Press release
LME appoints Cinnober to develop matching and registration system as part of an integrated technology platform
The London Metal Exchange has today agreed contract terms with Cinnober Financial Technology AB to design and build a new electronic matching and registration system for the LME and to take forward the LME’s electronic trading platform, LME Select.
Both projects will be completed and implemented in the fourth quarter of 2003; the total initial order value is £ 2 million.
The systems will be custom developed leveraging Cinnober’s proprietary TRADExpress platform. TRADExpress is a Java-based scalable framework for the development of applications for financial and commodity trading. The framework handles the connection of external and internal customer groups in a secure and efficient way.
Commenting today, Simon Heale, LME chief executive said:
“We have identified matching and registration as a key business area where we can improve the efficiency and effectiveness of our service to our member firms. Providing this service in-house will do away with a great deal of complexity associated with our trade types due to the unique nature of our market. Back office systems, including reporting systems to the LME will become automatic and savings for members will be considerable. The systems will be highly flexible with users being able to use Internet technology in addition to fixed private lines. Members who use LME Select will benefit from integration with an enhanced electronic trading system.”
Nils-Robert Persson, Chairman of the Board at Cinnober said:
“We are very proud to have been assigned by one of the world’s best known exchanges to provide their new trading technology. It has once again been confirmed that our choice of technology is the choice of the future, helping us provide better, more cost efficient systems. We see all our clients as partners, working in close cooperation with them to develop what they expect, on time. We believe this is the only way to build long-lasting relationships.”
Cinnober Financial Technology AB
Cinnober Financial Technology AB was founded in 1998 with a vision to develop a flexible and fast platform for financial transactions, using the possibilities that Java and the Internet enables. Since then, the company has grown to employ over 55 people. The company’s major competence is in exchange systems, trading applications and Internet solutions. The company is and has been profitable since day one. Cinnober has a strong capital base and is well prepared for future development. For more information, please visit www.cinnober.com.
LME
1. The LME is the world’s largest non-ferrous metals futures and traded options Exchange.
2. It trades by open outcry, through an electronic platform LME Select, and through a 24-hour inter-office telephone market.
3. The LME turns over contracts with a value of more than $2,000 billion each year and contributes some £ 250 million in invisible earnings each year.
Cinnober Contact:
Peter Fredriksson
+46-8-503 047 40
peter.fredriksson@cinnober.com