Oslo Børs selects Scila Surveillance delivered by Cinnober

Oslo Børs selects Scila Surveillance delivered by Cinnober

23/09/09

Oslo Børs has chosen Scila Surveillance for their derivatives market. This makes Oslo the fourth market to take in the recently launched all-purpose surveillance system.

Oslo Børs has decided to use Scila Surveillance as surveillance system for their derivatives market. The system will go into production later this year when Oslo Børs migrates its derivatives market to a new trading platform provided by the London Stock Exchange (LSE).

A strategic partnership between Oslo Børs and LSE was announced in March this year in which the two exchanges will cooperate to improve efficiency and liquidity. LSE's selection of Scila Surveillance for its EDX market surveillance was made public earlier this month and now Oslo Børs has settled on the same solution.

Harald Naess, Senior Vice President Information Technology at Oslo Børs said: "With Scila Surveillance we get a highly competent and cost-efficient surveillance solution in place in good time for our derivatives platform replacement. We're glad to see a new, innovative system in this arena."

Launched earlier this year, Scila Surveillance offers financial marketplaces, regulators and market participants a seamless route from detection of market abuse to presentable evidence. This new generation system responds to the need for a market surveillance system with higher flexibility, improved usability and lower cost of ownership, and was developed by experienced market surveillance professionals and system architects. It is a Java-based solution that can be implemented with any trading engine on the market, with short delivery time.

Oslo Børs is the fourth marketplace to choose the new market monitoring solution. Scila Surveillance has already been selected by the Nordic MTF Burgundy, the Hong Kong Mercantile Exchange, and EDX London - part of the London Stock Exchange Group.

"We are happy that Oslo Børs has decided to use Scila Surveillance," said Nils-Robert Persson, Executive Chairman of Cinnober. "The system has been very well received and has so far been chosen by equity, commodity and derivatives markets. It is a very flexible, all-purpose surveillance system unlike any in the market, and I see great potential for its ongoing success."