Cinnober has won an upgrade order for the London Metal Exchange's (LME) electronic trading platform, the LMEselect.
Back in 2003, Cinnober delivered its first version of the LMEselect platform, based on the Swedish supplier's TRADExpress technology. During the period of cooperation between the LME and Cinnober, electronic trading has grown from 2% to over 70% of the LME's market volume.
"The LME is the world's premier base metal market. In order to keep up our momentum and stay at the forefront we have a strategic need to provide industry-leading performance and reliability in terms of technology", says Michael Warren, CTO of the London Metal Exchange. "Our long-term partnership with Cinnober has been successful for years, and we're now looking to take LMEselect to the next level."
The LMEselect is now upgraded from TRADExpress 5.8 to version 8.0, which was released earlier this year together with impressive benchmarks and an extensive feature package. The new version will be implemented at the LME later this year.
"The LME brings an entire new level to the commodity exchange businesses," says Nils-Robert Persson, Executive Chairman at Cinnober. "The type of capacity, functionality and low latency provided through this upgrade can't be found anywhere else in this business. We're proud to work closely with such a prominent trading venue as the LME, with hundreds of years of successful business yet with the clarity of vision that it takes to meet the future."
Cinnober is the leading independent provider of marketplace technology, delivering solutions for trading, market data distribution, market surveillance, clearing and real-time risk management. The company has an impeccable track record of supplying advanced solutions to prominent trading venues such as Alpha Trading Systems, Burgundy, the Chicago Board Options Exchange, the London Metal Exchange, Markit BOAT, NYSE Liffe and Turquoise.
