The Stock Exchange of Thailand (SET) has successfully migrated its securities trading architecture over to Cinnober’s TradeExpress platform, introducing new systems for market data dissemination as well as market surveillance and index calculations.
The new SET Connect platform, which runs on Cinnober’s TradeExpress technology, offers greater transaction speeds says the exchange, in order to better support high-frequency and algorithmic trading practices. It also provides for the use of industry standard interfaces, which will make it easier to link with other international marketplaces to attract further liquidity.
The new securities trading infrastructure at the Thai exchange should also cover market and business expansions in the future, both in terms of trading volume and valuation, while being flexible enough to accommodate new financial products and multicurrency trading.
The technology upgrade it part of SET's IT master plan, which aims to enhance the confidence of global investors in the potential of the Thai capital market, propelling the market onto the international stage.
"This milestone boosts the Thai capital market's competitiveness, which is a crucial step for us in providing trading services with cutting-edge technology, and makes it one of the world's most efficient trading platforms," said Charamporn Jotikasthira, SET president. "This is a result of the mixture of innovation and world-class technology from Cinnober, and our close cooperation with our trading community, including broker members, independent software vendors (ISVs) and market data vendors."
Cinnober’s chief executive, Javier Tordable, acknowledged that the go live on 3 September was “a major step forward”, but added that “we're looking forward to the fuller unveiling of functionality in phase two of the project, when derivatives will be traded on the same platform."