OCC selects clearing system from Nasdaq-owned Cinnober

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Cinnober, a global provider of exchange and clearing technology solutions acquired by Nasdaq, today announces that OCC will replace its legacy clearing system with a system that employs Cinnober’s TRADExpress RealTime Clearing.

“Following a lengthy and rigorous analysis, we decided to pair our internal work with the adoption of the TRADExpress RealTime Clearing solution,” says John Davidson, President and Chief Operating Officer at OCC. “The new systems will deliver many advantages to our participating exchanges and clearing firms in a modern and flexible technology architecture, including enhanced functionality to procure and submit data to and from the system for external and internal users, enhanced ad-hoc reporting capabilities, enhanced control mechanisms, expanded new product support capabilities, improved futures processing, and greater flexibility in processing clearing member trade agreements.”

OCC is the world’s largest equity derivatives clearing organization and the central counterparty for all US exchange-listed options trades. In addition, OCC clears transactions in OTC options, futures and options on futures, as well as securities lending transactions.

“We are happy to be part of modernising the core technical infrastructure at OCC with our market-leading clearing system,” says Peter K. Lenardos, CEO of Cinnober Group. “Our robust and proven real-time clearing solution will support OCC’s ambition to improve business development and time-to-market for new products across the markets they clear.” 

Cinnober provides trading and clearing technology to marketplaces and clearinghouses globally. Cinnober’s clients include leading exchanges such as the Asia Pacific Exchange (APEX), Australian Securities Exchange (ASX), B3, Bitstamp, Dubai Gold & Commodities Exchange (DGCX), Euronext, Japan Exchange Group (JPX), Johannesburg Stock Exchange (JSE), London Metal Exchange (LME) and Stock Exchange of Thailand (SET).

For further information, please contact:

Anna Hallgren
Co-Head of Marketing and Corporate Communications
Cinnober Financial Technology AB
Tel. +46 73 347 87 20

Emmy Granström
Co-Head of Marketing and Corporate Communications
Cinnober Financial Technology AB
Tel. +44 77 8466 7959

About Cinnober
Cinnober provides solutions and services to trading venues and clearinghouses. 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 and data distribution.

Cinnober’s customers include Asia Pacific Exchange, Australian Securities Exchange, B3, Bitstamp, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, London Metal Exchange, LME Clear and Stock Exchange of Thailand.

Cinnober is part of the Cinnober Group which also includes the subsidiaries Simplitium and Minium. On January 10th 2019, Nasdaq announced that they had successfully acquired Cinnober. For additional information, please visit https://group.cinnober.com.

Cinnober’s shares are traded on the Nasdaq First North exchange and the company’s Certified Advisor is FNCA. To help the market to assess the value of the deals won by Cinnober, the following definitions have been established. A major deal is one for which the order value over a period of five years is estimated to exceed SEK 100 million. A smaller deal is one for which the order value over a period of five years is estimated to be less than SEK 30 million. A medium-sized deal is one for which the order value over a period of five years is estimated to be in between that of a smaller deal and a major one. The signed agreement mentioned above is a major deal from this perspective.

About OCC
OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) as a registered clearing agency and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. Named 2018 Best Clearing House by Markets Media, and Clearing House of the Year — The Americas by FOW, OCC now provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at www.theocc.com.