Cinnober Financial Technology announced that the Stock Exchange of Thailand (SET) has signed a new license agreement with Cinnober for a term of seven years. The license covers a multi-asset class trading platform for SET’s equities and derivatives markets, including index calculation and data dissemination functionality, built on Cinnober’s TRADExpress technology and the Scila market surveillance system.
SET has operated successfully using the software since September 2012, with a track record of 100% uptime. During this period, the Thai exchange has strengthened its position in the market to become the most liquid equities exchange in the ASEAN region. In addition, derivatives trading volumes and open interest have grown steadily, and the business from foreign investors has increased.
“Thailand’s stock exchange has operated one of the most reliable and robust platforms in the world’s capital markets. We are proactively building platforms offering end-to-end services and seamless experience to investors and intermediaries to cope with the technology disruption and digital revolution in the world’s financial market,” said Pakorn Peetathawatchai, SET’s president in a statement. “With Cinnober’s invaluable expertise, this partnership allows us to continuously achieve the top market position in the region while introducing world-class standards and best practices to Thailand’s capital market.”
SET’s single-platform solution for equities and derivatives, called SET CONNECT, is based on Cinnober’s TRADExpress Trading System providing speed, throughput capacity and operational efficiency. By integrating these two previously separated markets, client connectivity was optimized using the global standard FIX, and combination orders introduced across the two markets. In September it was announced that Nasdaq is set to acquire Cinnober in a $190 million all-cash deal expected to close in Q4 2018.