cinnober's customers include: Alpha Trading Systems, Borsa Italiana, Burgundy, Chicago Board Options Exchange, EDX London, Hong Kong Mercantile Exchange, London Metal Exchange, Markit BOAT, NYSE Liffe and Quadriserv. For additional information, please visit www.cinnober.com.

About Qatar Exchange
Established in 1995, the Doha Securities Market (DSM) officially commenced operations in May 1997. Since then the exchange has grown to become one of the leading stock markets in the GCC region. Following a strategic partnership agreement between Qatar Holding and NYSE Euronext in June 2009, the DSM was renamed the Qatar Exchange (QE). QE currently has 42 listed companies and its market capitalization (end of 2010) is around QR400 billion (US$110 billion). The primary aim of QE is to support Qatar's economy by giving investors a platform through which they can trade fairly and efficiently. QE also provides the public with access to market information, ensures correct disclosure of information, and enforces securities regulations. QE is regulated by the Qatar Financial Markets Authority. For more information, please visit : www.qe.com.qa

About Scila AB
Scila provides a surveillance tool built on many years of experience from both market surveillance and systems design. Scila Surveillance uses modern technology to give the customer a seamless route from detection of market abuse to presentable evidence. Scila delivers the future in modern market surveillance technology by offering the industry the most competitive solution available. Cinnober owns a minority stake in Scila AB and there is an exclusive sales agreement between the two companies. For additional information about Scila AB, please visit www.scila.se

Contact Information

  • For further information, please contact:

    Jan Arpi
    CEO, Cinnober Financial Technology AB
    Tel. +46 70 860 46 49

    Mats Wilhelmsson
    COO, Scila AB
    Tel. +46 70 361 52 81

    Lina Serafini
    Marketing Manager, Qatar Exchange
    Tel. +97444333615