Alpha consortium selects Cinnober trading technology

Alpha consortium selects Cinnober trading technology

Following its high-profile contract win with the Turquoise consortium last month, Swedish vendor Cinnober Financial Technology is now reporting a deal to provide a platform for the Alpha ATS which is being established by a coalition of Canadian banks.

Alpha is being set up by nine of the biggest investment dealers in Canada - including BMO Capital Markets, CIBC World Markets, Desjardins Securities, RBC Capital Markets, Scotia Capital and TD Securities - to compete with the Toronto Stock Exchange.

Stockholm-based Cinnober says it will provide a platform for the Alpha project based on its TradeExpress technology.

"Cinnober's state-of-the-art technology will provide Alpha with a highly advanced and flexible trading platform to deliver high velocity/low latency trading to the market," says Jos Schmitt, CEO, Alpha Trading Systems.

The ATS is expected to launch during the second half of 2008.

The Alpha deal follows last month's news that Cinnober's technology had been selected for Turquoise, the bank-backed equities trading facility being set up by seven investment banks to compete with the domestic stock exchanges in Europe. Cinnober is also supplying the technology underpinning the Boat trade reporting system - another investment banking collective.

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