Hong Kong Mercantile Exchange successfully launched
(Thomson Reuters ONE) -
The world's fastest commodity exchange now fully operational
The Hong Kong Mercantile Exchange (HKMEx) has been succesfully launched as an
automated trading services (ATS) provider. The trading debut took place on May
18, 2011 with trading, post-trade and surveillance technology provided by
Cinnober.
HKMEx offers market participants, through its member firms, an electronic
platform to trade commodities. The Exchange began trading with 18 members,
including some of the world's largest financial institutions and trading firms
as well as several well-established Hong Kong brokerages.
"This trading debut marks a historical milestone while creating a liquid and
vibrant international commodities exchange based in Hong Kong, linking China
with the rest of Asia and the world," said Barry Cheung, chairman of HKMEx. "Our
approach from the beginning of this journey has been to use the most advanced
architecture, and the best versatility, functionality and performance of
Cinnober's product offerings to enable us to provide best-in-class services to
our customers."
HKMEx's state-of-the art Pearl® Trading System is based on Cinnober's
TRADExpress technology, and the fastest commodity trading platform available
today. It allows HKMEx to handle high liquidity and trading volumes on a secure
and scalable high-end platform, while providing flexibility for the rapid
development of new contracts, services and types of trading. The TRADExpress
platform also manages post-trade clearing functionalities, such as giveup,
takeup and position transfer. In addition to trading and post-trade
capabilities, Cinnober also delivers the exchange's market surveillance tool
Scila Surveillance.
"I think this launch is of utmost interest since HKMEx is uniquely positioned to
create an efficient bridge between mainland China and the international
financial community," said Nils-Robert Persson, chairman of Cinnober. "We're
proud to have delivered one of the most advanced trading systems in the Asia
Pacific region to this high-profile initiative."
The first product to be traded at the HKMEx is a 32-troy-ounce gold futures
contract offered in US dollars with physical delivery in Hong Kong. Trading
hours are between 0800 and 2300 Hong Kong Time, overlapping commodity markets in
Europe and the US. In the pipeline are standardized products that will either be
physically or financially settled, covering precious and base metals, energy and
agriculture products, and commodity indices.
HKMEx has attracted shareholders from around the globe, including China's ICBC
and COSCO Group as well as Russia's En+ Group, among others.
Cinnober provides high-transaction trading, surveillance and clearing-related
systems to a number of leading venues, including Alpha Trading Systems,
Burgundy, the Chicago Board Options Exchange, Deutsche Börse, the London Metal
Exchange, Markit BOAT and NYSE Liffe.
For further information, please contact:
Nils-Robert Persson Jan Arpi
Executive Chairman, CEO,
Cinnober Financial Technology AB Cinnober Financial Technology AB
nils-robert.persson(at)cinnober.com jan.arpi(at)cinnober.com
Tel. +46 (0)70 552 52 28 Tel. +46 (0)70 860 46 49
Aubrey Ho Raymond Ma
Director of Corporate Communications, Corporate Communications Manager,
Hong Kong Mercantile Exchange Hong Kong Mercantile Exchange
aubrey.ho(at)hkmerc.com raymond.ma(at)hkmerc.com
Tel. +852 3420 9060 Tel. +852 3420 9022
About the Hong Kong Mercantile Exchange (HKMEx)
The Hong Kong Mercantile Exchange provides a seamless, state-of-the-art
electronic platform for commodities trading in the Asia-Pacific time zone,
riding on Hong Kong's world-class financial infrastructure, geographical
proximity to China, and unique role as China's offshore renminbi centre.
HKMEx is authorised by the Securities and Futures Commission to operate as an
automated trading services provider. HKMEx trades are cleared and settled
through HKMEx-appointed clearing house LCH.Clearnet in London. Trading activity
on the HKMEx trading platform is not covered by the Investor Compensation Fund.
For more about HKMEx, visit www.hkmerc.com.
About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and
clearing venues. The Swedish-based company's solutions are based on the
TRADExpress(TM) Platform incorporating everything needed for mission-critical
solutions in terms of performance, robustness and flexibility. The portfolio of
offerings includes price discovery and matching, real-time risk management,
clearing and settlement, data distribution and surveillance. Cinnober's
customers include: Alpha Trading Systems, Borsa Italiana, Burgundy, Chicago
Board Options Exchange, Deutsche Börse, EDX London, Hong Kong Mercantile
Exchange, London Metal Exchange, Markit BOAT, NYSE Liffe and Quadriserv.
For additional information, please visit www.cinnober.com.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cinnober via Thomson Reuters ONE
[HUG#1516999]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2011 - 11:00 Uhr
Sprache: Deutsch
News-ID 54829
Anzahl Zeichen: 6184
contact information:
Town:
Stockholm
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 187 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Hong Kong Mercantile Exchange successfully launched"
steht unter der journalistisch-redaktionellen Verantwortung von
Cinnober (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
