Qatar Exchange buys Scila Surveillance from Cinnober

First customer for Cinnober in the Middle East

Qatar Exchange is the latest in a line of prestigious exchanges that have chosen multi-purpose market monitoring system Scila Surveillance, in this case for its equities market. This marks Cinnober’s entry into the Middle East.

Scila Surveillance will be integrated with a number of existing systems at Qatar Exchange, including its Universal Trading Platform, Equator post-trade system, PFI2 index calculation platform, data dissemination and referential management applications. The installation is robust and fully redundant as well as highly cost-efficient in terms of hardware. Go-live is scheduled for Q3 2011.

“After a thorough procurement process Scila Surveillance stood out with its outstanding functionality while being the most cost-efficient solution on the market,” says Olivier Gueris, COO of Qatar Exchange. “The implementation of Scila at Qatar Exchange will provide the exchange with the world-class real-time surveillance and reporting tools it requires in these times of robust growth and extreme market sophistication.”

“We are honored to welcome Qatar Exchange as a new customer and look forward to a mutually fruitful partnership,” says Jan Arpi, CEO of Cinnober. “Of course we are thrilled to enter this market. Confidence and integrity are essentials for any market, and the demands on surveillance tools are tougher today than ever before. With Scila Surveillance, Qatar Exchange has a proven, future-proof solution that can be easily extended to additional products and adapted to changing needs.”

Scila Surveillance was launched two years ago as a modern and cost-efficient solution with usability and flexibility as key qualities. It was recently selected by Deutsche Börse Group for their Xetra and Eurex markets. A total of nine markets have chosen it to monitor trading in instruments as diverse as equities, futures and options, CFDs, FX, and energy contracts.