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IBS Journal February 2015


Who’s bought what? WHO? Euronext WHAT? Cinnober’s Tradexpress


Cinnober has signed a new customer, Euronext, for its Tradexpress platform. Euronext is bringing to market a new exchange, which Veronica Augustsson, CEO of Cinnober, describes as a ‘rare event in an industry dominated by consolidation’. Tradexpress is set ‘to con- solidate and standardise the derivatives business of Euronext’, she says, with the service scheduled for launch in spring 2015. It will enable the bilaterally agreed trades in derivative products to be reported to Euronext and cleared by its central counterparty, LCH. Clearnet. Equity derivatives will be the first product to go live. Adam Rose, head of derivatives at Euronext, explains the com-


pany’s latest move: ‘The industry is heading towards the conver- gence of the OTC and regulated markets. The OTC markets are cur- rently larger than the regulated ones, but if you believe MiFID, the convergence will be more towards the latter. So if we want to be rel- evant, contribute to this trend and actually benefit from this migra- tion, the best place to start is to create advantages in the post-trade space, with clearing and margining.’ Rose adds that once Tradexpress is installed and connected for


the first product – equities (‘the market that we are the strongest in’, he notes) – the expansion into other classes will be swift. Euron- ext bought a multi-asset licence from Cinnober, and is pondering a move into the commodities and fixed income classes. ‘The platform is flexible and time-to-market is rapid,’ he comments. Another advantage of the new technology is the web-based


front-end, which ‘lowers the hurdle to connect to Euronext’, Rose says. ‘We are ramping up our existing offerings in Asia and the US, and have recently got approval to market and sell all our derivative products in the US. With Cinnober’s solution in place, we’ll have a host of US members that can sign up easily.’ ‘It is a great opportunity for Cinnober,’ Augustsson states. This is


a new customer name for the vendor, and she attributes Euronext’s choice of technology provider to Cinnober’s independence, since most software suppliers in this space are offshoots of large stock exchanges, she comments, plus its quick time-to-market capability and multi-asset functionality coverage. Tradexpress will be hosted at Euronext’s own data centres.


WHO? Bangladesh Bank WHAT? RTGS from CMA Small Systems


CMA Small Systems has picked up a deal with Bangladesh Bank to install a new national real-time gross settlement (RTGS) system. The contract was signed in Decem- ber, but the project did not commence in earnest until the beginning of this year, says Alexey Nazarov, managing director at CMA. The new platform will support instant settlement of high-value local currency transactions as well as government secu- rities and foreign currency transactions. A provisional launch date of September 2015 has been set. The project is being financed by the


Asian Development Bank, with the selec- tion process ongoing over the last few months. CMA fended off competition from traditional rival in this space, Montran Cor- poration, at the final shortlist stage. Perago, the subsidiary of Italian software house SIA, was also evaluated at an earlier point. The main component of the project


will involve integration with some of the other national payments systems in use in Bangladesh (see below) as well as the


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core banking systems of Bangladesh Bank and the commercial banks. The former uses TCS’s Bancs offering. Nazarov explains that most of the commercial banks require straight-through processing (STP) with the RTGS, so CMA provides them with the API for its RTS/X platform to integrate with their own internal infrastructure. Nazarov says that CMA has carried out


a similar project in nearby Pakistan, which went live with the vendor’s RTGS offering in 2009, so there should not be too many local challenges. ‘The major difference between Pakistan and Bangladesh is that the population in Bangladesh is smaller than Pakistan, so they expect fewer pay- ments. They are talking about 100,000 pay- ments per day, or maybe more,’ he says. Over the last few years, Bangladesh


has undergone incremental modernisa- tion of its national payments infrastructure with several initiatives. In 2010, Bangla- desh Bank partnered with the UK Depart- ment for International Development (DFID) to build a new automated cheque clearing


© IBS Intelligence 2015 www.ibsintelligence.com


facility, whereby all commercial banks send truncated images of cheques to the cen- tral bank (instead of physical cheques) for clearing and settlement and subsequent return, verification and other processing. The project was managed by local IT con- sulting firm, Data Edge, going live in 2012. This project also included automation of electronic fund transfers. Following this, the bank introduced


a new national payments switch, which launched at the end of 2013. This project was financed as part of the World Bank’s Central Bank Strengthening initiative, and the contract was awarded to Openway with its Way4 system. The project was carried out by Openway’s local partner, Infotech Global, bringing all 28 commercial banks in the country on board. The next phase of Bangladesh Bank’s


modernisation following the launch of the RTGS system will be the introduction of a scripless securities settlement system for the automation of government securities transactions.


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