Cinnober sets up real-time clearing subsidiary, looks for CEO
Cinnober looking for new CEO for real-time clearing subsidiary
Swedish trading technology specialist Cinnober is spinning off its real-time clearing business into a separate subsidiary. Cinnober currently provides this service – known as “client clearing” – to large international banks and is keen to grow the business.
Thus, it is transferring the rights to the technology to its new subsidiary, which “will further commercialise the offering”.
Partial funding for this project has been received from the European Commission, Cinnober says, “which decided in early 2015 to include Cinnober’s initial venture for real-time clearing for banks in a financing programme with the ambition of promoting European innovation”.
Based on Cinnober’s existing technology for exchanges and clearinghouses, the new company will provide banks and their customers “with an immediate and complete view of risk exposure across different markets”, Cinnober states.
“The technology can handle all traded asset classes, as well as trades that take place both on and off an exchange,” it adds.
Veronica Augustsson, CEO of Cinnober, believes “the demand for improved post-trade technology among banks is substantial”.
Augustsson will sit on the board of the new company and so will Thomas Bendixen, who is general counsel of Cinnober. Patrik Enblad, who is a board member of Cinnober, has been appointed chairman of the new venture.
The search is underway for a CEO.
“Much of the groundwork has been done, although some further development and customisation may be needed,” Enblad says. “An important task now is to recruit a CEO with the ability to capture this opportunity and take this offering to the market.”
