TurkDEX Selects and Deploys Aleri’s CEP Software for its Dynamic and Robust Surveillance System to Monitor Its Trading Platform
– TurkDEX deploys CEP technology to meet aggressive business objectives and regulatory requirements
LONDON & CHICAGO–(BUSINESS WIRE)– Aleri Inc., the Continuous Intelligence™ company and a leading provider of enterprise-class complex event processing (CEP) technology and CEP-based solutions, today announced that TurkDEX, the first and only private derivatives exchange in Turkey with a license from the Capital Markets Board to trade derivatives instruments, has chosen and deployed Aleri’s Coral8 CEP Engine for high volume, high-speed trading surveillance applications. These applications will allow TurkDEX to deliver a trusted, secure trading environment that help individuals and institutions better manage risk.
As the first private exchange in Turkey, according to market statistics, TurkDEX is the world’s third rapidly growing derivatives exchange during the first half of 2009 and offers members and investors the only domestic trading platform for trading derivatives, primarily futures contracts. Total daily trading volume records are consistently broken at TurkDEX, a clear indication of the growth and solidification of the derivatives trading market in Turkey. On October 30th, 2009, TurkDEX’s daily trading volume totaled 2.1 billions USD, establishing an all-time record in daily trading volume.
“The complexity of the surveillance application goes well beyond basic analysis of market and trade data, with positions, margin requirements and profit/loss continuously recalculated and populated across all accounts at market speeds” said Abdullah Akoglu, Lead Development Engineer of TurkDEX. “The combination of simplicity and power provided by the Continuous Computation Language and the rapid integration capabilities of Aleri’s CEP software, gave our developers the critical tools to create the sophisticated applications in extremely challenging schedules to meet regulatory and corporate needs.”
The TurkDEX application development team was faced with extremely short implementation schedules for the surveillance application due to corporate goals and regulatory compliance reasons. Using the Coral8 Engine, the team was able to develop and deploy the new application in the aggressive timeframes defined by the business.
Through the new surveillance applications, TurkDEX is experiencing the following benefits:
• Pattern detection identifies market abnormalities through effective real-time monitoring;
• Derivative market investments and trading volumes are increasing with the CEP-driven surveillance application creating a reliable, secure trading environment;
• The operational cost of surveillance and trade monitoring has been considerably reduced.
“We are thrilled to provide TurkDEX with critical CEP software for their surveillance solution they needed in order to swiftly detect and act upon market abuse attempts,” said Don DeLoach, CEO and president of Aleri. “We look forward to supporting the exchange establish a reliable and sustainable platform to handle the influx of derivatives trading volumes.”
About TurkDEX
The Turkish Derivatives Exchange is currently the only derivatives exchange in Turkey. Since trading at TurkDEX started in February 2005, TurkDEX showed a remarkable development throughout recent years. Even during the global financial turmoil in 2008 TurkDEX’s trading volume (contracts traded) increased by 119% compared to the previous year. Comparing the YTD trading volume of October 2009 and 2008 an increase of over 54% was achieved at TurkDEX. Providing an efficient, safe, fair, transparent, investor-friendly trading platform and a dynamic online real time risk management system, TurkDEX continues to establish records in trading volume.
Turkdex is currently offering futures contracts, including the ISE-30 index futures contract which is the most liquid Turkish financial instrument and other instruments such as index futures (ISE-100, ISE-30), currency futures (TRYDollar, TRYEuro), interest rate futures (T-Benchmark) and commodity futures (Gold, Cotton, Wheat). Moreover, TurkDEX is continuously working towards introducing further futures contracts on different underlying assets as well as options contracts for the first time in Turkey.
With the latest downturns in the global markets, the need for risk management has been felt to a great degree. During this time TurkDEX profited from its sound risk management applications, such as account based pre-trading margining. At Turkdex, margins are checked before order matching, which enables the exchange to eliminate any counterparty risk by not matching orders with insufficient margins amounts. Adjusting margin levels to current market conditions on a regular basis, TurkDEX’s pre-trade margining system enables to constrain the risks taken by the investors. Moreover Takasbank, the central clearing institution in Turkey, which is complying with the “Eligible Foreign Custodian” definition of the US SEC (Securities Exchange Commission) and is recognized by the UK SFA (Securities Futures Authority) as an “Approved Depository” and an “Approved Bank.”, operates as the clearing house of TurkDEX acting as the counterparty for each transaction at TurkDEX. For more information, visit www.turkdex.org.tr.
About Aleri
Aleri enables Continuous Intelligence™ so that businesses can react faster to changing conditions and make better decisions based on more timely information. Aleri’s cutting edge, enterprise-class complex event processing (CEP) technology provides a platform for rapid development of high performance applications that can analyze and respond instantly to high-volume, high-speed data to minimize risk and increase competitive advantage. In March of 2009 Aleri merged with Coral8, combining two leading providers of CEP technology to expand market reach and increase the speed of innovation for next-generation, real-time event processing technology and solutions.
Aleri also provides CEP-powered solutions that address specific challenges and enables the financial industry to respond faster to changing conditions and make better decisions through more timely information. Aleri’s CEP powered solutions include:
Aleri is a global company headquartered in Chicago with offices in California, New York, New Jersey, London, and Paris. For more information, visit www.aleri.com