Qatar Exchange has successfully taken its new market monitoring system, Scila Surveillance, into production. The system, delivered by Cinnober, is customized to the needs of Qatar Exchange (QE) in terms of (a) new alerts to detect abnormal market behavior and conditions that are specific to the exchange’s Rule Book, (b) integration with the exchange’s trading engine, post-trade system and news feed, and (c) new reports and screen features.
The implementation project was started in March of 2011 when Scila Surveillance was selected as the preferred solution following a competitive bid involving multiple international vendors. The project involved a team from QE operations and IT departments working with the Scila team.
The rollout of the application was achieved in two phases, with an initial standard release being implemented in August 2011, followed by a fully customized version that now has been launched.
“The implementation of the Scila Surveillance system is another milestone in the development of Qatar Exchange. It allows the Exchange to fully monitor the market, guarantee transparency and fairness in the marketplace, and increase investors’ trust and confidence when trading,” said Jassim Bukashisha, IT director of Qatar Exchange.
The Swedish-based technology supplier Cinnober is the leading independent provider of marketplace and clearing technology, delivering solutions for trading, market data distribution, market surveillance, clearing and real-time risk management. The Scila Surveillance system is utilized by leading trading venues such as Deutsche Börse, Eurex and Oslo Börs as well as new assertive initiatives such as Burgundy, Hong Kong Mercantile Exchange and Turquoise Derivatives.
“Confidence is perhaps the single most important asset for any trading venue. A modern and effective market surveillance tool is a key component for obtaining this confidence,” said Nils-Robert Persson, Executive Chairman of Cinnober. “Qatar Exchange has set off on a remarkable journey where they have aggressive targets while building a marketplace in the region with leading infrastructure.”
Scila offer a rich graphical interface for the surveillance of the market and is built around three components: real-time display of trade data and related information in full detail both in tabular and graphical formats; a set of alerts designed to detect abnormal trading activity on the market in real time; and a set of reports designed to provide analytical statistics for selected users and securities.
“We’re proud to take part in Qatar Exchange’s ongoing project to build one of the most competitive trading infrastructures in the MENA region,” said Mats Wilhelmsson, COO of Scila. “Our customers rely on Scila for leading surveillance technology that delivers more than it promises; no one beats us at supplying innovative and effective solutions with a low total cost of ownership.”