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Alpha Trading Systems today announced the selection of Cinnober Financial Technology AB, the Swedish technology provider, as its partner for supplying the trading platform technology. “The confirmation of this partnership represents another key step in the development of our alternative trading system” said Alpha Trading Systems CEO Jos Schmitt. “Cinnober’s state-of-the-art technology will provide Alpha with a highly advanced and flexible trading platform to deliver high velocity/low latency trading to the market.” Alpha’s decision to partner with Cinnober has come at the completion of a thorough due diligence process whereby multiple different trading platforms were considered. “Multiple large scale production-like benchmarking exercises were performed that allowed to confirm that the platform behaves in line with today’s and tomorrow’s industry expectations”, continued Jos Schmitt.
Stockholm-based Cinnober’s trading technology is based on its TradeExpress platform. Jan Arpi, CEO of Cinnober said “The selection and benchmarking procedures for this assignment have been rigorous. We are delighted to be entrusted to participate in such an innovative project and now look forward to helping Alpha achieve its goals. Together with last week’s announcement of our involvement in the Turquoise project this further confirms the marketplace’s trust in the excellent quality of the TRADExpress platform.”
Set to launch trading activities during the second half of 2008, Alpha Trading Systems moved into its permanent offices this week at 70 York Street, officially transitioning from the previous “Project Alpha” designation. Jos Schmitt stated that “The transition of Project Alpha to Alpha Trading Systems, the confirmation of our key technology partner, the successful completion of hiring the majority ofour staff, and the occupancy of our new premises clearly speaks to our commitment to becoming a significant participant in the Canadian capital markets.”
