Cinnober Offers 'OTF-in-a-Box'

Market platform provider Cinnober has released a hosted organized trading facility (OTF) platform, TESS OTF, aimed at organizations that do not have the resources to develop matching systems internally, according to vendor officials.

The new software-as-a-service (SaaS) offering incorporates surveillance mechanisms into the package, as per European regulatory requirements. Transaction volume capability can be scaled according to need, and add-on functionality is available through the service, say officials

"This release now makes it easier for European market participants to get off to a flying start implementing Mifid II-compliant services, and in a very cost-efficient way," says Nils-Robert Persson, executive chairman at Cinnober. 

The draft rules for the second round of Markets in Financial Instruments Directive (Mifid II) mandates OTFs as regulated entities, incorporating broker crossing networks and other areas that were outside of Mifid's original regulatory framework. The draft has been sent for debate in the European Parliament, with an expected ratification date of 2014 at the earliest.