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Hong Kong Mercantile Exchange (HKMEx), a newly established commodities exchange in Hong Kong, announces today the appointment of Cinnober, a leading Swedish technology provider, to become HKMEx' partner in the development of its trading platform technology. HKMEx aims to create an electronic trading platform that will place clients at the forefront of market activity with advanced transaction technology and access to liquidity.
After an in-depth review, HKMEx chose to deploy a trading system from Cinnober based on its TRADExpress Trading System, which will be tailored specifically for HKMEx. The technology of the trading system is proven in several high transaction environments such as world class exchanges and Alternative Trading Systems. It will allow HKMEx to handle high liquidity and trading volumes on a secure and scalable high-end platform. The highly versatile system will provide HKMEx with the flexibility to introduce new functionality allowing for short time development of new contracts, services and new types of trading, which ensures that the system will be in pace with the latest commodities industry development. A user-friendly interface will make it extremely easy to access for all types of users including end users, brokers, investment banks and proprietary traders.
Barry Cheung, Chairman of the HKMEx, said, "HKMEx is excited to be partnering with leading technology partner Cinnober to develop one of the most advanced trading systems in Asia Pacific. We believe the advanced architecture, versatility, functionality and performance of Cinnober's product offerings will enable HKMEx to provide best-in-class services to our customers."
The partnership also marks Cinnober's first footprint in Asia, after it has delivered mission critical systems to leading exchanges and institutions including highly prestigious Chicago Board Options Exchange (CBOE), London Metal Exchange and Turquoise.
"We consider this as a major milestone for our company as we broaden our global coverage," said Jan Arpi, CEO of Cinnober, "We look forward to supporting HKMEx in its ambitions to grow and develop the commodities market in Asia. Our technology will truly put HKMEx in a prime position to create a fluid and efficient commodities market."
The creation of HKMEx was announced in June this year and targets to launch its first contract in the first quarter of 2009.
