LME taps Cinnober to upgrade electronic trading platform
(Thomson Reuters ONE) -
Cinnober has won an upgrade order for the London Metal Exchange's (LME)
electronic trading platform, the LMEselect.
Back in 2003, Cinnober delivered its first version of the LMEselect platform,
based on the Swedish supplier's TRADExpress technology. During the period of
cooperation between the LME and Cinnober, electronic trading has grown from 2%
to over 70% of the LME's market volume.
"The LME is the world's premier base metal market. In order to keep up our
momentum and stay at the forefront we have a strategic need to provide
industry-leading performance and reliability in terms of technology", says
Michael Warren, CTO of the London Metal Exchange. "Our long-term partnership
with Cinnober has been successful for years, and we're now looking to take
LMEselect to the next level."
The LMEselect is now upgraded from TRADExpress 5.8 to version 8.0, which was
released earlier this year together with impressive benchmarks and an extensive
feature package. The new version will be implemented at the LME later this year.
"The LME brings an entire new level to the commodity exchange businesses," says
Nils-Robert Persson, Executive Chairman at Cinnober. "The type of capacity,
functionality and low latency provided through this upgrade can't be found
anywhere else in this business. We're proud to work closely with such a
prominent trading venue as the LME, with hundreds of years of successful
business yet with the clarity of vision that it takes to meet the future."
Cinnober is the leading independent provider of marketplace technology,
delivering solutions for trading, market data distribution, market surveillance,
clearing and real-time risk management. The company has an impeccable track
record of supplying advanced solutions to prominent trading venues such as 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 AB
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
About the London Metal Exchange
The London Metal Exchange is the world's premier base metals market. It offers
metals price risk management tools including futures and options contracts for
aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel
billet, plastics and the minor metals - cobalt and molybdenum. Last year, the
total value of trading was $7.41trillion and the Exchange currently has 5.96m
tonnes of material on warrant in 633 storage facilities across 39 locations
globally.http://www.lme.com/
[HUG#1420231]
Press release (PDF): http://hugin.info/139660/R/1420231/369856.pdf
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2010 - 14:00 Uhr
Sprache: Deutsch
News-ID 21706
Anzahl Zeichen: 0
contact information:
Town:
Stockholm
Kategorie:
Business News
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"LME taps Cinnober to upgrade electronic trading platform"
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