TRADExpress RealTime Clearing

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Equipped to handle the radically growing demands on clearing and risk management and support business development, TRADExpress™ RealTime Clearing is a high-performance solution that manages risk and settlement over multiple asset classes. The solution handles exchange-traded and OTC instruments—both central counterparty and bilaterally cleared.

The system is based on the TRADExpress™ Platform, proven in some of the world’s most demanding marketplaces. Scalability, redundancy, and extensibility are key strengths. Capacity can be increased easily by partitioning in several dimensions via reconfiguration (without any code modification).

TRADExpress RealTime Clearing can be ordered as hosted and fully managed by Cinnober’s experienced service organization.

Key Features

  • Capacity to manage millions of accounts and thousands of transactions per second at market-leading low latency.
  • Position keeping, margin calculations, collateral valuations, and stress testing are performed in real time as well as cross-margining, pre-trade risk controls, and what-if scenarios. 
  • Plug-in architecture enables swift implementation of new instruments and multiple risk methods. The system includes the Standard Portfolio Analysis of Risk (SPAN)* and Value at Risk (VaR) models. Other algorithms can be implemented efficiently as plug-ins. 
  • Unique settlement structure facilitates both real-time gross settlement and multiple netting models.
  • Support for both omnibus and end-client clearing with margin calculations down to final investor level.
  • Rapid set up of the structure that best supports the business model, member model, and account structure of the clearing house.
  • User-configurable web-based interface for clearing operators, clearing members, and clients.
  • High-performance data storage with reporting.
  • Supports standard protocols such as FIX and SWIFT.

* ‘SPAN’ is a registered trademark of Chicago Mercantile Exchange Inc., used herein under license. 

Key Benefits

  • Gives a real-time view of clients' risk across multiple markets and asset classes
  • Enables collateral-smart service with cross-margining and real-time collateral valuation
  • Supports rapid product development and addition of products
  • Exceptional performance and capacity to handle a very large amount of accounts, and calculate risk down to the final investor level
  • Rapid set up of the structure that best supports the business model, member model, and account structure of the clearing house 

Product/Service details