Cinnober to Receive EC Funding
Stockholm-based technology firm one of 78 companies to get support
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Cinnober will receive funding from the European Commission to develop a real-time risk margining and multi-asset client clearing system for European and international banks.
The Stockholm-based technology firm was one of 78 companies selected by the Commission from a pool of 785 companies with 580 project proposals. Cinnober will receive a grant of up to €2.5 million to finance innovation activities.
"A multi-asset client clearing solution, with real-time risk margining is a disruptive change from today's silo model with dedicated systems for different asset classes, and batch-approach to margining," said Veronica Augustsson, CEO of Cinnober, in a statement. "The results are great efficiency wins, better risk awareness and an ability to offer enhanced services, much needed in a time of massive regulatory pressure on banks' client clearing units."
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