Swap-trading marketplace Javelin — which recently received provisional regulatory approval to operate as a swap execution facility (SEF) — has strengthened its trading platform with the integration of Scila Surveillance from independent technology supplier Cinnober. The Scila surveillance system enforces market integrity as required by the Dodd-Frank Act 2010.
“Our priority is to implement a market surveillance system that not only meets the monitoring requirements of the SEF new regulations, but also exceeds Javelin’s own internal expectations of high levels of trading integrity to protect its customers,” says James Cawley, CEO of Javelin. “Because of new rules, the OTC derivatives marketplace has already begun to transition to transparent swap execution venues. This transition means that market participants will now enjoy new levels of market transparency and fair dealing on regulated SEFs. Javelin is pleased to partner with Cinnober, a clear market leader in market surveillance technology, and deploy its Scila Surveillance system for trading on Javelin.”
Scila Surveillance is a market surveillance system designed for marketplaces and regulators. The solution has achieved great success, thanks to its flexibility, its ability to handle a variety of instruments, ease of use, short implementation time and the use of open standards technologies, resulting in a low total cost of ownership for the customer.
"The new regulations require scalable surveillance technology that can handle the entire monitoring process, from the identification of market abuse to presentable evidence," says Cinnober's CEO Veronica Augustsson. "With Scila Surveillance, we offer a proven concept that can be easily customized for any type of financial actor".
About Javelin Capital Markets
Founded in 2009, Javelin Capital Markets, LLC (www.thejavelin.com) is a derivatives execution platform for Interest Rate Swaps and Credit Default Swaps. Javelin offers both anonymous electronic and voice-hybrid methodologies for trade execution. Javelin works with several execution partners to ensure optimal liquidity for its diverse customer base. Javelin is one of the first platforms to register as a SEF, or Swap Execution Facility, under the Dodd Frank Act with the CFTC.
About Cinnober Financial Technology AB
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are based on the TRADExpress™ Platform incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance. Cinnober’s surveillance offering is powered by technology from Scila AB. Cinnober’s customers include BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, Eurex, London Metal Exchange, LME Clear, Markit BOAT, MarkitSERV, NYSE Liffe and Stock Exchange of Thailand. For additional information, please visitwww.cinnober.com