DGCX chooses Cinnober's trading, clearing and surveillance technology
(Thomson Reuters ONE) -
Dubai Gold & Commodities Exchange to enhance the exchange infrastructure through
new partnership
· New platform to provide superior transaction speed, increased
reliability and scalability
· Enhancements designed to attract new institutional, retail and high
frequency traders
· Platform scheduled to go live in December 2012
Dubai Gold & Commodities Exchange (DGCX) has announced its partnership with
leading global trading technology provider, Cinnober Financial Technology.
Cinnober will provide a new exchange infrastructure for DGCX that promises to
significantly enhance the Exchange's derivatives trading marketplace. The
exchange infrastructure is scheduled to go live in December 2012 following a
phased implementation.
Cinnober's latest technology will significantly benefit DGCX's growing Member
community by providing superior transaction speed, efficient means to access
liquidity, and increased reliability and scalability that support their
increasingly sophisticated trading and clearing requirements. The new platform
will also provide Members with a cutting-edge trading interface and state-of-
the-art functionalities. Members of both the Exchange and Clearing House will
also be able to monitor risk in real time.
Ahmed Bin Sulayem, Chairman of Dubai Gold & Commodities Exchange said: "This
represents a major milestone in the development of the DGCX trading and clearing
platform. The new system will give DGCX the very latest, innovative technology
that will support our plans to create the region's most advanced derivatives
marketplace and increase the portfolio of products for our Members."
Gary Anderson, CEO of Dubai Gold & Commodities Exchange, commented: "The
advanced new platform will support the requirements of new DGCX products, such
as the recently announced Copper Futures, the increasing global participation of
high frequency traders (HFTs) whilst also attracting both regional and global
overseas liquidity pools to compete on a global stage. The upgrade will also
facilitate world-class risk-management, surveillance and clearing capabilities
and provide the necessary implied spreads facility, together with the processing
capacity needed to manage the growing volumes expected from HFTs."
Anderson further said: "Members will continue to have our full support with the
existing technology throughout the implementation phase. Financial Technologies
India Ltd (FTIL) has played an important role in the growth of DGCX and we would
like to thank them for their support over the last seven years."
DGCX's new technology infrastructure will be tailored to support Member
requirements. The core trading and clearing applications are built upon
Cinnober's TRADExpress platform. Based on Java, it has a fully redundant and
scalable architecture that delivers market-leading functionality, speed and
throughput capacity. Cinnober will also provide DGCX with Scila Surveillance, a
leading market surveillance system.
Commenting on the partnership agreement, Javier Tordable, CEO of Cinnober, said:
"DGCX has ambitious growth plans in the coming years and we are confident that
our TRADExpress platform will support the expected volume growth and the launch
of new and innovative products. Our partnership will ensure the DGCX continues
to play a leading role in the development of the regional derivatives market."
Sweden-based Cinnober is a major global supplier of mission-critical solutions
and services within trading, clearing and surveillance to leading trading and
clearing venues. Customers include major trading and clearing venues in Europe
and North America such as Alpha Exchange, Chicago Board Options Exchange,
Deutsche Börse, London Metal Exchange and NYSE Liffe. In the past year Cinnober
has increased its global presence while signing new contracts with emerging
markets and with players such as BMF&FBOVESPA in Brazil as well as the Stock
Exchange of Thailand and the Qatar Exchange.
For further information, please contact:
Fredrik Backlund Madyan Jabr
Head of Corporate Communications Manager - Marketing & Communications
Cinnober Financial Technology Dubai Gold & Commodities Exchange
Tel. +46-73 403 12 39 Tel. +971-4 3611614
Notes to the editor
The agreement between DGCX and Cinnober was signed during an official ceremony.
Photo from the signing ceremony are available through:
http://dgcx.ae/Downloads/ContentDownloads/DGCX-Cinnober-Signing-Ceremony.jpg
Caption "From left to right Mr. Gautam Sashittal, Chief Operating Officer, DMCC,
Mr. Gary Anderson, Chief Executive Officer, DGCX, Mr. Nils-Robert Persson,
Executive Chairman of Cinnober Financial Technology "
About DGCX
Established in 2005, DGCX is the region's first derivatives exchange and the
only one allowing participants to clear and settle transactions within the Gulf
region. The Exchange has played a pioneering role in developing the regional
market for derivatives. DGCX is a Dubai Multi Commodities Centre (Dubai
Government) initiative in partnership with Financial Technologies (India)
Limited and Multi Commodity Exchange of India Limited (MCX). It is an electronic
commodity and currency derivatives exchange with 230 members from across the
globe, offering futures and options contracts covering the precious metals,
energy and currency sectors. For more information: www.dgcx.ae
About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and
clearing venues. Cinnober's solutions are based on the TRADExpress(TM) Platform
incorporating everything needed for mission-critical solutions in terms of
performance, robustness and flexibility. The portfolio of offerings includes
price discovery and matching, real-time risk management, clearing and
settlement, index calculation, data distribution and surveillance. Cinnober's
customers include Alpha Trading Systems, Borsa Italiana, BM&FBOVESPA, Burgundy,
Chicago Board Options Exchange, Deutsche Börse, Eurex, Hong Kong Mercantile
Exchange, London Metal Exchange, Markit BOAT, NYSE Liffe, Stock Exchange of
Thailand and Quadriserv. For additional information, please visit
www.cinnober.com.
DGCX Cinnober Signing Ceremony:
http://hugin.info/139660/R/1621767/518255.jpg
Press release (pdf):
http://hugin.info/139660/R/1621767/518254.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cinnober via Thomson Reuters ONE
[HUG#1621767]
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Datum: 25.06.2012 - 04:26 Uhr
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