Cinnober signs first order for the world's fastest real-time clearing

(Thomson Reuters ONE) -


Cinnober announces today the first customer for its clearing and risk management
offering, TRADExpress RealTime Clearing. Building on Cinnober's proven trading
platform, this system brings a new level of performance and flexibility to the
clearing and settlement process for any instrument or asset class. The customer
wishes to remain anonymous at this time.

Last year Cinnober launched a multiple asset class clearing system that
calculates risk in real time. This implies that a new risk measure is calculated
and published for each trade. Risk measurement can also be done before entering
an order, minimizing the risk of defaults. The system covers traditional
multilateral clearing as well as bilateral clearing between two members,
allowing the clearing venue to serve clients with different demands on a single
system.

"Real-time clearing is a paradigm shift for the clearing industry," says
Nils-Robert Persson, Executive Chairman of Cinnober. "We're talking abouttrue
real-time risk management where calculations are performed in milliseconds,
instead of running batches minutes or hours afterwards. Talk about change. This
is the world's fastest clearing system, and it brings a totally new level of
flexibility for clearinghouses to rapidly respond to new regulations, client
needs and market requirements, with full control of risk at any moment."

The flexibility of the system stems from an innovative member and account
structure as well as a state-of-the-art plug-in architecture, making it possible
to expand the system with such things as new products, risk models and
algorithms with short time to market. The system can run several risk algorithms
in parallel, and it is possible to add algorithms as needed. This enables
optimal risk control with thorough stress testing, and the use of different
algorithms for different instrument groups or, for example, on an inserted order

vs. a trade.

Cinnober's decision to invest in and develop this new system was taken after
analyzing major challenges facing the post-trade industry. These range from
increasing high frequency trading to the ongoing debate regarding new regulatory
measures and increased competition between clearing venues.

"We've analyzed the challenges and the needs that have developed in this market
in recent years," Persson adds. "Legacy clearing systems are not able to match
these new demands, so other customers are sure to follow."

TRADExpress RealTime Clearing is built on the TRADExpress platform running with
market leading low latency at several high transaction marketplaces, including
Alpha Trading Systems, Burgundy, the Chicago Board Options Exchange, the London
Metal Exchange, Markit BOAT, NYSE Liffe and Turquoise.

For further information, please contact:


Nils-Robert Persson
Executive Chairman, Cinnober Financial Technology AB
Tel. +46-(0)70 552 52 28




About Cinnober Financial Technology
Cinnober provides mission-critical systems to a number of leading exchanges and
trading venues, including Alpha Trading Systems, Burgundy, the Chicago Board
Options Exchange, the London Metal Exchange, Markit BOAT, NYSE Liffe and
Turquoise. Cinnober's products are highly customizable and based on TRADExpress,
a scalable, high-performance, low-latency platform for transaction processing.
TRADExpress is 100% Java-based, enabling solutions that are flexible, as well as
hardware- and database-independent. For additional information about Cinnober,
please visitwww.cinnober.com



[HUG#1386938]





Press release (PDF): http://hugin.info/139660/R/1386938/345423.pdf

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Datum: 22.02.2010 - 10:19 Uhr
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News-ID 12799
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