As a newly launched multi-lateral trading facility (MTF), Turquoise has established a target of achieving 5% of European equities volume by the end of 2008. To reach that goal in competition with incumbent exchanges, Turquoise has taken an innovative approach to both its trading capabilities â with its combination of visible and dark orders â as well as associated services. Progress Apama is a key technology component within that effort, having been implemented through the efforts of Detica Ltd., a specialist business and technology consultancy. With market participants increasingly sensitive to potential market manipulation and other abuses, the complex event processing (CEP) capabilities of the Progress Apama platform offer real-time monitoring services that can help ensure the integrity of Turquoise transactions.
âTurquoise aspires to the highest compliance standards and requires the best technology, processes and policies to achieve that,â noted Ian Werner, Head of Legal and Compliance, Turquoise. âTechnology platforms like Apama provide us with a way to compete for liquidity by showcasing our commitment to being a scrupulously fair exchange.â
âMiFiD has introduced new areas of competition within European equities markets, offering traders an ever-expanding array of choices for liquidity,â said Dr John Bates, founder and general manager of the Apama division of Progress Software. âTurquoise has shown itself to be a true innovator. Rather than view market oversight as a regulatory burden, it has embraced surveillance technology, thus enhancing the appeal of its exchange and encouraging liquidity. We are extremely excited to be a partner in this effort. With the Apama platform, Progress offers Turquoise the unique ability to monitor, analyze and act on trading irregularities in real time.â
In addition to real-time monitoring, Turquoise is also using the Apama platform to add further value to the market data it collects for clients as well as offer services such as detailed analysis of transactions and a better understanding of price improvement and performance.
The Apama platform is recognized as the marketâs leading CEP product, having the largest client base in the securities industry with customers that include JP Morgan, ING, Turquoise, Deutsche Bank, and the FSA (Financial Services Authority).