Trading Venues

Burgundy and HKMEx sign up to new surveillance tool

Burgundy, a Nordic multilateral trading facility, and the Hong Kong Mercantile Exchange (HKMEx) have signed up to Scila Surveillance, a new market surveillance tool jointly developed by systems provider Cinnober and technology firm Scila. The firms said the new system can be implemented on any trading system on the market.

Scila Surveillance is designed for exchanges, banks and regulatory bodies. According to the two firms, the focus of their partnership was to develop a solution with a shorter time-to-market, low cost of ownership and improved usability compared with other surveillance systems.

“Confidence is one of the most important assets for any marketplace and where a modern and effective market surveillance tool is a key component”, said Olof Neiglick, CEO of Burgundy, in a statement. “I’m impressed with the Scila system, especially the connectivity solution, which allows for a quick and efficient implementation.”

Lieven Van den Brande, chief information and operations officer at HKMEx, added, “The short implementation process and seamless integration with the trading engine were key considerations in choosing a surveillance tool when building our new marketplace.”

Scila is a newly founded Stockholm-based company, in which Cinnober has a minority stake.