Cinnober, a global provider of exchange and clearing technology solutions owned by Nasdaq, has signed an agreement to deliver its TRADExpress Trading System and TRADExpress RealTime Clearing for Abaxx Exchange’s new commodity exchange and clearinghouse.
The new exchange, which is headquartered in Singapore, will leverage Cinnober’s established trading and clearing systems in order to operate its marketplace with a resilient and reliable technological framework. Currently being developed by a team of industry experts, Abaxx will initially focus on Liquefied Natural Gas (LNG) derivatives.
John Knorring CEO of Abaxx Exchange, said: “We were impressed with the functionality of the Cinnober solutions, in addition to the competencies of their technical teams. This partnership establishes the foundation to extend the portfolio of capabilities of the Abaxx Exchange.”
Peter K. Lenardos, CEO of the Cinnober Group, commented: “Cinnober’s systems are playing a crucial part in setting up this venue for price formation and trading of LNG contracts, in order to make global energy trading more efficient. Our proven trading and post-trade solutions will enable Abaxx to rapidly deploy the infrastructure, functions, and services needed to operate a safe, fair and orderly marketplace.”
Cinnober announced a number of executive moves in the past. Chief executive officer Lenardos joined the company as CFO in June 2018. He was first expected to move to Macquarie’s European arm as the new Head of Financial Research, but he joined Cinnober instead.
His extensive international network in the institutional investment community, and among global market infrastructure and asset management companies, has allowed Lenardos to quickly rise internally to the point of being appointed CEO in the place of Veronica Augustsson.