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White papers & reports

Financial IT Quality Assessment (FIQA) is an initiative that has the potential to benefit the entire financial technology industry. It is intended to become a standard for a public, industry-wide framework for quality assessment of financial software and systems.

As new regulations aimed at strengthening financial markets emerge, so do new challenges for its various participants. For banks and futures commission merchants (FCMs) offering client clearing services, a substantial challenge is to support the various segregation models of client assets and positions that they are obliged to. Read about how Cinnober's client clearing solution flexibly supports all account segregation models, interaction with multiple CCPs across jurisdictions, and provides the ability to monitor risk in real-time across asset classes.

Cinnober’s latest innovation captures the best of two worlds in a single state-of-the-art solution: a functionality-rich trading system with consistently low latency.

Capital reformation: alternative financing and the fate of the intermediaries is a TABB Group Vision Note - available through Cinnober - that explores the intersection of the SME funding market and emerging alternative financing mechanisms.

Trading systems today require fast execution to meet ever stricter latency requirements. For this reason Cinnober uses Java as implementation platform. Java executes as fast as or faster than any other language and provides the means for rapid development of robust, large and complex applications that are easy to extend, ensuring short time-to-market of initial system deliveries and throughout the lifetime of the system. This ensures investment protection, low maintenance and low total cost of ownership.

TABB Vision Note - ‘Collateral scarcity’ is the derivatives trader’s buzzword of the day. Everyone is talking about it, even though nobody is completely sure of its impact. Questions abound about whether it is the next Y2K of the 21st century – suggesting that it is a much-feared, though quite possibly overhyped, phenomenon that has captured everyone’s attention but which winds up being a major ‘non-event’. Others proclaim it to be the equivalent of global climate change, a yet-to-be realized paradigm changer that will impact all aspects of our lives.

A working definition of “market quality” might be “the prospects for a market participant to successfully match his/her order at a competitive price on a given trading venue”. This means that detailed measurements and analysis of liquidity become central to market quality, and by implication, market attractiveness to investors.

TABB Vision Note - By mandating the clearing of OTC derivatives, global regulators have, with the stroke of a pen, started a technology revolution. Current clearing infrastructures are neither scalable nor flexible enough to handle the changes that are coming. This fact is driving a wholesale change from overnight (or longer) processing to near real-time clearing. These changes will not come cheap. The progression will take years, but it is now inevitable.

In the last few years, latency has been the most important characteristic of financial transaction systems. Cinnober has focused its research on several aspects of low-latency technology in order to develop a new, ultra-fast trading system: TRADExpress Ultra.

This is a Swedish translation of the white paper "Using Adaptive Micro Auctions to provide efficient price discovery".

Suggestions for how to avoid future “flash crashes” and recreate confidence in financial markets have mainly aimed at dealing with the symptoms: increasing market surveillance, imposing fines, introducing circuit breakers, message throttling and regulating a minimum “time in force” for orders. At Cinnober, we believe that there is an opportunity for some marketplaces to differentiate themselves by taking a whole new approach.

Algorithmic trading has become increasingly popular in various forms on most of the major marketplaces around the world, demanding well thought-out strategies for how to accommodate this trend.

Today speed is crucial to any marketplace that wants to stay competitive. At the same time, with high-frequency trading gaining an increasing share of overall volumes, the ability to manage constantly rising transaction volumes is also a necessity.

Low latency is all the rage today—on the lips of our colleagues and in the press. But a one millisecond claim is actually without meaning, unless one knows how that one millisecond was, indeed, measured.

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