Cinnober releases OTF technology as Software as a Service
(Thomson Reuters ONE) -
"OTF in a box" ready to hit the market
Cinnober today announces the launch of TESS OTF - a Software as a Service (SaaS)
- packaged for the rising Organized Trading Facility (OTF) market.
The new offering is suited to major banks, brokers and other financial actors
that in the near future will need to implement new technology to fulfill MiFID
II, the new regulatory framework for the European financial market. It comprises
a fully hosted and managed OTF system with exchange quality including a broad
range of add-on functionality to shape and extend the service. TESS OTF also
includes fully fledged market surveillance. The capacity in terms of transaction
volumes and throughput can easily be scaled up on demand, allowing customers to
grow as their business grows.
The service pricing is based on usage in terms of capacity level, asset classes
and functions. The subscription fee covers both software license and services,
and there are no major startup costs. Time to market is usually only a matter of
weeks.
"This release now makes it easier for European market participants to get off to
a flying start implementing MiFID II compliant services, and in a very cost-
efficient way," said Nils-Robert Persson, Executive Chairman of Cinnober. "We're
happy that our experience has led to contributing a great OTF solution to this
community. This offering is an attractive alternative for people who would
otherwise have to rely on expensive internal development to create what they
need."
The original regulatory framework MiFID came into force in 2007 and restructured
the European financial markets. MiFID II adds previously unregulated OTFs to the
MiFID framework to include evolving business models such as Broker Crossing
Networks. The Commission has estimated the overall costs of the MiFID II review
at ?512 to ?732 million for one-off compliance and between ?312 and ?586 million
for ongoing costs.
The Swedish-based technology supplier Cinnober has a strong track record of
delivering customized solutions to some of the worlds most demanding trading and
clearing venues, based on the high-performance TRADExpress Trading System. TESS
stands for TRADExpress Streamlined Services and makes the company's proven
marketplace technology, including matching engine and surveillance, available as
a subscription service.
"We realized what MiFID meant to our business a couple of years ago and I think
MiFID II creates even greater opportunities for a forward-thinking supplier such
as Cinnober," Persson continues. "I'm proud over our track record in launching
new offerings that can future-proof our customer's business models against the
ever-accelerating changes of the regulatory environment."
Cinnober is the leading independent provider of marketplace and clearing
technology, delivering solutions for trading, market data distribution, market
surveillance, clearing and real-time risk management. Earlier this fall the
Brazilian giant BM&FBOVESPA chose Cinnober as its technology partner for a huge
multi-asset, post-trade and clearing project.
For further information, please contact:
Nils-Robert Persson,
Executive Chairman,
Cinnober Financial Technology
Tel. +46-(0)70 552 52 28
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, BM&FBOVESPA, Burgundy, Chicago Board
Options Exchange, Deutsche Börse, Eurex, Hong Kong Mercantile Exchange, London
Metal Exchange, Markit BOAT, NYSE Liffe, Stock Exchange of Thailand and
Quadriserv. For additional information, please visitwww.cinnober.com.
Press release:
http://hugin.info/139660/R/1570010/488124.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#1570010]
Unternehmensinformation / Kurzprofil:
Datum: 08.12.2011 - 11:56 Uhr
Sprache: Deutsch
News-ID 95180
Anzahl Zeichen: 5091
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Cinnober releases OTF technology as Software as a Service"
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