Tordable takes Cinnober helm as MTFs look to extend Spanish gains
vendor Cinnober has appointed Javier Tordable as its new CEO, less than a month
after his plans to launch a Spanish multilateral trading facility (MTF) were
put on hold.
that his expertise will help Cinnober grow its business and the Sweden-based
firm has laid out plans to triple its turnover in the next few years, broaden
its international footprint and pursue an IPO.
“I have a lot of entrepreneurial
and managerial experience that I think will be a good fit for Cinnober,”
Tordable told theTRADEnews.com. “I had led my previous companies through IPO
assessments and believe impending regulation and further fragmentation of
liquidity across the globe will be significant drivers for growth.”
that the creation of organised trading faciltiies under MiFID II, a new
category of trading venue that will encompass derivatives currently traded OTC
and broker crossing networks for equities will offer Cinnober the chance to win
business from sell-side participants.
He also cited the
potential for geographic expansion, as more markets embrace secondary markets
competition and try to capture high-frequency trading flows, adding that, “our
neutral and well-established TRADExpress platform can be deployed globally very
already installed technology at derivatives markets NYSE Liffe and Eurex. The
firm is also engaged in projects to integrate BM&F Bovespa’s four clearing
systems and to overhaul the trading systems at the Stock Exchange of Thailand.
Previously, Tordable has held
advisory roles at Deutsche Börse and Eurex and played a role in launching
SENDECO2, a Spanish emissions exchange and MTS Spain, the Spanish government
debt market owned by the London Stock Exchange.
His most recent position was
as founder and CEO of PAVE, an MTF focused on Spanish equities. However, PAVE
has now been put on hold after it failed to gain the necessary financial
“We will wait
until the market is ready for it. I have stepped back from PAVE and its
time is probably over for now,” said Tordable.
Chi-X Europe has announced an extension of its pricing promotion for trading,
clearing and settlement of Spanish stocks until the end of June 2012, following
significant market share gains in recent months.
which was recently acquired by BATS Global Markets, reached 4.7% market share
in Spanish stocks in February, making it the only alternative platform to trade
over 1% market share.
offers members a 0.3 basis point rebate on passive executions in IBEX 35 stocks,
up from 0.2 bps previously. The scheme also waives clearing and settlement
costs for participants trading over €200 million per month in six selected IBEX