Turquoise selects surveillance technology

Stock trading venue Turquoise has chosen a combination of Progress Software and Detica to provide its business critical real-time market surveillance system.

Turquoise, which was set up by leading investments banks, is building its technology platform in readiness to go live as an exchange in September.

Turquoise chose Cinnober to provide its core trading platform provider in October

It was set up to take advantage of the Markets in Financial Instruments Directive (MiFID), which removes the "concentration rule" across Europe, which states that trades should go through local exchanges.

Eli Lederman, chief executive of Turquoise said, "Market surveillance is a vital requirement for any stock exchange. By choosing the Apama platform and deploying Detica's expertise, we also gain a very flexible system. This will allow us to add value to the market data we collect and offer further client services, such as detailed analysis of transactions and a better understanding of price improvement and performance."