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Euronext launches AtomX with post-trade technology from Cinnober

First Published 26th October 2015

New service to complement existing offering and capture bespoke derivatives business otherwise conducted OTC.

Veronica Augustsson, Cinnober

Veronica Augustsson, Cinnober

"Providing Euronext with a new post-trade solution was the capstone in a very smooth and successful project,"

Amsterdam, Brussels, Lisbon, London and Paris - Euronext announced the launch of its new flexible service AtomX, powered by Cinnober's TRADExpress technology. The new solution will complement Euronext's existing offering and capture tailored derivatives business that would otherwise have been conducted OTC.

The regulatory agenda calls for more transparency and mitigation of the recognised systemic risk posed by over-the-counter (OTC) derivatives. Market participants are looking for more efficiencies in portfolio management. AtomX aims to facilitate this by combining the flexibility of OTC trading with the capital and operational efficiencies of the regulated market.

AtomX enables investors to choose their own product style, type, strike price and expiration dates outside the standard expiry time set. The flex expiration dates are currently limited to the third Friday of the month. In a later phase a fully flexible choice of expiration dates will be available. As from today AtomX already offers reporting of trades in more than 900 flex contracts on top of all standard financial derivatives contracts available in the central order book.

Adam Rose, Head of Financial Derivatives at Euronext, said,"Clients are under significant pressure to find capital efficient solutions whilst maintaining much of the flexibility that OTC contracts provide in allowing them to meet their trading objectives. Through this service we can immediately offer efficiencies to clients trading bespoke equity derivatives contracts on our products. In addition we are also in discussions over new products that we can add to the service to bring more benefits to the marketplace."

"Providing Euronext with a new post-trade solution was the capstone in a very smooth and successful project," says Veronica Augustsson, CEO of Cinnober. "We have a great partnership with Euronext and look forward to continued teamwork on future development."

Christopher Meyers, Institutional Trading UK and Benelux of Flow Traders, said, "As a global technology-enabled liquidity provider we are constantly looking for ways to make our index futures trading as efficient as possible within an ever changing environment. Therefore we are pleased Euronext is introducing this service which enables us to combine the flexibility of OTC trading with the advantages of the regulated market."