Spain's MTF Plataforma Alternativa de Valores Españoles (Pave) has chosen Cinnober as its technology partner on its new marketplace focusing on Spanish listed equities and ETFs. A deal with Equiduct had previously been announced but that fell through, leaving the door open for Cinnober.
“The proven ability of Cinnober to successfully empower marketplaces with cutting edge technology is outstanding,” says Javier Tordable, CEO and founding partner of Pave. “We have done a comprehensive analysis of all existing suppliers in the industry and they stood out as the ultimate alternative”.
The solution provided by the company will be based on the TRADExpress Streamlined Services, TESS, a Software as a Service offering, giving both new and established trading venues quick access to proven trading and surveillance technology on a subscription basis. Its core is the TRADExpress Trading System, a multi-asset execution system used in demanding equities, commodities and derivatives markets.
“Pave has been conceived to attract international traders and increase both the efficiency and liquidity in Spanish equities,” comments Tordable. “Choosing Cinnober after our thorough analysis of the exchange technology industry is key for us to support such a strategy, leveraging on their state-of-the-art, low latency, and resilient trading platform. We have of course seen what they have done for marketplaces such as Alpha in Canada, and are excited now to partner with them to bring their expertise into the Spanish equities market as soon as possible”
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