LME Clear selects Cinnober as technology partner

London, 16 July 2012

The London Metal Exchange (LME) has selected Cinnober, the Swedish software house, as the core technology provider for its clearing house, LME Clear. Cinnober will provide LME Clear with its TRADExpress RealTime Clearing system. This includes real time risk management and clearing functionality. The system will process and clear on-exchange and OTC markets.

“In today’s clearing environment, regulatory, market and client demands emphasise the need for high performance systems, in terms of resilience, processing ability and the move to real time risk management,” said Trevor Spanner, MD of post trade services. “We are pleased and excited to have a technology partner who shares our commitment to delivering this capability.”

Cinnober already delivers LMEselect, the Exchange’s electronic trading system. It also supplies clearing services globally to markets including Dubai, Thailand, Brazil and the USA. The next stage of the LME Clear project is the detailed design and implementation phase.

Cinnober will work with LME Clear in delivering the core technology required to support the new clearing operation. The member engagement programme is also advancing, with member feedback continuing to inform and shape the design of LME Clear, which remains on schedule to go live in 2014.

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