Since the start of Q4 2017, Cinnober signed agreements with an additional 168 clients for TRADEcho, taking the total number of customers to 548.
"MiFID II, which went live on the 3rd of January 2018, represents a new and more complex world for all market participants. We saw a substantial inflow of small to medium sized investment firms opting for TRADEcho towards the end of the year,” says Cinnober CEO Veronica Augustsson. "Following the introduction of MiFID II we have seen a significant number of trades reported into TRADEcho in new MiFID II asset classes. It is too early to draw any conclusions about market volumes after only a few days and it will take time before we can see how the market has changed. The 3rd of January was an important milestone for us and we look forward to seeing how TRADEcho and the market will develop over the course of 2018."
TRADEcho, which offers transparency services to investment firms to meet their reporting obligations under the new European regulation, is provided in partnership between Cinnober’s subsidiary Simplitium and the London Stock Exchange Group (LSEG).
In addition, over 30 Electronic, Order and Portfolio Management System vendors have formalised partnerships with TRADEcho to automate their MiFID II trade reporting services. Investment firms, with the vendor management systems in place, can use TRADEcho as an Approved Publication Arrangement (APA) to report trades and access TRADEcho’s unique Smart Report Router (SRR) to determine trade reporting eligibility. For Simplitium this means a broader marketing channel.
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ 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 the Australian Securities Exchange, BM&FBOVESPA, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand. For additional information, please visit www.cinnober.com