MarkitSERV Credit Centre — based on Cinnober technology — winner of “Most Innovative New Data Product/Service”
The results from the Financial News’ 11th edition of the “Awards for Excellence in Trading and Technology, Europe 2013” were announced at a gala ceremony in London on Tuesday night.
MarkitSERV, one of the evening's winning nominees, received the award for “Most Innovative New Data Product/Service” for its clearing certainty hub, Credit Centre. Cinnober is the financial technology supplier chosen by MarkitSERV to deliver the ultra-low latency infrastructure solution.
“We would like to congratulate MarkitSERV in receiving this award, in recognition of their highly innovative service Credit Centre,” commented Cinnober’s CEO, Veronica Augustsson. “As a key supplier to the Credit Centre system, we naturally also feel pride in their award. This is a timely recognition of the need for clearing certainty following recent changes in the regulatory landscape and the shift towards electronic trading of OTC derivatives.”
Jeffrey Maron, Managing Director at Markit said: “MarkitSERV is delighted to have won this prestigious award from Financial News and see this as affirmation of our strategy to roll out a purpose-built pre-trade credit checking service in response to the industry's needs. We carefully chose Cinnober to provide this service in light of their demonstrated experience in low-latency, high volume and highly available systems across asset classes. We are confident that our solution will scale to meet the challenges of an increasingly electronic trading environment and will comfortably handle the additional regulatory mandates being rolled out globally.”
MarkitSERV provides trade processing services to more than 2,500 buy-side institutions, 100 dealers and 70 inter-dealer brokers globally. In 2012 alone, they processed more than 20 million unique derivatives events.
MarkitSERV Credit Centre is an innovative, venue-neutral hub that provides market participants with pre-trade clearing certainty for trades executed in electronic and hybrid marketplaces, including swap execution facilities (SEFs). The service gives buy-side firms a consolidated view of the credit available to them from their Futures Commission Merchants (FCMs), prevents the fragmentation of a firm’s credit line among multiple SEFs, and keeps the size of and changes to a firm’s credit line private. The ultra-low latency infrastructure is built on Cinnober’s TRADExpress™ Risk Manager, in which a consolidated view of credit lines is maintained across all execution venues.
Cinnober is a world-leading supplier of financial technology to marketplaces and clearing houses. The client list consists of major global players with extreme demands on reliability and performance, including BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, the London Metal Exchange, LME Clear, MarkitSERV and the Stock Exchange of Thailand.