Builds Confidence In Markets

Scila is a fintech company from Stockholm, Sweden, founded in 2008. Scila has customers around the globe and has been tremendously successful and profitable from the start. Our mission: support investor confidence by providing tools to all market participants to identify market abuse, risk or financial crimes quickly and effectively.

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Our Philosophy

The company Scila was founded early 2008. All of the founders have a background either from surveillance departments or working with high-throughput transactional technology within the financial industry. Throughout the rapid growth of the Scila company a strong focus has been maintained on the recruitment of top-talent. 

This solid base of superior domain and technology knowledge has been combined with a strategy of independence from any market participant and no reliance on external capital. This very deliberate strategy gave Scila both the focus and freedom to develop innovative products that deliver true value to the customer.

Scila embraces the customer not only as the ultimate arbitrator of excellent products within surveillance and risk but also recognizes feedback and discussions with the customers as the valuable commodity it is. Scila considers the deployment of Scila Surveillance, Scila AML and Scila Risk at a new customer not an end in itself but as the starting point of a long partnership where the delivery of excellent support is just as important as the product itself.

Scila Surveillance, Scila AML and Scila Risk installations around the world constitute an important part of the overall structure at regulators, exchanges and firms that uphold market integrity, build confidence in markets and ultimately protect end investors.

Target Audience

Exchanges and Trading Venues

Confidence is fundamental for an exchange, and Scila technology is used by some of the leading exchanges and trading venues around the globe. Users include New York Stock Exchange and Deutsche Börse (Eurex and Xetra) among others.

Scila Surveillance is a high throughput real time system which can process millions of transactions per second. Clients can choose from a selection of 100+ alert rules and reports which can be customized to set up the optimal trade surveillance tool for every individual need.

Scila Risk gives the exchange a real time view of positions, sensitivities and portfolio risk. The risk calculations can either integrate with the clearing house risk system or provide a second opinion risk figure using a different algorithm. Risk calculations from different clearing silos can be integrated to give a cross-asset view.

Market Participants and Brokers

With new legislation and regulatory framework such as Market Abuse Regulation (MAR), REMIT and MIFID 2 there is an increased pressure on market participants (such as banks, trading firms and investment firms) and brokers when it concerns market surveillance and risk.

Scila Surveillance is a real time market surveillance system used by market participants and brokers trading a wide range of asset classes globally. A wide selection of industry standard alert rules and standard protocols for connectivity ensures a smooth implementation.

Scila Risk calculates position values and sensitivities in real time using several price models in parallel. Portfolio risk can also be calculated with different algorithms or different algorithm configurations in parallel. Risk calculations are continuously backtested against observed price changes. What-if calculations can be used to find the effect of a trade, market shift or risk model change and to predict margin requirements.


Regulatory Authorities in both financial and energy markets can use Scila Surveillance to monitor and prevent abuse by consolidating multiple platforms and exchanges to get a consolidated view of all transactions which fall under their jurisdiction.

Scila Risk provides regulators with a cross-exchange view of market participant risk. Portfolios can be aggregated or split in time, instrument or corporate hierarchy dimensions. Risk calculations can be made using historical positions and market data.

The systems are industry standard solutions by both exchanges as well as market participants. Output in the form of alerts, graphical analysis and transaction data can easily be exported into presentable evidence.

Scila Surveillance™

Scila Surveillance™ is a turnkey market surveillance solution for exchanges, trading participants and regulators that seeks to apply modern technology to obtain a seamless route from early detection of market abuse to presentable evidence. The solution covers all asset classes and market models and has been deployed for over 50 clients in more than 30 countries since 2008.

Scila’s trade surveillance meets the demands from the modern trading environment and changing regulatory landscape, Scila Surveillance not only monitors for traditional market abuse scenarios such as Spoofing, Layering and Insider Trading, but also for high frequency trading, pattern recognition (based on a wide range of trading statistics) and best execution compliance. Scila’s trade surveillance solution also allows for cross-market monitoring over all asset classes.

Scila Surveillance™ delivers shorter time-to-market, lower total cost-of-ownership and improved user experience. The result is a flexible and highly efficient solution with standardized connectivity protocols, capable of handling billions of transactions every day. The system can be deployed both on-premise or as a hosted option, including full application management. Scila delivers a technology that has proven to be extremely successful for some of the most demanding financial markets clients in the world.

In production asset class coverage include:

• Equities
• Equity Derivatives
• Exchange Traded Products
• Energy and Emissions
• Commodities
• Fixed Income
• Money Markets
• Foreign Exchange
• Cryptocurrencies

In production market model coverage include:

• Continuous Trading / On Exchange
• Over the Counter (OTC) / Off Exchange
• Voice Trading
• Request for Quote (RFQ)
• Auctions (including Open/Close, Fixings, Auxiliary Matching)
• Hybrid models based on combinations of the above

Equities and Derivatives Trading

Scila Surveillance includes Equities and Derivatives markets specific functionality such as the ability to overlay and consolidate fragmented markets (e.g. instruments traded on multiple exchanges / MTFs), use news feeds and e-communication data to detect Insider Trading and Front-Running, visualize Options series and Derivatives versus underlying Instruments and a wide range of specialised Derivatives alert rules.

Energy and Commodities Trading

Scila Surveillance includes Energy and Commodities markets specific functionality such as position monitoring, cross-market/product alert rules, merit order curve replay, visualization of auctions, powerful what-if analysis and standardised trade reporting. The system is designed to monitor trading of energy products in accordance with both Market Abuse Regulation (MAR) and the Regulation on Energy Market Integrity and Transparency (REMIT). Energy and Commodities trading clients include regulators, brokers and exchanges.

Fixed Income Trading

Scila Surveillance includes Fixed Income specific functionality such as Request for Quote (RFQ) and specialised auction support, theoretical pricing (used in both alert rules and overlays) and the ability to use historical reference and market data as benchmark for illiquid instruments. Fixed Income trading clients include exchanges and some of the largest Inter-Dealer Brokers globally.

Foreign Exchange Trading

Scila Surveillance includes Foreign Exchange specific functionality such as Request for Quote (RFQ), Streaming quotes, monitoring, abuse of last look, Front-Running, heat map and relation trading graph. The system fully supports Spot, Futures, Options and combinations (e.g. strategies) and can process millions of transactions per second in real time. Foreign Exchange trading clients include exchanges, large dealer platforms and brokers. The system also fully supports the monitoring of cryptocurrencies as part of the asset class coverage.

Scila Risk™

Scila Risk™ is a modern risk solution for market participants and operators. It offers a real-time view of position valuations and portfolio risk and lets users drill down calculations all the way to the underlying market data.

Scila Risk™ has been designed to support all types of asset classes, and the instrument library is continuously extended. Scila Risk supports both standardized exchange traded instruments and OTC deals and captures cross effects between standard and OTC trades.

Scila Risk™ lets users set up and monitor limits on all data that is processed or calculated by the system. Users can perform what-if simulations to see the effect of a hypothetical trade, a market shift or a model change. Risk results are continuously validated against observed market changes to identify problems in the risk models.

Scila Risk™ offers a modern web-based graphical user interface that removes the need for locally installed client applications. Scila Risk is built using microservices that communicate using standard technologies, which makes it easy to integrate Scila Risk in an existing environment and re-use existing price models or risk algorithms. The system can be deployed both on-premise or as a hosted solution.

Supported operations:

• Real-time position valuations
• Real-time portfolio risk calculations
• Real-time margin algorithm
• Portfolio slicing and aggregation
• All asset classes in one screen
• Time warp portfolios or market data
• What-if calculations (modified trades, market data or models)
• Scheduled or ad-hoc calculations
• Drill-down analysis
• Limit monitoring
• Model validation

Position limits monitoring

The Scila Risk system has built-in real-time position limits monitoring and reporting that supports multiple use cases:

• ESMA (MIFID II) position limit regime for commodity derivatives. The system supports both lot based and energy delivery (e.g. MWh-conversion and load type) based limits and is capable of separating spot and other months.
• Exchange position limits including hedge exemptions and diminishing balance contracts.
• U.S. Federal position limits (spot month and all-months combined)
• Custom position limits can be defined at a fine grained level such as company wide, trading desk, trader.

Supported standard instrument types:

• Equities, equity options
• Index futures and options
• Commodity futures and options
• Interest rate futures
• Bonds and bond futures
• F/X futures

Supported OTC trade types:

• Forward rate agreements
• Interest rate swaps
• Credit default swaps
• F/X forwards
• Flex Options

Risk capabilities capabilities within the energy market:

• Full coverage for both physically and financially settled standard and non-standard energy products
• Pricing algorithms tailored for the energy market
• Curve calibration of energy market products
• Drill down capability into the projected future delivery structure, down to hourly granularity, and associated metrics, e.g. price and profit-and-loss
• Risk and position limits models with full support for energy products
• Real-time initial margin capabilities with support for the European Commodity Clearing (ECC) margin methodology

Scila AML™

Preventing money laundering and terrorist financing remains a top priority of governments and global financial regulatory bodies. Escalation of these financial crimes has raised the need to comply with an increasingly stringent and complex regulatory climate.

This, in turn, demands effective and precise AML-solutions to facilitate detection for financial institutions to avoid being exposed to illegal activities while at the same time reducing cost of compliance.

Scila AML™ addresses these premises through accurate, automated surveillance which enables analysis and investigation of suspicious transactions and trading misconduct. The solution allows end-users to comply with regulation while detecting and managing fraudulent actions.

Scila AML™ is based on the same core as Scila Surveillance and provides both high-throughput real-time and historical processing of transactions and trade data through refined algorithms, producing AML-specific alerts and case reports for further investigation via fully integrated case management. Furthermore, Scila AML consists of benchmark alert rules that are based either on dynamic type of data, calculated on demand, or based on statistics and historical trends. The user is then able to follow benchmark statistics, take action and visualize through time series view, relationship graph and other tools.

Scila AML™ includes a flexible and configurable alert system which provides the ability to set up specific AML-rules according to the end-user’s explicit preferences and needs. Scila AML consists of AML-specific alert rules, covering specific potential anti-money laundering scenarios, such as high-volume deposits/withdrawals during a certain timeframe as well as private securities transactions. The specific parameters linked to the Scila AML alert rules, for instance check period, risk class, booking type or number of bookings, has the ability to cover multiple scenarios providing a high level of flexibility.

Scila AML™ supports sanction monitoring and sanction screening. It has built-in support for all major sanction lists including the OFAC SDN and EU Sanction list. It also supports the integration of custom sanction, PEP or Terrorist Lists / Data Sources with full support for similarity and fuzzy matching algorithms and custom scoring.

Scila Buy-Side Compliance™

Scila Buy-Side Compliance helps buy-side firms to comply smarter with an agile regulatory landscape.

Scila Buy-Side Compliance™ is a holistic compliance monitoring solution for asset managers, investment firms and buy-side firms that seeks to apply modern technology to obtain a seamless route from early detection of suspicious transactions and insider trading to presentable evidence. The solution covers all asset classes and market models. During 10+ years of delivering market surveillance solutions to the most demanding customers in the world, Scila has vast experience of processing and integrating a wide variety of different types of data. Scila Buy-Side ComplianceTM leverages proven technology to provide a state-of-the-art compliance monitoring solution for buy-side firms.

Scila Buy-Side Compliance™ is an easy-to-manage solution, with a modern web-based user interface, including functionalities ranging from Trade Surveillance to Personal Account Dealing (PAD) and Transaction Cost Analysis (TCA),  creating a full-suite compliance platform. The users have the ability to investigate suspicious market activity, such as Insider Trading, Front Running, Portfolio Pumping, Window Dressing and other misconduct. The solution also comes with a fully integrated case management system. The case management system facilitates full documentation from alert generation to final disposition. Additionally, the Personal Account Dealing-module allows for making preclearance requests prior to execution.

Scila Buy-Side Compliance™ delivers shorter time-to-market, lower total cost-of-ownership and improved user experience. The result is a flexible and highly efficient solution with standardized connectivity protocols, capable of handling a wide variety of data. The system can be deployed both as a cloud-based SaaS option or on-premise.

Success Stories

Deutsche Börse Group

Deutsche Börse Group, one of Europe’s largest exchange groups and global leader in derivatives trading, is using Scila technology for real-time surveillance of all trading activity conducted on Eurex, Xetra and 360T. Deutsche Börse Group has used Scila surveillance technology since 2010.


• Real-time market surveillance of Xetra (Equities), Eurex (Derivatives) and 360T (Foreign Exchange)

• Scila Surveillance process up to 5 billion messages daily

Customer Examples


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Customer locations

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