Abaxx chooses Cinnober 27 November 2018London Reporter: Jenna Lomax
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Abaxx Exchange has chosen Cinnober’s TRADExpress Trading System and TRADExpress RealTime Clearing for its new commodity exchange and clearinghouse.
Abaxx’s commodity exchange and clearinghouse, currently in development in Singapore, will initially focus on Liquefied Natural Gas (LNG) derivatives.
The new exchange will leverage Cinnober’s established trading and clearing systems, providing “a resilient and reliable technological” framework for Abaxx Exchange.
Cinnober provides trading and clearing technology to marketplaces and clearinghouses globally.
Cinnober’s customers include exchanges such as the Asia Pacific Exchange, Australian Securities Exchange, B3 and Euronext.
John Knorring, CEO of Abaxx Exchange, said: “We were impressed with the functionality of the Cinnober solutions, in addition to the competencies of their technical teams. This partnership establishes the foundation to extend the portfolio of capabilities of the Abaxx Exchange.”
Peter Lenardos, CEO of Cinnober, commented: “Cinnober’s systems are playing a crucial part in setting up this venue for price formation and trading of LNG contracts, to make global energy trading more efficient.”
He added: “Our proven trading and post-trade solutions will enable Abaxx to rapidly deploy the infrastructure, functions and services needed to operate a safe, fair and orderly marketplace.”
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