LME Selects Cinnober for Clearing
The London Metal Exchange (LME) has selected Cinnober to power its clearing arm, LME Clear.
Cinnober will implement its TRADExpress RealTime Clearing System at the commodities exchange, for the processing and clearing of both on-exchange and over-the-counter (OTC) markets.
The Swedish vendor already provides the trading platform for the LME, LMEselect. The clearing system is scheduled to go live in 2014.
"In today's clearing environment, regulatory, market and client demands emphasise the need for high performance systems, in terms of resilience, processing ability and the move to real-time risk management," says Trevor Spanner, MD of post-trade services at the LME. "We are pleased and excited to have a technology partner who shares our commitment to delivering this capability."
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