< The 2015 Trading Technology 40: Going with the Flow

For most of its 17-year life, Cinnober Financial Technology has competed against the likes of Nasdaq OMX Group and London Stock Exchange Group’s MillenniumIT, but without comparable brand recognition. As Cinnober’s specialty, posttrade systems, came into the spotlight because of postcrisis regulatory and cost pressures, the Stockholm-based company thrived by installing its TRADExpress platform at Brazil’s BM&FBovespa, Intercontinental Exchange’s Liffe and other infrastructure-upgrading markets around the world. Now Cinnober and its 36-year-old CEO, Veronica Augustsson, have raised their sights to end-to-end market automation. At least one financial marketplace, its name as yet undisclosed, is preparing to go live early this year with an exchange-tailored version of SaaS, or software as a service: Cinnober will carry the full technology load so the client “can focus on their business,” says Augustsson, a 15-year Cinnober veteran and CEO since October 2012. Included in the turnkey package is surveillance, an increasingly in-demand oversight and compliance offering from Cinnober and its Scila Surveillance affiliate. Scila scored a coup in October when ICE’s NYSE Regulation became a customer. Last year Cinnober signed a TRADExpress deal with Euronext to enable creation and clearing of derivatives products and took control of Markit’s BOAT trade reporting service, which rivals BATS Chi-X Europe’s BXTR. “During the financial crisis banks and brokers were capping costs and downsizing fees,” Augustsson says. “Now they’re more open to buying standard services and products.” She believes Cinnober is in a position to help clients with transaction management functions such as collateral optimization and with technology tools and services to avoid outages.

 
The 2015 Trading Technology 40

1	2	3	4	5
Kevin Kometer CME Group	Richard Prager BlackRock	Raymond Tierney III Bloomberg Tradebook	Jonathan Ross KCG Holdings	Charles Vice Intercontinental Exchange
6	7 Zef Nikolla	8	9	10
Chris Isaacson BATS Global Markets	Bradley Peterson Nasdaq OMX Group	Brad Levy MarkitSERV	Dan Keegan Citi	Ronald DePoalo Fidelity Institutional
11 Mark McQueen	12	13	14	15 Margaret Fox
Gerard Beatty Goldman Sachs Group	Gerald O'Connell CBOE Holdings	Brenda Hoffman TMX Group	Billy Hult Tradeweb Markets	Nicholas Themelis MarketAxess Holdings
16	17	18 Martin H. Simon	19 Todd Plitt	20 A.E. Fletcher Photography
Bina Kalola Bank of America Merrill Lynch	Gil Mandelzis EBS-BrokerTec (ICAP)	Steven Randich Financial Industry Regulatory Authority	Jerry Dobner GFI Group	Michael Liberman BlueMountain Capital Management
21	22 Photographer:http://www.digitalh	23	24 Dennis Degnan	25 Paul Elledge
Bill Chow and Richard Leung Hong Kong Exchanges and Clearing	Jamie Selway Investment Technology Group	Brad Katsuyama IEX Group	John Mackay (Mack) Gill MillenniumIT	Jamil Nazarali Citadel Execution Services
26	27	28 Picasa	29 Andrew Harrer	30 Takashi KATO
Robert Cornish International Securities Exchange	Tyler Moeller andJoshua Walksy Broadway Technology	Rishi Nangalia REDI Holdings	Manoj Narang Tradeworx, Thesys Technologies	Oki Matsumoto Monex Group
31	32 unknown	33 Douglas Kurn	34 Luludi/LUZ	35 William Neumann Photography
Alasdair Haynes Aquis Exchange	Veronica Augustsson Cinnober Financial Technology	Stu Taylor Algomi	Luís Otávio Saliba Furtado BM&FBovespa	Tal Cohen Chi-X Global Holdings
36	37	38	39	40
Donal Byrne Corvil	R. Cromwell Coulson OTC Markets Group	Alfred Eskandar Portware	Richard Korhammer SR Labs	Hazem Dawani OptionsCity Software