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).