Cinnober launches full exchange solution as a service
Cinnober today announces the launch of TESS(TM) - a Software as a Service (SaaS)
offering for exchanges and marketplaces. Cinnober has a strong track record of
delivering customized exchange solutions to some of the world's most demanding
marketplaces, based on the high-performance TRADExpress(TM) Trading System. TESS
stands for TRADExpress Streamlined Services and makes Cinnober's proven
marketplace technology available as a subscription service.
The service comprises a fully hosted and managed exchange system with a wide set
of add-ons to shape and extend the service, including market surveillance. The
capacity in terms of number of trading members and throughput can be scaled up
on demand, allowing customers to start small and grow quickly.
The service pricing is based on usage in terms of capacity level, asset classes
and functions. The subscription fee covers both software license and services,
and there are no major startup costs. Time to market is usually only a matter of
weeks.
"TESS is ideal for start-up trading venues with lean, business-focused
organizations, as well as small to medium sized exchanges that need to replace
legacy technology with a scalable, functionality-rich solution" Jan Arpi, CEO at
Cinnober says. "With this service we offer Cinnober's proven technology to
players who need to get up and running quickly with a limited start-up cost and
still get a long-term solution with the flexibility to grow. It removes the need
for our customers to build their own operations department; we take care of all
that for them."
The trading system offered within TESS is a pre-configured version of Cinnober's
TRADExpress Trading System. It's formed as a standard package, including the
most common market models and trading functionality, with a complementary set of
add-ons to pick from independently to adapt to current and future business
needs. The standard package provides, for instance, a transparent order-driven
market with one asset class, while dark pool functionality, quote management and
additional asset classes can be selected as add-ons.
Another available add-on in TESS is Scila Surveillance, a highly efficient
market surveillance system launched in early 2009 and quickly implemented at
several leading equity and derivatives markets.
TESS is provided from financial centers in Asia, Europe and North America.
For further information, please contact:
Per-Anders Häll Bedman
Head of Support and Operations, Cinnober Financial Technology AB
Tel. +46-(0)70 671 5156
About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading exchanges
and trading venues. Based on TRADExpress - a scalable, high-performance,
low-latency platform for transaction processing - Cinnober delivers flexible
solutions for trade execution, real-time clearing, price discovery and data
distribution. TRADExpress is 100% Java based, enabling solutions that are
flexible, as well as hardware- and database-independent.
About TRADExpress Trading System and Scila Surveillance
TRADExpress Trading System is a high-performance execution system used in
equities, derivatives and commodity markets. Customers using the Trading System
include: Alpha Trading Systems, Burgundy, the Hong Kong Mercantile Exchange, the
London Metal Exchange and Turquoise.
Scila Surveillance is developed by Scila AB and exclusively provided by
Cinnober. Customers using Scila Surveillance include Burgundy, EDX London, the
Hong Kong Mercantile Exchange and Oslo Stock Exchange.
For additional information, please visitwww.cinnober.com
.
[HUG#1420501]
Press release (PDF): http://hugin.info/139660/R/1420501/370087.pdf
