Cinnober selected for JPX upgrade

Japan Exchange Group (JPX) has mandated Cinnober to upgrade the clearing system for its listed derivatives market.

Through the Cinnober technology, the market, operated by Osaka Exchange and cleared by the Japan Securities Clearing Corporation, should benefit from faster clearing and improved risk monitoring.

The solution allows clearinghouses to monitor and manage risk across multiple markets. A netting system allows for margin and settlement savings, better risk management and more efficient operations, as well as faster capabilities for product development.

Through creating a more modern clearing system and implementing new technical architecture, JPX intends to improve delivery capabilities – part of a significant strategic investment.

Hiroyuki Shibuya, chief information officer at JPX, said: “We now look forward to working together as one team as we move towards implementing a real-time clearing system that meets both global standards and international best practice.”

Cinnober CEO Veronica Augustsson said: “As the leading provider of real-time clearing systems, we are positioned with a unique blend of knowledge and experience in this area. Large marketplaces with global ambitions value technology that can reduce risks and handle both today’s and tomorrow’s demand. This is demonstrated by major exchanges successfully using our technology.”

“JPX is known for its high demand on quality and we are therefore extra delighted to have been selected to make this journey together.”