With 2017 coming to an end, we thought it would be fun to take a look back at everything that has happened this year at Cinnober. It’s been a busy year full of go-lives around the world, new subsidiaries, 24-hour hackathons and more, but we’re even more excited to see what 2018 brings!
Over the past six months we have had eight successful customer go-lives, including: ASX, B3, Euronext, and London Metal Exchange. The Australian Securities Exchange (ASX) launched its new derivatives trading platform on March 20th, 2017. The technology powering the ASX Trade24 trading service has been replaced with a solution from Cinnober, built on the flexible and functionality-rich TRADExpress Trading System. The highly scalable solution uses global standard protocols facilitating cost-efficient operations for ASX and its clients, with faster time-to-market for new initiatives.
B3 (the Brazilian exchange and clearinghouse) successfully launched the equities, corporate bonds, and equities lending markets on its new multi-asset clearing platform this past August. When phase two launched in August 2017, around USD 6.5 billion of collateral was returned to the market in the name of capital allocation efficiency, with complete preservation of the clearinghouse's safety system. The migration of the equities clearinghouse was the target for phase two of B3’s Post-Trade Integration Project that will consolidate B3’s originally four clearinghouses into one integrated entity (managing equities, derivatives, government and corporate debt securities and FX). Derivatives and OTC products were the first to launch on the new platform in phase one.
Launch of Minium
Minium is the latest addition to the Cinnober Group. Minium will provide real-time risk management and post-trade technology to international banks and brokers. The development is proceeding according to plan with the ambition that Minium's solution will modernize and streamline the operation of client clearing services in the banking sector. An area tightly squeezed by new regulatory obligations, higher capital requirements, and high spending on legacy IT infrastructures for older systems and outdated technology.
The Minium solution will modernize and streamline the operation of client clearing services though flexible and powerful cross-asset systems. That enables the sell side to more accurately and quickly manage their clients' risk, collateral, and margin requirements. Assuring that decisions are based on live data.
Boat rebrands to Simplitium
To better represent its product offerings and evolution of the company, Boat Services rebranded to Simplitium a few months ago. This year, Simplitium celebrated its ten-year anniversary of providing MiFID reporting services for the finance industry and is currently gearing up for MiFID II to go into effect. Over the past ten years, the company has published over 18 billion quotes, reported over half a billion trades at a value of £50 trillion and achieved up to 90 percent market share of OTC reporting. Having operated with 100 percent uptime and with zero incidents, Simplitium distinguishes itself as a service provider that can reliably and securely manage sensitive client data.
With only 12 days left until MiFID II goes into effect, Simplitium has been hard at work on TRADEcho, a reporting service that publishes post-trade transparency reports onbehalf of investment firms to help them meet their reporting obligations under the European Union’s Markets in Financial Directive II (MiFID II). Today, more than 500 customers in total have signed with TRADEcho to be able to meet their MiFID II reporting needs.
Acquisition of Ancoa Software
The Cinnober Group also acquired the business and assets of Ancoa Software earlier this year, a UK-based market surveillance specialist company. Ancoa provides contextual surveillance and insightful analytics for exchanges, regulators, buy & sell-side firms. Their highly sophisticated, yet easy to deploy and simple to use, monitoring and surveillance platform helps firms take full control of their regulatory, reputational and operational risks across markets, functions and asset classes. We’re happy to have them on-board!
For the first time in Cinnober’s ShipIt history, the Stockholm, Umeå, and London offices all participated in the same 24-hour hackathon. Employees were free to work on whatever they wanted, ranging from experimenting with new technology, testing presentation techniques to reading up on Java and powering the coffee machine with bitcoins. The ShipIt hackathon is based on an original format developed by Australian software company Atlassian.
More photos @cinnober_shipit
This year our employees voted to give Cinnober's holiday contribution to Barncancerfonden (Swedish Childhood Cancer Foundation). Thank you to all of our employees, customers, and shareholders for making this a fantastic year and we are looking forward to 2018!