LME upgrades electronic trading platform

12/6/2011, 11:56 AM (Source: GlobeNewswire)
Cinnober delivers enhanced version for LMEselect to meet record volumes

The world's premier base metal market and one of the most prominent commodity
marketplaces, the London Metal Exchange (LME), has gone live with a new version
of the electronic trading platform LMESelect.

LMESelect version 7, jointly developed by the LME, the Exchange's service
delivery partner Xchanging and its technology provider Cinnober Financial
Technology, will enable the LME to manage further increases in volumes. Trading
to date this year is up more than 20 percent on 2010, itself a record year.

The decision to upgrade was based in large measure on this need to elevate
performance to meet continually record-breaking volumes, as well as the wish to
open up to algorithmic trading, which naturally brings in a vastly increased
performance requirement both in terms of low latency as well as volumes. The
upgrade also implies a number of configurable new order types that can be
implemented and introduces a new FIX-based solution for market data that
satisfies higher performance requirements, reduces costs and uses a standardized
protocol.

"Our position as the premier base metal market in the world requires us to stay
at the forefront of technology," said Michael Warren, CTO of the LME. "Our
strategy is to always provide industry-leading performance and reliability. In
addition, a constantly changing marketplace means being able to deliver new
order types and face up to the demands of high-frequency trading."

"Our long-term partnership with Cinnober has paid off well over the years,"
Warren continuous. "LMESelect has continuously been enhanced and refined and our
new performance and functionality implies that we are now well-prepared for the
next set of market and technology challenges."

The partnership between Cinnober and the LME began back in 2003, when the
Swedish supplier delivered its first version of the LMESelect platform, based on
its proprietary TRADExpress technology. During this long partnership, electronic
trading has grown from 2% to over 70% of the LME's market volume.

"The LME continually renews the commodity exchange business," said Nils-Robert
Persson, Executive Chairman of Cinnober. "This is what being a prominent trading
pioneer means - in their case combining centuries of business success with an
unmatched clarity of vision. We're particularly proud to continue our close
partnership with the LME, because the content of this upgrade - along with cost
reductions - can't be found anywhere else in the commodity businesses."

Cinnober is the leading independent provider of marketplace and clearing
technology, delivering solutions for trading, market data distribution, market
surveillance, clearing and real-time risk management. The company has an
impeccable track record of supplying advanced solutions to prominent trading
venues and earlier this month Brazilian giant BM&FBOVESPA chose Cinnober as its
technology partner for a huge multi-asset, post-trade and clearing project.

For further information, please contact:

Nils-Robert Persson,
Executive Chairman,
Cinnober Financial Technology
Tel. +46-(0)70 552 52 28
nils-robert.persson@cinnober.com

Miriam Heywood
Press Officer
London Metal Exchange
Tel. +44 207 264 5538
miriam.heywood@lme.com

About London Metal Exchange (LME)
The London Metal Exchange is the world's premier base metals market. It aims to
set the global standard for price risk management in metals and provide tools
including futures and options contracts for aluminium, copper, tin, nickel,
zinc, lead, aluminium alloy and NASAAC, steel billet and the minor metals -
cobalt and molybdenum. In 2010, 120.3 million lots were traded at the LME, while
the total value of trading on the Exchange was $11.63 trillion. At the close of
the year 5.7m tonnes of material were held on LME warrant in 709 storage
facilities across 39 locations internationally.http://www.lme.com

About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and
clearing venues. Cinnober's solutions are based on the TRADExpress(TM) Platform
incorporating everything needed for mission-critical solutions in terms of
performance, robustness and flexibility. The portfolio of offerings includes
price discovery and matching, real-time risk management, clearing and
settlement, data distribution and surveillance. Cinnober's customers include
Alpha Trading Systems, Borsa Italiana, BM&FBOVESPA, Burgundy, Chicago Board
Options Exchange, Deutsche Börse, Eurex, Hong Kong Mercantile Exchange, London
Metal Exchange, Markit BOAT, NYSE Liffe, Stock Exchange of Thailand and
Quadriserv. For additional information, please visitwww.cinnober.com.




Press release:
http://hugin.info/139660/R/1569439/487852.pdf




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