Press release
Today Cinnober Financial Technology announced its membership in the Open MiFID Alliance (OMA). Cinnober complements the incumbent OMA members’ offerings with a product solution for “systematic internalisation” making the the total MiFID offering from OMA members even more complete and attractive.
Cinnober’s product TRADExpress for Internalisation is designed for financial institutions choosing to act as systematic internalisers under MiFID. Prior to the advent of TRADExpress for Internalisation, investment banks were limited by the abilities of their in-house IT staffs to build and maintain custom internalisation software. With TRADExpress for Internalisation, these financial institutions can now utilise and rely on a thoroughly proven solution to perform
internalisation.
TRADExpress for Internalisation is based on technology that provides world-class latency numbers and throughput, in a fully redundant environment. Cinnober’s software is 100% Java-based and runs on SUN and other platforms that support The Java Virtual Machine (JVM).
About Cinnober
Cinnober was founded in 1998 with a vision to develop a state-of-the-art Java platform for financial transactions, using the possibilities the internet enables. Cinnober provides mission-critical systems to a number of leading exchanges, including The American Stock Exchange, The BOAT Consortium, The Chicago Board Options Exchange, Liffe NYSE Euronext, The London Metal Exchange, and Borsa Italiana.
Cinnober’s products are highly customisable and based on TRADExpress, a scalable, high-performance, low-latency platform for transaction processing. TRADExpress is 100% Java-based, enabling solutions that are flexible, as well as hardware- and
database-independent. Cinnober capitalises upon opportunities within MiFID by providing systems for systematic internalisation, pre- and post-trade reporting, and multilateral trading facilities (MTFs).
For additional information about Cinnober and TRADExpress for Internalisation, please email info@cinnober.com
About OMA
The OMA enables financial institutions to adopt pragmatic solutions to accelerate the upgrade of their IT infrastructure, and meet the regulatory requirements of MiFID. OMA solutions are modular, integrated, highly adaptable, fast to deploy, and wellsuited to institutions wishing to respond rapidly to competitive threats in the new MiFID world. Led by Sun Microsystems (NASDAQ: SUNW) and AVITIS, the current OMA members are Mobius Management Systems, Inc. (an ASG Company, NASDAQ: MOBI); edge IPK; ULLINK; Gissing Software; SAS; and now Cinnober Financial Technology AB.
The OMA provides a flexible, sustainable framework that enables firms to address the following key challenges immediately and with reduced deployment times and risk:
- Infrastructure (Sun Microsystems),
- Systems integration (AVITIS),
- Record keeping (Mobius Management Systems),
- Client classification (edge IPK),
- Best execution (ULLINK),
- Pre- and post-trade transparency (Gissing Software),
- Transaction reporting and execution analysis (SAS), and
- Systematic internalisation (Cinnober).
These solutions are designed to handle the new regulatory requirements and are agile enough to respond to the new, pan-European, competitive marketplace. Collectively, OMA members maintain reference clients at more than 300 financial institutions worldwide. Counted among these references are JPMorgan Chase, Citigroup, Bank of America, Merrill Lynch, Goldman Sachs, Lehman Brothers, Morgan Stanley, HSBC, Credit Suisse, UBS, BNP Paribas, Société Générale, Credit Agricole, Natixis, BBVA, Grupo Santander, ABN Amro, ING, Barclays, The Royal Bank of Scotland, UniCredit, Deutsche Bank, Commerzbank, and Fortis Bank.
For further information about OMA, or to contact one of its members, please email oma@sun.com