Cinnober clinches EUR2.5 million EU funding for new clearing platform

Cinnober clinches EUR2.5 million EU funding for new clearing platform

Swedish capital markets technology vendor Cinnober has won EUR2.5 million in funding from the European Commission to develop a real-time risk margining, multi-asset clearing platform for the banking sector.

Cinnober is one of 78 businesses from 18 countries selected to receive funds under the European Commission's Horizon 2020 initiative to finance innovation activities.

The system proposed by Cinnober is an extension of the vendor's TRADExpress RealTime Clearing platform - initially developed for clearinghouses and CCPs - to the international banking segment. Cinnober says it will provide banks, and their clients, with an immediate and complete view of risk exposure across markets, enabling more efficient use of capital and operational efficiencies across listed and OTC flows.

Veronica Augustsson, CEO of Cinnober, says: “A multi-asset client clearing solution, with real-time risk margining is a disruptive change from today’s silo model with dedicated systems for different asset classes, and batch-approach to margining. The results are great efficiency wins, better risk awareness and an ability to offer enhanced services, much needed in a time of massive regulatory pressure on banks’ client clearing units.”

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