Spanish MTF PAVE chooses Cinnober as technology partner
(Thomson Reuters ONE) -
PAVE Platform announces today the choice of Cinnober Financial Technology as the
future technology partner for its new ultra-fast marketplace focusing on Spanish
listed equities and ETFs.
This new Spanish MTF has aggressive plans to gain market share in the Iberian
trading community for equities - one of few major markets in Europe where
deregulation and increased competition have yet to arrive. The culmination of a
long and deliberate evaluation in their choice of technology is a major
milestone.
"The proven ability of Cinnober to successfully empower marketplaces with
cutting-edge technology is outstanding," says Javier Tordable, CEO and founding
partner of PAVE. "We have done a comprehensive analysis of all existing
suppliers in the industry and Cinnober stood out as the ultimate alternative".
The solution provided by Cinnober will be based on the TRADExpress Streamlined
Services, TESS. This is a flexible Software as a Service offering, giving both
new and established trading venues quick access to proven trading and
surveillance technology on a subscription basis. Its core is Cinnober's
TRADExpress Trading System, a multi-asset execution system used in demanding
equities, commodities and derivatives markets. It delivers market-leading
performance in terms of speed and throughput and can easily be extended and
scaled up on demand.
"PAVE has been conceived to attract international traders and increase both the
efficiency and liquidity in Spanish equities," continues Tordable. "Choosing
Cinnober after our thorough analysis of the exchange technology industry is key
for us to support such a strategy, leveraging on their state-of-the-art, low
latency, and resilient trading platform. We have of course seen what they have
done for marketplaces such as Alpha in Canada, and are excited now to partner
with Cinnober to bring their expertise into the Spanish equities market as soon
as possible"
PAVE stands for Plataforma Alternativa De Valores Españoles (Alternative
Platform for Spanish Securities) and was conceived in August 2010 as a project,
and December 17, 2010 as a company, in order to bring the benefits of
competition to the Spanish equities market. PAVE will be the first Spanish MTF
with support, ownership and governance of Spanish market participants and based
on international trading, clearing and operations, aiming to launch during the
first quarter 2012.
"I am very pleased to welcome yet another competitive alternative to incumbent
marketplaces in Europe", says Nils-Robert Persson, Executive Chairman of
Cinnober. "When PAVE revealed their plans, we saw a great match with our TESS
offering. Once again we have proven ourselves able to provide customers with the
most competitive alternative."
Cinnober provides high-transaction trading and clearing related systems to a
number of leading venues around the world. These include innovative solutions
for leading exchanges such as the Chicago Board Options Exchange, Deutsche
Börse, London Metal Exchange and NYSE Liffe. TRADExpress technology also power
new initiatives and alternative trading venues such as Alpha Trading Systems,
Burgundy and Markit BOAT.
For further information, please contact:
Nils-Robert Persson Javier Tordable
Executive Chairman CEO - Founding partner
Cinnober Financial Technology AB PAVE Platform, S.A.
Tel. +46 70 552 52 28 Tel. +34 93 228 78 10
About PAVE
PAVE, the alternative trading platform for Spanish securities, was conceived in
August 2010 with the aim to provide liquid, efficient, ultra-fast, secure and
international trading of Spanish stocks. Headquartered in Barcelona, it has
operations in Madrid and is Spain's first alternative trading platform. PAVE was
incorporated as a limited liability company in December 2010 and aims to become
operational by first quarter 2012. For additional information,
seehttp://www.paveplatform.com/en
About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and
clearing venues. Cinnober'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, Eurex, Hong Kong Mercantile Exchange, London Metal
Exchange, Markit BOAT, NYSE Liffe and Quadriserv. For additional information,
please visitwww.cinnober.com.
Press release (PDF):
http://hugin.info/139660/R/1521679/457870.pdf
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(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#1521679]
Unternehmensinformation / Kurzprofil:
Datum: 07.06.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 55358
Anzahl Zeichen: 5897
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Spanish MTF PAVE chooses Cinnober as technology partner"
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