Financial News has announced the shortlist for its 15th annual Trading & Technology Awards. Among the nominees for Post-trade Initiative of the Year are Cinnober’s client clearing venture as well as TRADEcho, a service provided in partnership between Cinnober’s subsidiary Boat and the London Stock Exchange.
The jury statements read as:
Client Clearing: Cinnober
“After winning Financial News’ post-trade initiative of the year award in both 2015 and 2016 for its TRADExpress RealTime Clearing product for exchanges and clearing houses, Swedish technology firm Cinnober is nominated to this year’s shortlist for a new service to modernise the clearing operations of banks and their customers. Cinnober Client Clearing, based on the underlying TRADExpress technology, has been set up as a London-based subsidiary, and is led by chief operating officer Patrick Tessier, previously global head of futures and OTC clearing at Citigroup, who joined in February 2017.”
TRADEcho: London Stock Exchange Group and Boat Services
“Plugging in to the need for Mifid II-compliant reporting functionality, the London Stock Exchange Group and Boat Services teamed up in July 2016 to create TRADEcho. A multi-asset class reporting tool, TRADEcho is Mifid-authorised to be an approved publication arrangement provider, allowing it to publish trade reports on behalf of investment firms, while its scale provides increased anonymity for users. Earlier this year, SIX Swiss Exchange approved the service as a trade data monitor. TRADEcho is scheduled to go live on 12 June 2017, six months ahead of Mifid II.“
“LME Clear’s clearing system LMEmercury enables members to monitor and assess risk in the global metals market in real time. It launched trade compression, which allows members to reduce the notional value of their positions and simplify their portfolio management, and the ability to post metals warrants as collateral in November 2015. It has since compressed almost half a million lots totalling $21 billion in notional value. Since January 2017, LME Clear has cut charges for trade compression by two thirds, while the cost for using LME warrants as collateral has been reduced from 75 basis points to 25bps per year.”
The 2017 winners will be announced at a gala event on May 25 in London at the V&A Museum.
The complete shortlist can be found here.