Cinnober, a provider of mission-critical solutions and services to major trading and clearing venues, including exchanges, announced today that it has been selected by the International Property Securities Exchange (IPSX) to deliver a managed trading solution.
First CRE Stock Exchange
IPSX has applied for approval from the Financial Conduct authority (FCA) for a Recognised Investment Exchange (RIE) licence which allows it to operate as a regulated stock exchange dedicated to the admission and trading of securities in commercial real estate (CRE). It will be the world’s first CRE specialist stock exchange and is anticipated to launch in 2017.
IPSX will launch a long sought-after public market for commercial real estate.
By establishing commercial property as a mainstream asset class, IPSX will provide asset owners with a new capital markets solution with universal access to European private and institutional investors through its trading platform.
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Cyril Théret, CEO of IPSX, said: “IPSX will launch a long sought-after public market for commercial real estate that will broaden investor access and provide more options for property owners to fully or partially sell assets. As a regulated stock exchange, we require a robust and scalable trading platform and we selected Cinnober for their excellent track record.”
IPSX will offer Exchange Traded Property (ETP) securities, a new investment product which will enable retail and institutional investors to buy and sell shares in a single commercial property. Investors will also be provided with transparency, liquidity and, for the first time, consistent and publicly available data with exchange-driven price formation.
The solution will be 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.
“We’re delighted to have been chosen to help build this exciting new marketplace.”
The functionality-rich service supports venues like exchanges, systematic internalizes and multilateral trading facilities with multi-asset class trading. TESS is ideal for new marketplaces that want to get up and running quickly and supports multiple market models including auctions, continuous trading, request for quote, dark pools, and midpoint matching.
Veronica Augustsson, CEO of Cinnober commented: “Cinnober thrives when breaking new grounds, and IPSX offers a very strong concept with the potential to revolutionize the CRE market. A safe, transparent and resilient marketplace will highly benefit the industry. We’re delighted to have been chosen to help build this exciting new marketplace together with the experienced team at IPSX.”
Finance Magnates last reported on Cinnober back in July after the firm signed an agreement with a major exchange to conduct a design study for utilising its technology for real-time clearing of listed derivatives.