The Australian Securities Exchange (ASX) has now announced that it has selected Cinnober for a major upgrade to its trading technology.
Cinnober’s state-of-the-art TRADExpress Trading System will replace ASX’s equities and derivatives systems with a common, multi-currency, multi-asset class solution.
The new ASX trading system, when built on Cinnober’s highly flexible and functionality-rich platform, will be easily extended and highly scalable, and will facilitate cost-efficient operations and fast time-to-market for new products and services.
“Consolidating ASX’s current trading technologies onto a common platform architecture will drive efficiencies and positive synergies for both our customers and the exchange," says Tim Thurman, Chief Information Officer of ASX. "A major project like this requires a partner with a strong track record across a range of markets. This solution will give ASX greater flexibility and allow us to add functions and services faster. We look forward to building a strong partnership with Cinnober.”
ASX is one of the world’s leading exchange groups, offering a full suite of services that includes listing, trading, clearing and settlement, across a wide range of asset classes. Using the best available technology and delivering the right solutions to its clients are priorities for the exchange. ASX is the first major financial market to open each day, and its markets rank consistently in the top ten in the world.
“Winning ASX in fierce competition is a terrific way to kick off the year,” comments Cinnober’s CEO, Veronica Augustsson. “We have demonstrated that our solution is best able to quickly fulfill the needs of ASX, both in terms of functional scope and quality. ASX presents us with yet another challenging technology project at one of the largest exchanges in the world, which we are looking forward to as we build a long and positive relationship.”