CEP in the competitive mix between trading exchanges

Liffe claims technology will defend against Project Rainbow
New exchange stirs up competition

By Siobhan Chapman, ComputerWorldUK

NYSE Euronext-owned derivatives exchange Liffe claims its technology and experience will defend it against the threat of a new rival, dubbed Project Rainbow, whose launch has been reported by the Financial Times. A group of Europe’s largest banks are planning to unveil the Project Rainbow trading platform for financial derivatives to compete with the region’s stock exchanges, the FT reported.
Project Rainbow will be in competition not just with Liffe but with other trading systems that are set to launch, such as Turquoise, a multi-lateral trading facility (MTF) established by nine leading European investment banks.

Last week Turquoise moved a step closer to launching after selecting Progress Software and Detica partners for a real-time trading surveillance system. Turquoise will combine Progress Apama Complex Event Processing (CEP) Platform and Detica’s market surveillance to provide surveillance data to root out trading irregularities, spot breaches of trading rules and deliver detailed analysis of trading on the platform. Cinnober Financial Technology has been chosen to supply the technology. ComputerworldUK