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Spanish MTF PAVE chooses Cinnober as technology partner


PAVE Platform announces today the choice of Cinnober Financial Technology as the future technology partner for its new ultra-fast marketplace focusing on Spanish listed equities and ETFs.

This new Spanish MTF has aggressive plans to gain market share in the Iberian trading community for equities – one of few major markets in Europe where deregulation and increased competition have yet to arrive. The culmination of a long and deliberate evaluation in their choice of technology is a major milestone.

“The proven ability of Cinnober to successfully empower marketplaces with cutting-edge technology is outstanding,” says Javier Tordable, CEO and founding partner of PAVE. “We have done a comprehensive analysis of all existing suppliers in the industry and Cinnober stood out as the ultimate alternative”.

The solution provided by Cinnober will be based on the TRADExpress Streamlined Services, TESS. This is a flexible Software as a Service offering, giving both new and established trading venues quick access to proven trading and surveillance technology on a subscription basis. Its core is Cinnober’s TRADExpress Trading System, a multi-asset execution system used in demanding equities, commodities and derivatives markets. It delivers market-leading performance in terms of speed and throughput and can easily be extended and scaled up on demand.

“PAVE has been conceived to attract international traders and increase both the efficiency and liquidity in Spanish equities,” continues Tordable. “Choosing Cinnober after our thorough analysis of the exchange technology industry is key for us to support such a strategy, leveraging on their state-of-the-art, low latency, and resilient trading platform. We have of course seen what they have done for marketplaces such as Alpha in Canada, and are excited now to partner with Cinnober to bring their expertise into the Spanish equities market as soon as possible”

PAVE stands for Plataforma Alternativa De Valores Españoles (Alternative Platform for Spanish Securities) and was conceived in August 2010 as a project, and December 17, 2010 as a company, in order to bring the benefits of competition to the Spanish equities market. PAVE will be the first Spanish MTF with support, ownership and governance of Spanish market participants and based on international trading, clearing and operations, aiming to launch during the first quarter 2012.

“I am very pleased to welcome yet another competitive alternative to incumbent marketplaces in Europe”, says Nils-Robert Persson, Executive Chairman of Cinnober. “When PAVE revealed their plans, we saw a great match with our TESS offering. Once again we have proven ourselves able to provide customers with the most competitive alternative.”

Cinnober provides high-transaction trading and clearing related systems to a number of leading venues around the world. These include innovative solutions for leading exchanges such as the Chicago Board Options Exchange, Deutsche Börse, London Metal Exchange and NYSE Liffe. TRADExpress technology also power new initiatives and alternative trading venues such as Alpha Trading Systems, Burgundy and Markit BOAT.

About PAVE
PAVE, the alternative trading platform for Spanish securities, was conceived in August 2010 with the aim to provide liquid, efficient, ultra-fast, secure and international trading of Spanish stocks. Headquartered in Barcelona, it has operations in Madrid and is Spain’s first alternative trading platform. PAVE was incorporated as a limited liability company in December 2010 and aims to become operational by first quarter 2012. For additional information, see

About Cinnober Financial Technology
Cinnober provides mission-critical solutions and services to leading trading and clearing venues. Cinnober’s solutions are based on the TRADExpress™ 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, Burgundy, Chicago Board Options Exchange, Deutsche Börse, EDX London, Eurex, Hong Kong Mercantile Exchange, London Metal Exchange, Markit BOAT, NYSE Liffe and Quadriserv. For additional information, please visit


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