26 September 2016

Cinnober wins LME clearing contract

16 July 2012  |  5204 views  |  0 London -- Routemaster red double decker bus

The London Metal Exchange (LME) has selected Cinnober, the Swedish software house, as the core technology provider for its new clearing house, LME Clear.

The LME first announced proposals to build its own clearing house in May last year, replacing the incumbent supplier LCH.Clearnet. Within a year, the 135-year old metals market had narrowed down its search to a straight shoot-out between Cinnober and Calypso.

Under the agreement, Cinnober will provide LME Clear with its Tradexpress RealTime Clearing system, with a scheduled go-live date of 2014. The contract includes support for real time risk management and clearing functionality for on-exchange and OTC markets.

Cinnober already supplies LMEselect, the Exchange's electronic trading system, as well as clearing services to other markets including Dubai, Thailand, Brazil and the USA.

The LME is in the process of sealing a £1.39 billion takeover offer by Hong Kong Exchange & Clearing, which has has expressed its support for the development of the new LME Clear system.
KeywordsDEPOSITORIES

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Hong Kong Exchange wins LME bid battle

Hong Kong Exchange wins LME bid battle

15 June 2012  |  4585 views  |  0 comments
Nomura sells Swedish tech unit to Cinnober

Nomura sells Swedish tech unit to Cinnober

21 May 2012  |  4680 views  |  0 comments
Calypso and Cinnober shortlisted for LME Clear

Calypso and Cinnober shortlisted for LME Clear

17 May 2012  |  4932 views  |  0 comments
BM&FBovespa taps Cinnober for clearing overhaul

BM&FBovespa taps Cinnober for clearing overhaul

09 November 2011  |  6175 views  |  0 comments
LME appoints Spanner MD, post-trade services

LME appoints Spanner MD, post-trade services

08 November 2011  |  4498 views  |  0 comments
Equiduct out, Cinnober in for Spanish MTF Pave

Equiduct out, Cinnober in for Spanish MTF Pave

07 June 2011  |  6346 views  |  0 comments
LME proposal for self-clearing jolts LCH.Clearnet

LME proposal for self-clearing jolts LCH.Clearnet

03 May 2011  |  6987 views  |  0 comments
Cinnober buys stake in FfastFill

Cinnober buys stake in FfastFill

25 February 2011  |  7926 views  |  0 comments
LME signs electronic matching deal with Cinnober

LME signs electronic matching deal with Cinnober

26 November 2002  |  4601 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comFind out moreFind out more

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
12919 views comments | 49 tweets | 46 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8460 views comments | 16 tweets | 27 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
7824 views comments | 32 tweets | 16 linkedin
Time has come to extract value from blockchain investment – new Finextra paperTime has come to extract value from blockc...
6865 views comments | 22 tweets | 16 linkedin
FCA to kickstart sandbox with 24 applicantsFCA to kickstart sandbox with 24 applicant...
6794 views comments | 33 tweets | 15 linkedin

Featured job

Find your next job