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 . [HUG#1420501] Press release (PDF):