Trading platform vendor Cinnober has appointed Javier Tordable as its new CEO, less than a month after his plans to launch a Spanish multilateral trading facility (MTF) were put on hold.
Tordable hopes that his expertise will help Cinnober grow its business and the Sweden-based firm has laid out plans to triple its turnover in the next few years, broaden its international footprint and pursue an IPO.
“I have a lot of entrepreneurial and managerial experience that I think will be a good fit for Cinnober,” Tordable told theTRADEnews.com. “I had led my previous companies through IPO assessments and believe impending regulation and further fragmentation of liquidity across the globe will be significant drivers for growth.”
Tordable said that the creation of organised trading faciltiies under MiFID II, a new category of trading venue that will encompass derivatives currently traded OTC and broker crossing networks for equities will offer Cinnober the chance to win business from sell-side participants.
He also cited the potential for geographic expansion, as more markets embrace secondary markets competition and try to capture high-frequency trading flows, adding that, “our neutral and well-established TRADExpress platform can be deployed globally very quickly”.
Cinnober has already installed technology at derivatives markets NYSE Liffe and Eurex. The firm is also engaged in projects to integrate BM&F Bovespa’s four clearing systems and to overhaul the trading systems at the Stock Exchange of Thailand.
Previously, Tordable has held advisory roles at Deutsche Börse and Eurex and played a role in launching SENDECO2, a Spanish emissions exchange and MTS Spain, the Spanish government debt market owned by the London Stock Exchange.
His most recent position was as founder and CEO of PAVE, an MTF focused on Spanish equities. However, PAVE has now been put on hold after it failed to gain the necessary financial backing.
“We will wait until the market is ready for it. I have stepped back from PAVE and its time is probably over for now,” said Tordable.
Meanwhile, BATS Chi-X Europe has announced an extension of its pricing promotion for trading, clearing and settlement of Spanish stocks until the end of June 2012, following significant market share gains in recent months.
Chi-X Europe, which was recently acquired by BATS Global Markets, reached 4.7% market share in Spanish stocks in February, making it the only alternative platform to trade over 1% market share.
The promotion offers members a 0.3 basis point rebate on passive executions in IBEX 35 stocks, up from 0.2 bps previously. The scheme also waives clearing and settlement costs for participants trading over €200 million per month in six selected IBEX 35 stocks.