The China Foreign Exchange Trade System (CFETS) has signed a multi-year licence agreement with Cicada, a software provider, for the use of the company’s data management and dissemination platform, Cicada Composer. The two organisations are working on the development and implementation of the data solution.
CFETS says it selected Cicada Composer to strengthen its financial market data dissemination capabilities. Composer will give CFETS increased performance and scalability, as well as flexibility in product development and distribution to data vendors and directly to trading participants, says CFETS.
“In our search for a suitable data technology, we carried out an extensive evaluation of different providers," says Xu Zai Yue, general manager, technical research and development department, CFETS. "At the end of that process, we selected Cicada because of the proven track record of its Composer platform and the company’s development team,” he explains.
“Cicada Composer will help CFETS accommodate the growth rates expected in the China markets and enable the organisation to offer a greater range of products and services,” comments Richard Leung, chief technology officer, Cicada.
The solution is expected to go into production in the first quarter of 2008.