Cinnober to provide exchange technology as a service to a new marketplace
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Cinnober, the global provider of exchange and clearing technology, has signed an agreement with a marketplace regarding service delivery of turnkey solutions covering the marketplace’s full transaction cycle, including technology for trading, clearing and surveillance. The delivery will be supplied as a managed service and the customer has requested anonymity during the pre-launch period.
“Our new customer is a marketplace active in an expanding part of the financial industry where our product portfolio fits perfectly,” says Veronica Augustsson, CEO of Cinnober. “This is a project where we will provide the customer with a highly-efficient and complete state-of-the-art infrastructure. Cinnober manages the services and technology on a day-to-day basis, freeing up the customer to focus on business development and customer relations.”
By utilizing the TESS Connect & Go SaaS solution from Cinnober the customer will be provided with leading trading and clearing capabilities based on well-proven technology on a rental basis. This means a low-risk investment, superior total cost of ownership and ability to focus fully on core business. The solution can be used for a wide variety of asset classes and is easily adapted to most types of specialized marketplaces.
“This is a large TESS-based order, where our independence combined with our project methodology are well suited to the task,” continues Augustsson. “I’m looking forward to presenting this customer in the near future. At the same time this is our sixth customer win for real-time clearing, which highlights our top supplier position in this market segment. Once more we see evidence that our industry’s relationship to real-time clearing is in the middle of a paradigm shift.”
Cinnober is an independent, world-leading supplier of financial technology to marketplaces and clearinghouses. The client list consists of major global players with extreme demands for reliability and performance, including names such as BM&FBOVESPA, Dubai Gold & Commodities Exchange, Johannesburg Stock Exchange, London Metal Exchange, LME Clear, Quadriserv, MarkitSERV and the Stock Exchange of Thailand.