Recently Nasdaq-acqiured Cinnober provides new clearing system when OCC kisses legacy system goodbye.
Chicago-based Options Clearing Corporation (OCC), which describes itself as the world’s largest equity derivatives clearing organization, has picked a solution from Sweden’s Cinnober to replace its legacy technology platform, writes The Trade.
Oils the processing
The Cinnober system goes under the name Tradexpress Realtime Clearing.
The deal plugs into internal work at the OCC, whose ”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,” said OCC’s chief operating officer John Davidson.
A new part of Nasdaq
Cinnober was recently bought by Nasdaq for $220 million, in a deal yet to be settled.
Lars Ottersgard, head of market technology at Nasdaq, says to The Trade that Cinnober has common capabilities as the exchange in many spaces, and that Nasdaq’s most significant inhibitor for growth has been the capacity to support clients.
“We have had good traction for many years for market technology, which has been growing steadily through the years. We have seen an uptake in interest in our capabilities to deliver solutions both to the wider capital markets and into new marketplaces,” says Lars Ottersgard.