For the second year running, Cinnober’s TRADExpress RealTime Clearing system has been named Post-Trade Initiative of the Year in Financial News’ annual Awards for Excellence in Trading and Technology.
Photo by Financial News
The award was announced last night during a gala dinner at the Victoria & Albert Museum in London.
Also nominated in the same category was TRADEcho, a MiFID II trade reporting service established by Cinnober’s daughter company Boat Services Ltd, together with the London Stock Exchange Group.
At the ceremony, a thrilled Veronica Augustsson, CEO of Cinnober, commented:
“I am very grateful to be receiving this award on behalf of Cinnober for a second time. It is a very prominent recognition of the enormous amount of work and commitment that we invest in our technology. We are proud to be leading a paradigm shift together with our amazing customers by introducing true real-time clearing. The result is safer, more transparent and efficient financial markets.”
From the jury motivation:
“It was narrowly ahead of TRADEcho, a trade reporting joint venture established by another Cinnober company, Boat Services, and the London Stock Exchange Group.
The award reflects the big strides Swedish company Cinnober has made towards making risk management a near-real-time process – often seen as the holy grail of market plumbing.
Its TRADExpress RealTime Clearing was designed specifically for this purpose and aimed at clearing houses, the institutions that stand between counterparties on major securities and derivatives transactions, and helps them to manage risk. The system allows for more efficient use of capital and improved operational processes across listed and over-the-counter flows.
One judge who gave it top marks said: 'Cinnober has led the way in the development of this technology. It's an impressive product, is multi-asset and particularly desired by proprietary shops who want to know exposures in real-time.'”
Cinnober’s TRADExpress RealTime Clearing was launched in 2009. It has been selected by a range of prominent clearinghouses, including the Brazilian exchange BM&FBovespa, LME Clear, Dubai Gold & Commodities Exchange, Johannesburg Stock Exchange and most recently the Japan Exchange Group.
The multi-asset clearing solution from Cinnober enables clearinghouses to monitor and manage risk in real time across multiple markets, both OTC and exchange-traded.
The solution has proven itself at high-profile CCPs globally, enabling substantial margin and settlement savings thanks to netting effects across asset classes.
With capacity to manage millions of accounts under heavy trading conditions, and flexibility supporting rapid product development, TRADExpress RealTime Clearing is a highly scalable solution supporting growing markets.