The Stock Exchange of Thailand (SET) has said it is on track for the planned Q3 overhaul of its equities trading, market data and surveillance systems in partnership with Swedish technology firm Cinnober.
The agreement signed by SET and Cinnober in June 2011 confirms a previous January announcement naming Cinnober as provider of several core systems to the exchange.
“The customisation 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. “SET will now focus on the actual launch, and we are looking forward to a continuing fruitful partnership.”
SET is looking to provide better transaction speeds which support high-frequency and algorithmic trading, as well as use industry standard interfaces that make it easier to accommodate linkage with other marketplaces to attract further liquidity.
Tordable said once the project is 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.
Separately, SET has promoted Kirati Kosicharoen as its new senior vice president and group head of technology products.
Kosicharoen will be responsible for managing members’ trading systems, information services and IT products development in a bit to boost overall trading activity and grow liquidity. Kosicharoen joined SET in 2002 and previously oversaw equity product development, information services and international relations for the exchange.