Cinnober, the Swedish technology systems and infrastructure provider, has launched a subscription-based preconfigured version of its TRADExpress Trading System. TESS, or TRADExpress Streamlined Services, is being offered to exchanges and marketplaces on a Software as a Service (SaaS) basis.
The service is a fully hosted and managed exchange system with a broad set of add-ons, including dark pool functionality, quote management, additional asset class inclusion and market surveillance. Trading member volume and throughput capacity can be increased to match customer demand.
The new service’s potential client base ranges from start-up trading venues with streamlined infrastructures to small to medium-sized exchanges looling to upgrade legacy technology. The subscription fee covers software licence and services with a typical time to market of a couple of weeks.
Cinnober has delivered customised solutions based on its TRADExpress Trading System to exchange providers including multilateral trading facilities Turquoise and Burgundy and the Hong Kong Mercantile Exchange.