DGCX Extends Cinnober Partnership to Upgrade Clearing and Trading Solutions

The core trading and clearing applications of DGCX ‎infrastructure were ‎already built on Cinnober's TRADExpress.

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.‎

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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.” ‎

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