White papers & reports
24 Nov 2013 Cinnober on Cinnober’s latest innovation captures the best of two worlds in a single state-of-the-art solution: a functionality-rich trading system with consistently low latency.
09 Jul 2013 Research Felix Grünwald and Mikael Nilsson from the Royal Institute of Technology (KTH) have examined the effects of reactively applying hedging strategies on an inherited portfolio in the aftermath of a clearing member default. Their joint thesis study was supported by Cinnober.
24 Jun 2013 Cinnober on Big data is big in many ways these days, not least within the financial industry. Our industry is fragmented, transaction-intense and made more complex by interconnected markets. Add to that the vast amount of data generated in social media. The data volumes to collect, process and store are increasing rapidly.
10 Apr 2013 Research Capital reformation: alternative financing and the fate of the intermediaries is a TABB Group Vision Note - available through Cinnober - that explores the intersection of the SME funding market and emerging alternative financing mechanisms. The report reviews the causes of declines in the bank loan sector, the regulatory changes that are enabling new forms of financing and the impact of those changes on traditional capital markets intermediaries, including investment banks and exchanges.
The benefits of using Java as a highperformance language for mission critical financial applications08 Oct 2012 White paper Trading systems today require fast execution to meet ever stricter latency requirements. For this reason Cinnober uses Java as implementation platform. Java executes as fast as or faster than any other language and provides the means for rapid development of robust, large and complex applications that are easy to extend, ensuring short time-to-market of initial system deliveries and throughout the lifetime of the system. This ensures investment protection, low maintenance and low total cost of ownership.
29 Jun 2012 Research TABB Vision Note - ‘Collateral scarcity’ is the derivatives trader’s buzzword of the day. Everyone is talking about it, even though nobody is completely sure of its impact. Questions abound about whether it is the next Y2K of the 21st century – suggesting that it is a much-feared, though quite possibly overhyped, phenomenon that has captured everyone’s attention but which winds up being a major ‘non-event’. Others proclaim it to be the equivalent of global climate change, a yet-to-be realized paradigm changer that will impact all aspects of our lives.
11 Oct 2011 White paper A working definition of “market quality” might be “the prospects for a market participant to successfully match his/her order at a competitive price on a given trading venue”. This means that detailed measurements and analysis of liquidity become central to market quality, and by implication, market attractiveness to investors.
16 Sep 2011 White paper TABB Vision Note - By mandating the clearing of OTC derivatives, global regulators have, with the stroke of a pen, started a technology revolution. Current clearing infrastructures are neither scalable nor flexible enough to handle the changes that are coming. This fact is driving a wholesale change from overnight (or longer) processing to near real-time clearing. These changes will not come cheap. The progression will take years, but it is now inevitable.
06 Jun 2011 White paper In the last few years, latency has been the most important characteristic of financial transaction systems. Cinnober has focused its research on several aspects of low-latency technology in order to develop a new, ultra-fast trading system: TRADExpress Ultra.
20 Oct 2010 White paper This is a Swedish translation of the white paper "Using Adaptive Micro Auctions to provide efficient price discovery".
20 Oct 2010 White paper Suggestions for how to avoid future “flash crashes” and recreate confidence in financial markets have mainly aimed at dealing with the symptoms: increasing market surveillance, imposing fines, introducing circuit breakers, message throttling and regulating a minimum “time in force” for orders. At Cinnober, we believe that there is an opportunity for some marketplaces to differentiate themselves by taking a whole new approach.
27 Apr 2010 White paper Algorithmic trading has become increasingly popular in various forms on most of the major marketplaces around the world, demanding well thought-out strategies for how to accommodate this trend.
02 Oct 2009 White paper Today speed is crucial to any marketplace that wants to stay competitive. At the same time, with high-frequency trading gaining an increasing share of overall volumes, the ability to manage constantly rising transaction volumes is also a necessity.
01 Nov 2007 White paper Low latency is all the rage today—on the lips of our colleagues and in the press. But a one millisecond claim is actually without meaning, unless one knows how that one millisecond was, indeed, measured.