Cinnober will upgrade the Australian Securities Exchange’s (ASX) trading technology for its equity and derivatives markets in a bid to cut connection costs for clients and bring new products to the market quicker.
ASX will start with the replacement of the ASX Trade24 derivatives platform, which has been in operation since 2007.
Following will be replacements for ASX’s equities trading platforms, risk management systems and market monitoring systems, which is expected to span over 18 to 24 months.
ASX then aims to upgrade its post-trade services, including cash market clearing and central securities depository services.
“Our investment in new technology will create a more flexible exchange infrastructure and deliver greater innovation to Australia’s financial markets,” said Elmer Funke Kupper, ASX Managing Director and CEO.
The program has been developed over the past 12 months according to Funke Kupper, who also highlighted a new customer support centre the exchange is setting up.
“These investments complement ASX’s new 24 hour customer support centre set to open in the second half of FY15.
“The customer support centre will be located within ASX’s Australian Liquidity Centre and will bring together ASX’s operations, market surveillance and technology teams, alongside Australia’s financial markets community.
“The new support centre will ensure Australia’s financial markets continue to operate to the highest standards, and will deliver improved services to ASX’s domestic and growing international customer base."
Cinnober already providers its financial technology to a number of major exchanges and clearing houses throughout the world, including Deutsche Boerse, Euronext and the London Metal Exchange.