The Dubai Gold and Commodities Exchange (DGCX) has extended its collaboration with technology provider Cinnoberas as the Middle East venue upgrades its trading and clearing solutions with the latest version of the TRADExpress platform.
The core trading and clearing applications of DGCX technology infrastructure were already built on Cinnober’s TRADExpress Trading System and TRADExpress RealTime Clearing. The solutions are based on the offering TRADExpress as a Service(TESS) which allows trading venues to leverage Cinnober’s trading and clearing technology while focusing on core business.
The upgraded platform will support the requirements of new DGCX products, such as the recently announced physically-backed Sharia-compliant Spot Gold contract. It also caters to the increasing global participation of HFTs while also attracts both regional and global overseas liquidity pools to compete on a global stage.
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DGCX said the upgrade, which successfully went live on March 23, will facilitate world-class risk-management, surveillance and clearing capabilities. It also secures the necessary capabilities of business development, together with a more refined trade and market data protocol, leading to improved bandwidth usage.
Cinnober is Sweden-headquartered provider of exchange clearing technology, offering services to global stock exchanges, clearing houses, banks, and brokerages. Despite its improved net sales and recurring revenues in 2017, the company recorded an operating loss of SEK 93.4 million ($11.49 million) over the course of the year. The operating loss marks a significant decline, relative to 2016’s operating profit of SEK 9.5 million.
Les Male, CEO of DGCX, commented: “With this upgrade we’re benefiting from cutting-edge exchange and clearing technology and preparing for further growth. The launch was smooth, operations have been enhanced, and we’ve seen great results for member accessiblity [sic] and connectivity, as well as highly encouraging feedback.”
Veronica Augustsson, CEO of Cinnober, added: “DGCX has always been very agile and responsive to its market, continuously launching new innovative products to serve client needs. They’re an excellent example that demonstrates the benefits of an integrated solution, both in terms of the ease of adding new asset classes and instruments, as well as efficient risk management with the ability to act immediately on real-time information.”