Stockholm-based financial technology provider Cinnober has launched a Software as a Service system for exchanges and marketplaces, the company said today.

The offering, dubbed TESS, which stands for TRADExpress Streamlined Services, comprises a hosted and managed exchange system with a set of add-ons to shape and extend the service, including market surveillance, according to Cinnober. The capacity in terms of number of trading members and throughput can be scaled up on demand, allowing customers to start small and grow quickly.

The service pricing is based on usage in terms of capacity level, asset classes and functions. The subscription fee covers both software license and services, and there are no major startup costs. Time to market is usually only a matter of weeks, notes the firm.

“TESS is ideal for start-up trading venues with lean, business-focused organizations, as well as small to medium sized exchanges that need to replace legacy technology with a scalable, functionality-rich solution,” said Jan Arpi, CEO at Cinnober. “With this service we offer Cinnober’s proven technology to players who need to get up and running quickly with a limited start-up cost and still get a long-term solution with the flexibility to grow. It removes the need for our customers to build their own operations department; we take care of all that for them.”

The trading system offered within TESS is a pre-configured version of Cinnober’s TRADExpress Trading System. It’s formed as a standard package, including the most common market models and trading functionality, with a complementary set of add-ons to pick from independently to adapt to current and future business needs. The standard package provides, for instance, a transparent order-driven market with one asset class, while dark pool functionality, quote management and additional asset classes can be selected as add-ons, said Cinnober.

Another available add-on in TESS is Scila Surveillance, an market surveillance system launched in early 2009.

TESS is provided from financial centers in Asia, Europe and North America.


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