SET Ready to Launch Cinnober Technology
The agreement, which was signed in June 2011, means that Cinnober will deliver several core systems to the exchange. The first phase of the project has been formally accepted by SET, and will lead to the replacement of their current trading, market data and surveillance systems within equities markets during Q3 2012. In following stages the project will also include the derivatives markets.
“The customization and implementation project has passed smoothly and both parties feel very comfortable with the result as well as the excellent cooperation,” says Javier Tordable, CEO of Cinnober. “The fact that Cinnober has delivered the first part and received full acceptance in May, means that SET will now focus on the actual launch, and we are looking forward to a continuing fruitful partnership.”
SET can thus offer superior transaction speed to support high-frequency and algorithmic trading, and provide the use of industry standard interfaces, which will make it easier to accommodate linkage with other marketplaces to attract further liquidity. Once fully completed, SET will have the capability of performing equities and derivatives markets trading on the same platform, based on Cinnober’s TRADExpress Trading System.