Athens Stock Exchange buys surveillance platform
The Athens Stock Exchange has chosen a new surveillance system that it says will help it cope with new European financial regulations, including MiFID II and EMIR.
The exchange will use Cinnober’s Scila Surveillance software, which was specifically designed for exchanges. It is a multi-asset class system and was built using open standards, which the vendor says means a low total cost of ownership. The system has already been used by other exchanges, including Germany’s Deutsche Börse, Eurex and the Stock Exchange of Thailand.
The Athens exchange trades both equities and derivatives. It also provides technical trading capacity to other exchanges, including the Cyprus Stock Exchange.
“The selection of Cinnober provides unique opportunities when it comes to implementing a strong surveillance methodology to multiple financial trading actors,” says Dimitris Karaiskakis, Chief Operating Officer at Hellenic Exchanges Group. “Following the integration of our cash and derivatives markets into a single trading engine, our ambition is to use advanced surveillance capability that would allow efficient real-time monitoring of all traded instruments, including equities, bonds, ETFs, warrants, futures and options on the same or correlated underlyings.”
Hellenic Exchanges Group was created in 2000 to bring the newly-formed Athens Derivatives Exchange and the stock market together under a single holding company. The group also owns the Athens Derivatives Exchange Clearing House.
Earlier this year Hellenic Exchanges opted to satisfy EMIR trade reporting rules for its derivatives market using delegated reporting services from the London Stock Exchange‘s UnaVista subsidiary.