Press release
Toronto, Ontario – Alpha Trading Systems today announced the selection of Cinnober Financial Technology AB, the Swedish technology provider, as its partner for supplying the trading platform technology. “The confirmation of this partnership represents another key step in the development of our alternative trading system” said Alpha Trading Systems CEO Jos Schmitt. “Cinnober’s state-of-the-art technology will provide Alpha with a highly advanced and flexible trading platform to deliver high velocity/low latency trading to the market.” Alpha’s decision to partner with Cinnober has come at the completion of a thorough due diligence process whereby multiple different trading platforms were considered. “Multiple large scale production-like benchmarking exercises were performed that allowed to confirm that the platform behaves in line with today’s and tomorrow’s industry expectations”, continued Jos Schmitt.
Stockholm-based Cinnober’s trading technology is based on its TradeExpress platform. Jan Arpi, CEO of Cinnober said “The selection and benchmarking procedures for this assignment have been rigorous. We are delighted to be entrusted to participate in such an innovative project and now look forward to helping Alpha achieve its goals. Together with last week’s announcement of our involvement in the Turquoise project this further confirms the marketplace’s trust in the excellent quality of the TRADExpress platform.”
Set to launch trading activities during the second half of 2008, Alpha Trading Systems moved into its permanent offices this week at 70 York Street, officially transitioning from the previous “Project Alpha” designation. Jos Schmitt stated that “The transition of Project Alpha to Alpha Trading Systems, the confirmation of our key technology partner, the successful completion of hiring the majority ofour staff, and the occupancy of our new premises clearly speaks to our commitment to becoming a significant participant in the Canadian capital markets.”
About Alpha Trading Systems
Alpha Trading Systems was established in May, 2007 by nine of Canada’s leading financial institutions with the aim of increasing the country’s equity trading efficiencies and making the Canadian marketplace more globally competitive. Its ownership group consists of BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities Inc., National Bank Financial, RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
About Cinnober
Cinnober is a provider of advanced technology to financial marketplaces currently serving a number of leading markets with mission critical systems. These include the American Stock Exchange, the BOAT Consortium, the Chicago Board Options Exchange, Liffe NYSE Euronext, the London Metal Exchange and Borsa Italiana.Cinnober’s products are highly customizable and based on “TRADExpress” – a scalable, high performance, low latency platform for transaction processing. TRADExpress is 100% Java based, enabling solutions that are both flexible and hardware and database independent. Solutions exploiting opportunities within MiFID include systems for Systematic Internalization, pre- and post trade reporting and Multilateral Trading Facilities.
For further information regarding Project Alpha, visit www.project-alpha.ca.
For media information relating to Alpha, contact:
Kate McGrogan
(647) 259-0401
kate.mcgrogan@alphatradingsystems.ca
For media information relating to Cinnober, contact:
David Setters
+44 7710 271291
davidsetters@tiscali.co.uk