Cinnober has announced a new subsidiary is to be established to develop its real-time clearing technology business.
The subsidiary will focus on providing banks with the technology which can be used across asset classes and trades that take place on and off exchange.
A board has already been established for the unit, with Veronica Augustsson and Thomas Bendixen - who are the CEO and General Counsel of the parent company respectively – heading it up.
Augustsson explained the demand for post-trade technology among banks is substantial and Cinnober feel it is the right time to create a separate business.
“We introduced real-time clearing to the exchange world and have been the predominant supplier to the largest trading and clearinghouses over the past five years.
“This technology arouses great interest since it can also streamline many sluggish processes that exist at major international banks and brokerages,” she said.
Patrik Enblad has been appointed chairman, although Cinnober are seeking a CEO for the subsidiary.
“Much of the groundwork has been done, although some further development and customisation may be needed,” Enblad said.
Cinnober added it has received partial funding to develop the real-time clearing service.