It has become time to summarize the past year while we keep a steady eye on the future. From Cinnober’s perspective 2012 has been marked by several outstanding events and positive developments.
The events of 2012 have enabled us to continue looking to the future and we feel well equipped to enter the coming year with confidence, despite difficult global market conditions.
This year technology issues have been in focus across a large portion of the financial industry. This will of course continue to be a major challenge for our industry while we build increased confidence and trust during the coming year. However, I want to underline our excellent track record in the field. My personal opinion is that technology in general is a positive force in society, but its true value comes from how implementations are devised and managed.
2012 has indeed included some significant events for us and our customers. In June the Dubai Gold & Commodities Exchange (DGCX) chose our technology for trading, clearing and surveillance in a major replacement project. The new exchange infrastructure is planned to go live in a couple of weeks.
Later in the summer, it became clear that we had won the technical battle at the London Metal Exchange (LME). This means that Cinnober will be LME’s technology provider for its new clearinghouse, LME Clear.
In early September the Stock Exchange of Thailand (SET) went live with new securities trading technology from Cinnober. The project is now progressing according to plan with the replacement of core systems for the derivatives trading market.
At the beginning of October, Veronica Augustsson, with her extensive experience in the company, was appointed CEO. Earlier in the year she had also been mentioned in Financial News’ “40 under 40 Rising Stars of Trading and Technology” list.
Besides all this, our ongoing partnership with Brazilian BM&FBOVESPA is progressing with huge success. The project includes the integration of four existing clearinghouses into a new unified platform, and it will be one of the great milestones the upcoming year.
During the year we have launched Scila Compliance, a multi-asset monitoring and trade surveillance system aimed at investment banks and brokers, and the TESS OTF connect and go offering. An extremely important accomplishment for our own organization was the acquisition of the investment bank Nomura’s technology center in Northern Sweden, a great addition of expertise and capacity.
The future holds many challenges for the industry, but isn’t a challenge what really drives us all, both as individuals and organizations? I think we’re heading toward an extremely interesting future loaded with an exciting variety of challenges and opportunities in both new and existing domains.
We at Cinnober want to offer our sincerest thanks for the last year and wish you all a happy 2013!
Cinnober Financial Technology