Cinnober today announced that it has been selected as technology provider for 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.
"Cinnober has a great international reputation within this industry. Our in-depth reviews of available technical solutions together with Cinnober's proven track record have convinced us and really made our choice quite simple," said Olof Neiglick, CEO of Burgundy. "With this partnership we add yet another important brick in our ambition to build the leading marketplace for securities in the Nordic countries."
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.
"We're active in an extremely international environment, but of course it's great to now also have such a well-reputed initiative as Burgundy as a client in our home market," said Jan Arpi, CEO of Cinnober Financial Technology AB. "Two major and prestigious projects in terms of Turquoise and Alpha Trading Systems are launching their challenges to existing exchanges this autumn. We're now looking forward to participating in a similar project in our own backyard."
Cinnober has provided mission-critical trading systems to a number of leading exchanges with a focus on Western Europe and North America. The company's solutions are based on the TRADExpress™ platform which is ideal for solutions implying high liquidity and trading volumes on an exchange, where one needs to operate on a secure and scalable high-end platform with short response times.
Just last week Cinnober was appointed as the trade platform partner to Hong Kong Mercantile Exchange, thus making its first footprint in the Asian market. The agreement with Burgundy is however the Swedish company's first major contract in its home market.
