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Deutsche Börse taps Cinnober for new market surveillance technology

Scila Surveillance chosen for regulated markets Xetra and Eurex

Scila Surveillance—a multi-asset solution marketed by Swedish Cinnober—has been selected as the new surveillance system for Deutsche Börse Group’s two largest exchanges: the cash market Xetra and the derivatives market Eurex.

By incorporating Scila into those two key markets within the Group, Deutsche Börse 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 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. The configuration deployed at Deutsche Börse 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 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.”

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.

“We 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 area”, said Mats Wilhelmsson, COO of Scila. “This deal with Deutsche Börse is a strong recognition of the superiority of our solution. Ever since start we’ve experienced great interest in our products since we stand for new and modern technology.”

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.