October 07, 2002

American Stock Exchange chooses Cinnober for new trading technology platform

Cinnober Financial Technology, the fast growing software company for financial, commodity and energy marketplaces, today announced an agreement with the American Stock Exchange® (Amex®) to develop new trading technology for the Amex trading environment, using Cinnober's TRADExpress platform.

Under the agreement, the Amex's trading systems will be custom developed leveraging Cinnober's proprietary TRADExpress platform. TRADExpress is a Java-based scalable framework for the development of applications for financial and commodity trading. The framework handles the connection of external and internal customer groups in a secure and efficient way, exchanging transactions with legacy exchange systems.

"We are pleased and very proud to have been chosen by the Amex to provide their new trading technology," said Gunnar Lindell, CEO of Cinnober. "We are excited to work with the Amex on developing a system that combines one of the world-leading exchange's extremely liquid and mature floor trading with all the advantages that an electronic trading system provides. We see the Amex and our other clients as partners, working in close cooperation with them on trying to develop what they expect, on time. We believe this is the only way to build long-lasting relationships."

"The state-of-the-art trading platform at the American Stock Exchange provides customers with a fast and efficient means of accessing the liquidity offered by Amex specialists and market makers," said Ravi Apte, chief technology officer at the Amex. "The new systems enhance the existing auction market by automating order interaction and providing fast executions while maintaining superior price discovery and execution prices. We look forward to working with Cinnober's TRADExpress to enhance our systems even more.