Moving forward, Cinnober will market its subsidiaries using a new Group profile. This will more clearly position the offering toward the respective market segments and showcase the synergies within the Group.
At present, the Group has three separate subsidiaries with the following focus areas: reporting services, client clearing and market surveillance. The first subsidiary to change its profile is Boat, which in conjunction with the tenth anniversary of its founding, is being rebranded as Simplitium. The remaining two subsidiaries will be re-profiled in forthcoming quarters in conjunction with industry events.
“Ever since its inception, Cinnober has focused on exchange and clearing technology aimed at leading exchanges and clearinghouses across the globe. While these operations will continue to be a core focus for the Group, strategic efforts over the past few years have also focused on broadening Cinnober’s target audience by acquiring and establishing subsidiaries with specialised and extremely competitive offerings. Re-profiling is one step in this process,” says Cinnober’s CEO Veronica Augustsson.
Simplitium offers, for instance, banks and brokerage firms a method for reporting trades that take place outside of a regulated market, which complies with the pan-European MiFID regulatory framework. On January 3, 2018, the new MiFID II regulatory framework will enter force and will extend reporting obligations to include trading in a large number of additional asset classes.
“The new MiFID II framework will have an enormous impact on banks and investment firms, and the sector recognizes the value of our services as well as of using suppliers with experience of reporting services that comply with legal and regulatory requirements,” Augustsson continues. “Over, the past ten years, Simplitium has distinguished itself as a specialised provider of transparency services that can securely manage sensitive and confidential client data. Based on this experience Simplitium will be broadening the services to new market segments moving forward. Our marketing initiatives and customer dialogs will now be intensified under the new profile.”
In partnership with the London Stock Exchange, Simplitium has launched the TRADEcho service, Europe’s foremost one-stop shop for reporting these types of transactions. TRADEcho is well-positioned ahead of the major changes entailed by the implementation of MiFID II in January 2018, and the offering has been favorably received by the market. To date, more than 350 major customers have signed up to use the service on an ongoing basis for their future MiFID II reporting.
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