Both projects will be completed and implemented in the fourth quarter of 2003; the total initial order value is £ 2 million.
The systems will be custom developed leveraging Cinnober's proprietary TRADExpress platform. TRADExpress is a Java-based scalable framework for the development of applications for financial and commodity trading. The framework handles the connection of external and internal customer groups in a secure and efficient way.
Commenting today, Simon Heale, LME chief executive said: "We have identified matching and registration as a key business area where we can improve the efficiency and effectiveness of our service to our member firms. Providing this service in-house will do away with a great deal of complexity associated with our trade types due to the unique nature of our market. Back office systems, including reporting systems to the LME will become automatic and savings for members will be considerable. The systems will be highly flexible with users being able to use Internet technology in addition to fixed private lines. Members who use LME Select will benefit from integration with an enhanced electronic trading system."
Nils-Robert Persson, Chairman of the Board at Cinnober said: "We are very proud to have been assigned by one of the world's best known exchanges to provide their new trading technology. It has once again been confirmed that our choice of technology is the choice of the future, helping us provide better, more cost efficient systems. We see all our clients as partners, working in close cooperation with them to develop what they expect, on time. We believe this is the only way to build long-lasting relationships."
