Cinnober Financial Technology

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Cinnober Financial Technology
Cinnober logga red RGB .gif
Founded 1998
Headquarters Stockholm, Sweden
Key People Veronica Augustsson, CEO
Employees 240
Products Exchange platforms, risk and clearing technology, market surveillance and compliance systems
Twitter @@Cinnober
LinkedIn Profile
Facebook CinnoberFinancialTechnology
Website www.cinnober.com
Releases Company News

Cinnober Financial Technology is an independent, global provider of advanced financial technology based in Sweden.[1] The firm develops trading and clearing platforms such as TRADExpress Platform as well as compliance/surveillance software. Cinnober focuses its business around developing technology, identifying new trading patterns and assisting companies in adjusting to evolving regulation. Their specialties include MiFID, ATS, risk management and trading systems development.

Cinnober develops products used by exchanges, banks and other financial institutions including Borsa Italiana, the Chicago Board Options Exchange, Deutsche Bank, Hong Kong Mercantile Exchange, London Metal Exchange, NYSE Liffe and Quadriserv. Cinnober also powers new initiatives and alternative trading systems in new international marketplaces, including Alpha Trading Systems, Burgundy, Markit BOAT and Turquoise.[2]

History

The company was founded in 1998 by four former employees of OMX and SEB (a Swedish bank). They had worked together during the 1980s at Digital Equipment Corporation, where they developed trading systems. They wanted to develop a flexible and fast platform for financial transactions using the Internet and Java.

The four founders were joined by the present chairman of the board, Nils-Robert Persson. In 2005, Cinnober sold its subsidiary CScreen Ltd. - the provider of CScreen, a price discovery platform for equity derivatives - to Euronext.liffe.[3]

Cinnober has 170 employees, most of whom have a background in marketplaces and financial IT. Offices are located in Stockholm and New York. The company's Series B shares are listed on “Alternativa Aktiemarknaden[4] (the Alternative Stock Market) and are traded twice annually, in June and December.

Press Releases

  • On September 3, 2013, Cinnober’s CEO Veronica Augustsson was included in Financial News’ “40 Under 40 Rising Stars of Trading and Technology” list for the second consecutive year.[5]
  • On March 6, 2013, Veronica Augustsson was named one of the most powerful 125 Swedish businesswomen in annual list by Swedish Magazine Veckans Affärer. [6]
  • In July of 2012 the Stock Exchange of Thailand (SET) and Cinnober announced that the newly designed trading and surveillance systems will be ready for use in equities markets during Q3 of 2012. Once installed, SET would offer increased transaction speed to support high-frequency and algorithmic trading, and provide the use of industry standard interfaces to attract other marketplaces and improve liquidity on the platform. [7]
  • In May, 2012, Cinnober announced the acquisition of Nomura’s Swedish technology development organization in Umea. The deal included 40 specialists in developing equity trading applications and platforms. [9]
  • In April, 2012, The Qatar Exchange announced that it had successfully taken Cinnober's market monitoring system, Scila Surveillance, into production. The system is designed to meet the Qatar Exchange's need for; a news alert detection program for abnormal behavior formatted to the exchange's rule book; integration of the exchange's trading engine, post-trade system and news feed and; new reports and screen features. [10]
  • In Februrary, 2012, Cinnober released, TRADExpress Index Engine, the world's fastest real-time index engine. Based on TRADExpress platform, the engine is a plug-in orientated standalone product that connects to market data feeds or directly to feeds from different trading venues, and then calculates and disseminates the indexes in real time after each updating event. It's first delivery is planned for the Stock Exchange of Thailand. [12]
  • On Oct. 29, 2010, Cinnober announced that Per-Anders Häll-Bedman as Deputy CEO, in addition to his current position as Head of Support and Operations. [18]
  • On June 1, 2010, Cinnober launched TESS (TRADExpress Streamlined Services)—a SaaS offering for trading venues comprising a hosted and managed exchange system and market surveillance. [19]
  • In early March 2010, Cinnober took another step in their aim to lower latency by releasing a new version of the TRADExpress Trading System. [20]
  • On Sept. 22, 2009, Oslo Børs selected Scila Surveillance for their derivatives market. This made Oslo the fourth market to take in the recently launched all-purpose surveillance system.[22]
  • In April 2009, Cinnober launched real-time clearing developed to meet the increased demands for high performance clearing services expected as a result of the credit crises.[25] The Financial News called it an "all-purpose system" in May 2009.[26]
  • In February 2009, Cinnober and Scila AB announced the signing of an exclusive sales agreement involving the launch of a market surveillance system. Scila is a Stockholm-based company, in which Cinnober has invested a strategic minority stake.[27]
  • In November 2007, Cinnober announced its membership in the Open MiFID Alliance (OMA). The OMA enables financial institutions to adopt pragmatic solutions to accelerate the upgrade of their IT infrastructure, and meet the regulatory requirements of MiFID.[30]
  • In 2007, CBOE (The Chicago Board Options Exchange) chose Cinnober to provide the first fully-automated electronic FLEX Options Trading System in the U.S.[33] In 2007, Cinnober developed a pre-and post-trade reporting system for Project BOAT, the group of investment banks whose members overlap with Turquoise.[34]

Products and Services

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Cinnober provides solutions and services to trading and clearing venues, such as market operators, clearinghouses, banks and brokers. All applications have a layered design with the TRADExpress Platform as the base. The platform encompasses the infrastructural components needed for conducting mission critical transactions and ensures performance in terms of low-latency and high throughput. The business logic of each specific product is added in modules on top of the platform layer. The final step is customizing the product to suit each customer’s own business model.

The customization is done in close cooperation with the customer. Scrum and other methods that enhance agility and transparency are used in the delivery process. The TRADExpress Platform is based on Java. It has a fully redundant and scalable architecture and runs with a wide choice of hardware, operating systems and databases.

Cinnober also offers managed hosting services.

Products and services include:

  • TRADExpress Trading System is marketed as a low-latency, high-throughput trading engine that meets the needs of the most demanding marketplaces within the financial, commodity and energy sectors. In March 2010, version 8.0 of TRADExpress Trading System was released. In addition to efficiency improvements in the system protocol and business logic, new deployment options were added in to version 8.0.[35] Compared to the previous version, latency has been reduced by almost 50 percent when measuring the average response time — door-to-door. The business logic latency has been lowered to 87 microseconds, compared to the previous 138 microseconds. These benchmarks have been measured in Intel's lab in the UK and more information will be jointly released by Intel and Cinnober during late March.[36].
  • TESS Connect & Go is marketed as a Software-as-a-Service (SaaS) solution for trading intensive banks and brokers that will give instant access to Cinnober’s proven exchange technology. It is suitable for the building and provisioning of execution venues such as OTFs, SIs, SEFs and dark pools.
  • Scila Compliance provides investment banks, brokers and other market participants a tool to ensure they act in accordance with regulations, market rules and internal policies.
  • TRADExpress Event System is an application with versions, one for betting and for financial event derivatives, such as binary options and range futures.
  • TRADExpress Index Engine was touted as the world's fastest real-time index engine by Cinnober at the time of its release. It connects to market data feeds or directly to feeds from trading venues, calculates and disseminates the indexes.[37]

Nils-Robert Persson John Lothian News Interview

Cinnober Chairman Nils-Robert Persson Talks About Cinnober and the Growth of Real-time Risk Management
There are some firms who are ahead of the curve and profit from it. Cinnober Financial Technology, the Swedish-based provider of electronic trading platforms was certainly one of them when it began pushing real-time risk management technology for trading and clearing platforms long before the 2008 financial crisis. Now its an integral part of the marketplace. Nils-Robert Persson, executive chairman for Cinnober, spoke with JLN editor-in-chief Jim Kharouf about the speed of execution and clearing systems, as well as what's next for the firm. Watch at JohnLothianNews.com[38]

Key People

References

  1. Cinnober Financial Technology. Cinnober.
  2. Cinnober. Intel FasterFS - The Financial Services Site.
  3. Cinnober Signs Three Major Contracts With Euronext.liffe. Bobsguide.
  4. Website. Alternativa Aktiemarknaden.
  5. Veronica Augustsson Named to 40 under 40 Trading and Tech list. Cinnober.
  6. Veronica Augustsson one of the most powerful Swedish businesswomen. Cinnober.
  7. SET ready to launch Cinnober technology. Cinnober.
  8. DGCX chooses Cinnober’s trading, clearing and surveillance technology. Cinnober.
  9. Cinnober acquires Nomura’s Swedish technology development centre. Cinnober.
  10. Quatar Exchange Launches Cinnober System. Cinnober.
  11. Cinnober Appoints New CEO. Cinnober.
  12. Cinnober Releases World's fastest Index Engine. Cinnober.
  13. Press Release. Cinnober.
  14. The world's fastest commodity exchange now fully operational. Press Release.
  15. SET awards IT contract to Cinnober. National Multi Media.
  16. Deutsche Borse Taps Cinnober New Market Surveillance Technology. Cinnober.
  17. Cinnober to upgrade Borsa Italiana’s market data dissemination solution. Cinnober.
  18. Cinnober Appoints Pers-Anders Häll-Bedman as Deputy CEO. MondoVisione.
  19. Cinnober adds SaaS exchange offering to repertoire. Finextra.
  20. Cinnober Releases TRADExpress Trading System Version 8.0. Mondovisione.
  21. TradExpress RealTime Clearing contract. Finextra.
  22. Press Release. Cinnober.
  23. Press Release. Cinnober.
  24. Article. Wall Street & Technology.
  25. Press Release. Cinnober.
  26. Cinnober takes on clearers with all-purpose system. Financial News.
  27. Press Release. Cinnober.
  28. Press release. BNet.
  29. Press release. Cinnober.
  30. Press Release. Cinnober.
  31. Turquoise decides on Cinnober’s Tradexpress. Computer Weekly.
  32. ATSs Favor Independent Tech Supplier. AdvancedTrading.
  33. Press Release. Cinnober.
  34. Press release. Cinnober.
  35. Press Release. Cinnober.
  36. Press Release. Cinnober.
  37. Cinnober Releases World's Fastest Real-Time Index Engine - Microsecond Continuous Updates With Superior Flexibility. Mondo Visione.
  38. Cinnober Chairman Nils-Robert Persson Talks About Cinnober and the Growth of Real-time Risk Management. John Lothian News.