Turquoise, the pan-European multilateral trading facility, has deployed a real-time and post-trade market surveillance system supported by Progress Apama’s complex event processing (CEP) platform.
The system is designed to capture breaches of the equity trading platform’s trading rules and to “root out” market irregularities, thereby ensuring “fair and open” trading between market participants.
“Turquoise aspires to the highest compliance standards and requires the best technology, processes and policies to achieve that,” said Ian Werner, head of legal and compliance, Turquoise. “Technology platforms like Apama provide us with a way to compete for liquidity by showcasing our commitment to being a scrupulously fair exchange.”
“Rather than view market oversight as a regulatory burden, Turquoise has embraced surveillance technology, thus enhancing the appeal of its exchange and encouraging liquidity,” said Dr John Bates, founder and general manager of the Apama division of Progress Software. “With the Apama platform, Progress offers Turquoise the unique ability to monitor, analyse and act on trading irregularities in real time.”
Turquoise, which is backed by a consortia of nine investment banks, started trading in August and offers trading in blue-chip stocks from 13 European equities markets.
In addition to real-time monitoring, Turquoise is also using the Apama platform to provide users with detailed analyses of transactions and improved understanding of price improvement and performance. The platform was implemented with support from Detica, a specialist business and technology consultancy.