The Swedish financial software company Cinnober has been appointed as the technology provider for the London Metal Exchanges (LME) new clearinghouse, LME Clear.
After concluding in December 2011 that it would pursue self-clearing, the LME initiated a tender process with more than 20 technology providers, from which Cinnober now has been selected.
Cinnober will supply its TRADExpress RealTime Clearing system, which handles clearing, real-time risk management and treasury functionality. The system can also clear external exchange markets and OTC markets. This will be the fifth system delivered to the LME by Cinnober over the last decade.
Were excited to continue and deepen our 10-year relationship with the LME and take part in this great initiative while building a top-modern world-class leading clearinghouse from scratch, says Javier Tordable, CEO of Cinnober. There is a global interest for replacing old legacy technology with somewhat of a paradigm shift, where Cinnober is extremely well positioned. One proof is that this is the fourth major clearing system were delivering within a year.
In todays clearing environment, regulatory, market and client demands emphasize the need for high performance systems, in terms of resilience, processing ability and the move to real time risk management, says Trevor Spanner, managing director of post trade services at the LME. We are pleased and excited to have a technology partner who shares our commitment to delivering this capability.
(OS)