Technology Vendor Cinnober Reports Solid Financial Results for 2016
- Japan Exchange Group selected Cinnober as its supplier of a new clearing solution for the entire Japanese derivatives market.
Cinnober Financial Technology AB (Cinnober), the Sweden-based provider of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and real-time Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term technology that caters to international stock exchanges, clearing houses, banks and brokerages, today reported its 2016 financials, according to a corporate statement.
For the full year of 2016, Cinnober had net sales of 330.9 million Swedish krona (SEK) or roughly $36.9 million, up 10 percent year-over-year from SEK 300.5 million ($33.5 million) reported a year ago. However, operating profit for the year amounted to SEK 9.5 million ($1.05 million), lower by -40.6 percent when weighed against SEK 16.0 million ($1.78 million) in 2015. Profit for the year was affected with non-recurring costs of SEK 36.8 million due to the impairment of shares in the companies Binary Event Networks Inc and Quadriserv Inc.
The Stockholm-based vendor's profit before tax during 2016 amounted to SEK 8.8 million ($981,815), which reflects a much better performance relative to a loss of SEK 22.0 million ($2.45 million) reported during 2015. In a similar vein, earnings per share (EPS) jumped to SEK 0.67 on an undiluted basis, better than a SEK 4.26 loss per share in the year prior, according to the update.
During the year, Japan Exchange Group (JPX), one of the world’s largest exchanges, selected Cinnober as its supplier of a new clearing solution for the entire Japanese derivatives market.
Veronica Augustsson, CEO of Cinnober, commented: “Cinnober finds itself in an expansionary phase in which we are continuing to reap success in our traditional segments: exchanges and clearinghouses. In 2016, we expanded and recruited continuously to meet growing demand. At the same time, we are investing in future growth through expanded target groups, mainly through reporting services, as well as clearing and risk solutions targeted at international banks and brokerages".
Cinnober Financial Technology AB (Cinnober), the Sweden-based provider of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and real-time Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term technology that caters to international stock exchanges, clearing houses, banks and brokerages, today reported its 2016 financials, according to a corporate statement.
For the full year of 2016, Cinnober had net sales of 330.9 million Swedish krona (SEK) or roughly $36.9 million, up 10 percent year-over-year from SEK 300.5 million ($33.5 million) reported a year ago. However, operating profit for the year amounted to SEK 9.5 million ($1.05 million), lower by -40.6 percent when weighed against SEK 16.0 million ($1.78 million) in 2015. Profit for the year was affected with non-recurring costs of SEK 36.8 million due to the impairment of shares in the companies Binary Event Networks Inc and Quadriserv Inc.
The Stockholm-based vendor's profit before tax during 2016 amounted to SEK 8.8 million ($981,815), which reflects a much better performance relative to a loss of SEK 22.0 million ($2.45 million) reported during 2015. In a similar vein, earnings per share (EPS) jumped to SEK 0.67 on an undiluted basis, better than a SEK 4.26 loss per share in the year prior, according to the update.
During the year, Japan Exchange Group (JPX), one of the world’s largest exchanges, selected Cinnober as its supplier of a new clearing solution for the entire Japanese derivatives market.
Veronica Augustsson, CEO of Cinnober, commented: “Cinnober finds itself in an expansionary phase in which we are continuing to reap success in our traditional segments: exchanges and clearinghouses. In 2016, we expanded and recruited continuously to meet growing demand. At the same time, we are investing in future growth through expanded target groups, mainly through reporting services, as well as clearing and risk solutions targeted at international banks and brokerages".