News alert

Nordea joins Burgundy as shareholder

Fredrik Backlund — Fri, 19 Dec 2008 09:35:28 +0100

Nordea Bank has joined the consortium of shareholders in Burgundy – the new trading facility for listed Nordic securities, targeted for launch in the first half of 2009.

Burgundy is backed by a large group of leading Nordic banks and securities brokers with a combined share of almost half the Nordic securities trading volume. The goal is to offer more cost-effective securities trading to members and investors, and to strengthen the Nordic region as a financial hub.

“Nordea is a leading player in Nordic equity trading and wishes to take an active role in the development of the marketplace which undergoes significant change in the next year”, says Christian Hyldahl, head of Nordea Markets.

“We welcome Nordea as a shareholder of Burgundy. Nordeas’s decision confirms that we are a truly Nordic business. Burgundy will play a pivotal role in transforming the way Nordic securities are traded, and the attractiveness of the offering is increased now that Nordea is onboard.” comments Tom Dinkelspiel, chairman of the Board.

Burgundy is a customer-focused initiative designed to strengthen the Nordic financial markets, and to provide an alternative to existing trading facilities. The demonopolisation of exchanges made possible through MiFID, together with technical developments, drives major changes in the securities markets.

Burgundy shareholders are Avanza Bank, Danske Bank, D. Carnegie & Co, DnB NOR, Evli Bank, HQ Bank, Kaupthing Bank (Sweden), NeoNet, Nordea, Nordnet, SEB, Svenska Handelsbanken, Swedbank and Öhman.

Press contacts for further information are:

Christian Hyldahl, head of Nordea Markets, +45-33335802
Tom Dinkelspiel, chairman of the Board, +46-708725180

Liffe to launch commodities on Bclear

Fredrik Backlund — Wed, 10 Dec 2008 17:51:47 +0100

Liffe has now announced that it will launch a range of soft and agricultural commodity products on its award-winning Bclear (OTC derivatives) service, delivered and powered by Cinnober, in the first quarter of 2009.

Commodity products will join the individual equity and index products offered by Bclear, which was launched in 2005. An exact launch date will be announced in due course.

Garry Jones, Executive Director of Business Development and Strategy at Liffe, said: “This is a significant expansion of Bclear. It responds to the growing demands from our commodity customers for the development of services for on-exchange trade administration and, through post-trade clearing, reduces operational risk and manages the counterparty credit risk involved in doing business in the soft and agricultural commodities OTC market.”

Bclear will initially offer cash-settled swap futures and options priced against the benchmark Robusta Coffee, Cocoa and White Sugar Contracts already traded on Liffe. Liffe plans to expand the range of commodity products available on Bclear to encompass further soft and agricultural commodity swaps and options with flexible maturities and other products as required in a rapidly changing market.

“Three years ago we delivered Bclear and it has been a great journey together with Liffe since then,” commented Jan Arpi, CEO of Cinnober Financial Technology. “Bclear is one example of how our TRADExpress technology can be used for innovative market-building. Recent developments also show the flexibility it provides to meet new challenges and opportunities.”

The risk management benefits of Bclear will soon also be available to users of Credit Default Swaps (CDS) when Liffe launches CDS on Bclear on 22 December 2008.

DnB NOR joins Burgundy as shareholder

Fredrik Backlund — Thu, 04 Dec 2008 14:12:17 +0100

DnB NOR has joined the consortium of shareholders in Burgundy – the new trading facility for listed Nordic securities, targeted for launch in the first half of 2009.

Burgundy is backed by a large group of leading Nordic banks and securities brokers. The goal is to offer more cost-effective securities trading to members and investors, and to strengthen the Nordic region as a financial hub.

“DnB NOR is a leading player in Norwegian equity trading and wishes to take an active role in the development of this new marketplace”, says Ottar Ertzeid, head of DnB NOR Markets.

“We welcome DnB NOR as a shareholder of Burgundy. DnB NOR’s decision confirms that we are a truly Nordic business. Burgundy will play a pivotal role in transforming the way Nordic securities are traded, and the attractiveness of the offering is increased with the largest Norwegian player on board”, comments Tom Dinkelspiel, chairman of the Board.

Burgundy shareholders are Avanza Bank, Danske Bank, D. Carnegie & Co, DnB NOR, Evli Bank, HQ Bank, Kaupthing Bank (Sweden), NeoNet, Nordnet, SEB, Svenska Handelsbanken, Swedbank and Öhman.

Press contacts for further information are:

Ottar Ertzeid, head of DnB NOR Markets, +47-22481979
Tom Dinkelspiel, chairman of the Board, +46-708725180

Danske Bank joins Burgundy as shareholders

Fredrik Backlund — Wed, 05 Nov 2008 20:00:00 +0100

Danske Bank, has joined the consortium of shareholders in Burgundy – the new trading facility for listed Nordic securities, targeted for launch in the first half of 2009.

Burgundy is backed by a large group of leading Nordic banks and securities brokers. The goal is to offer more cost-effective securities trading to members and investors and to strengthen the Nordic region as a financial hub.

“Danske Bank is a leading player in Nordic equity trading and want to take an active role in the transformation on the marketplace that is about to happen in the Nordic region.” comments Henrik Voetmann Mikkelsen, Global Head Equities at Danske Bank.

“We welcome Danske Bank as shareholders of Burgundy and look forward to strengthening our Nordic consortium with another leading market participant. Burgundy will play a pivotal role in transforming the way Nordic securities are traded and the attractiveness of the offering is confirmed by having them onboard.” comments Tom Dinkenspiel, Chairman of the Board.

Burgundy is a customer-focused initiative designed to strengthen the Nordic financial markets, and to provide an alternative to existing trading facilities. The demonopolization of exchanges made possible through MiFID drives, together with technical developments, major changes in the securities markets.

Burgundy shareholders are Avanza Bank, Danske Bank, D. Carnegie & Co, Evli Bank, HQ Bank, Kaupthing Bank (Sverige), NeoNet, Nordnet, SEB, Svenska Handelsbanken, Swedbank and Öhman.

Press contacts for further information are:

Henrik Voetmann Mikkelsen, Global Head of Equities,
Danske Bank, +45-45147305

Tom Dinkelspiel, Chairman of the Board,
Burgundy, +46-708725180

Rapport från årsstämma i Cinnober Financial Technology AB

Fredrik Backlund — Mon, 20 Oct 2008 13:07:46 +0200

Årstämma i Cinnober Financial Technology AB hölls torsdagen 16 oktober 2008 i bolagets lokaler på Kungsgatan 36, Stockholm.

Vid den ordinarie stämman fattades bland annat följande beslut:

Fastställande av resultaträkning och balansräkning för moderbolaget och koncernen, beslut om dispositioner beträffande bolagets vinst samt gällande ansvarsfrihet åt styrelseledamöter och verkställande direktören.
Fastställande av aktieutdelning om 4 kr per aktie, med avstämningsdag den
21 oktober. Förväntad utbetalning av utdelning är den 24 oktober 2008.
Omval av Nils-Robert Persson, Helena Westin och Stefan Widenfelt samt nyval av Peter Lenti till styrelseledamöter. Tidigare styrelseledamoten och ordföranden Gunnar Lindell hade sedan tidigare avböjt omval. Under det efterföljande konstituerande styrelsemötet utsågs Nils-Robert Persson till styrelsens ordförande, en position han även innehade under perioden 2000–2006.

”Förra räkenskapsåret var ett rekordår för oss och vi har även fått en flygande start på det nya,” kommenterar nya styrelseordföranden Nils-Robert Persson. ”Turquoise har lanserats framgångsrikt och vi har vunnit två nya prestigefulla kunder på nya marknader; Hong Kong Mercantile Exchange vilket är vår första order i Asien och Burgundy som är en mycket intressant satsning här på hemmaplan.”

Report from the AGM

Fredrik Backlund — Mon, 20 Oct 2008 13:05:53 +0200

Report from the Annual General Meeting of Cinnober Financial Technology AB held on October 16, 2008

The Annual General Meeting of Cinnober Financial Technology AB was held on Thursday, October 16, at the Company’s premises at Kungsgatan 36, Stockholm, Sweden.

The following resolutions, among others, were passed at the Annual General Meeting:

Adoption of the income statement, balance sheet, consolidated income statement, and consolidated balance sheet; a decision on the allocation of the Company’s profit; and the decision on a discharge from liability for the administration of the Company for the members of the board and the CEO.
Resolution regarding dividend to shareholders at 4 SEK per share, with October 21, 2008, as the record day. Payment of the dividend is expected on October 24, 2008.
Election of Peter Lenti, as well as re-election of Nils-Robert Persson, Helena Westin, and Stefan Widenfelt to the Board of Directors. Former Board Member and Chairman Gunnar Lindell had previously declined re-election. At the Board Meeting following the election, Nils-Robert Persson was appointed Chairman of the Board, a position he also held during the period 2000-2006.

“Last year was a record-breaking one for us, and we have a superb start to the new year,” newly-elected Chairman Nils-Robert Persson commented. “Not least with Turquoise’s successful launch and by obtaining two new prestigious clients in new markets — Hong Kong Mercantile Exchange, which is our first order in the Asian market; and Burgundy back home in our native Scandinavian market.”

Cinnober sponsoring MarketsWiki

Fredrik Backlund — Thu, 04 Sep 2008 01:24:14 +0200

Cinnober Financial Technology has agreed with John. J. Lothian & Company, Inc. to sponsor MarketsWiki at the Supporter Level.

“We are happy to have Cinnober join the growing list of MarketsWiki sponsors, continuing the broad-based support for the project,” said John J. Lothian, founder of MarketsWiki.

MarketsWiki is an online open source knowledge base for current and historical information about the global exchange traded capital, derivatives, environmental and related OTC markets. MarketsWiki is powered by content contributions from paid readers of the John Lothian Newsletter and Environmental Markets Newsletter and from a team of professional financial journalists, educators and consultants.

“MarketsWiki is a great initiative and a powerful source of information for our industry. We consider ourselves as a key supplier within this industry and it’s more or less natural that we now put in both resources and funding into the MarketsWiki project,” said Jan Arpi, CEO of Cinnober.

Cinnober joins Applied Research Company, The Options Clearing Corporation, Options Industry Council, Boston Options Exchange, RGM Advisors and Deutsche Börse AG as Supporter Level sponsors.

For further information regarding MarketsWiki, please visit www.marketswiki.com

Turquoise – passing milestone after milestone

Fredrik Backlund — Fri, 29 Aug 2008 22:14:31 +0200

Turquoise, the new European equity trading platform backed by nine major investment banks, is passing milestone after milestone in the bid to challenge Europe’s stock exchanges and build a new MTF.

The Cinnober powered trading system conducted a “limited live trading” exercise and has been gradually adding new stocks and geographical markets since August 15. As of yesterday all of the markets available for trading concluded their settlement cycles and effective settlement has now occurred in each of the 13 countries. And today the whole market of 1267 stocks is available through Turquoise.

- We’re of course excited to be deeply involved in such a prestigious project that has impact on the whole industry, comments Jan Arpi, CEO of Cinnober. Our people continue to work closely alongside Turquoise’s dedicated team. We are looking forward to later on this month when the full complement of market makers in the leading stocks will be in place and into the autumn when the system will start to gain momentum in terms of increased volumes.

During the last quarter of 2007 Turquoise appointed Cinnober as their supplier of trading platform technology. The decision to select Cinnober came after an in-depth review of a wide range of possible suppliers. Cinnober’s TRADExpress technology best matched Turquoise’s requirements for state of the art, functionally rich solution with exceptional reliability and low latency.

Markit BOAT™ - release 1.1

Fredrik Backlund — Tue, 22 Apr 2008 16:07:12 +0200

News alert

Markit and Cinnober have recently provided Markit BOAT’s clients with release 1.1 of the service. Markit BOAT™, a MiFID-compliant trade reporting platform, was launched on 1 November 2007 and already accounts for reporting approximately a fourth of all European OTC trades in equities.

Release 1.1 includes substantial enhancements to the trade reporting functionality as well as extended lists and report outputs for the Markit BOAT™ system.

“It is always a pleasure for us to help our customers exploit their potential and become even more successful”, says Jan Arpi, partner and CEO of Cinnober Financial Technology AB. “Release 1.1 was well received and Markit continues to develop its offering. Our product provides Markit BOAT™ with a technical solution designed to meet the challenges of change that their clients are facing.”

Markit BOAT™ enables investment firms to meet their pre-trade quoting and post-trade reporting obligations for all their European OTC trades in equities. The platform collects, collates, validates and stores OTC trade data and publishes it to the market in real-time.

With 24 of the world’s leading financial institutions using the platform to report their OTC trades in equities, Markit BOAT™ offers an unparalleled view of the European OTC equity markets. Prior to MiFID and the launch of the platform, OTC trade information in certain countries was not readily available, making it difficult for market participants to understand fully how the OTC markets were moving.

The Markit BOAT™ platform, provided by Cinnober, was previously owned by a consortium of nine investment banks before its acquisition by Markit, a leading provider of independent data, portfolio valuations and OTC derivatives trade processing, in January 2008.

For further info; please visit Markit BOAT’s website

18th Annual Derivatives World London

Fredrik Backlund — Tue, 08 Apr 2008 15:58:43 +0200

News alert

Cinnober Financial Technology is represented at FOW’s 18th Annual Derivatives World London, held at Old Billingsgate Market on April 8th & 9th, 2008.

Nils-Robert Persson, one of the major shareholders in and a leading force behind Cinnober, e.g. participates at a panel discussion during Wednesday focusing in:

Launching a new source of liquidity – obtaining critical mass

- ECNs and alternative execution venues have been established in the post MiFID environment. Has this truly created new competition?

- The danger of dark pools of liquidity

- Evaluating the proposition of these new sources of liquidity

- Four Seasons and Project Rainbow – the banks fight back!

- Without vast amounts of historical data or complex legacy systems do these new sources of liquidity have a competitive technological advantage?

Derivatives World London attracts over 1,000 delegates each year including senior representatives of funds, prop houses, arcades, brokers, clearers, exchanges and investment bank. Each year the conference provides a forum to explore the latest trends and developments in the global Derivatives market as well as to identify strategies for managing the opportunities and challenges currently facing the industry.

Visit the official site from the organizer