Cinnober’s executive chairman Nils Persson said: “Real time clearing is a paradigm shift for the clearing industry. We’re talking about true real time risk management where calculations are performed in milliseconds, instead of running batches minutes or hours afterwards.

“This is the world’s fastest clearing system and it brings a totally new level of flexibility for clearing houses to rapidly respond to new regulations, client needs and market requirements, with full control of risk at any moment.”

Cinnober launched the multi-asset clearing system last year. TRADExpress calculates risk for each trade to minimise the chance of defaults. It can process multilateral as well as bilateral clearing.

Meanwhile, Cinnober has also released TRADExpress 8.0, an upgraded version of its trading platform. New functions include configuring standby servers, integrating server processes, multicast of unsolicited messages, an amended replication model for Fix messages, improved internal protocol efficiency and enhanced operations and maintenance applications.