Cinnober recently announced the establishment of a new subsidiary that will provide real-time post-trade technology and services to investment banks. The new subsidiary will modernize client clearing operations, a business area tightly squeezed by new regulatory obligations, higher capital requirements, and high spending on legacy IT infrastructures.

The first member of the management team to be announced is Patrick Tessier, who is joining the company as COO this week. Tessier’s most recent position was Global Head of Futures and OTC Clearing at Citi. Before that, he was EMEA Head of ETD Operations at UBS Investment Bank. Previous positions include CEO London Northern Europe at GL Trade, and European Head of Listed Derivatives Operations at Credit Suisse.

Tessier will be based in London together with a team of experts in bank clearing, back office, and risk management. Software development will be carried out primarily in Sweden, where Cinnober has its two main offices.

I am very happy to welcome Patrick to the Cinnober family,” says Veronica Augustsson, CEO of Cinnober. “He brings very valuable experience with a background of top positions in global investment banks. We both agree that these institutions have an enormous potential to improve and to become more efficient with our modular, real-time solution.”

Cinnober is the leading independent provider of financial technology to exchanges and clearinghouses. The subsidiary will adapt and bring Cinnober’s award-winning real-time clearing technology to global investment banks and brokers. The solution will enable its customers to get a real-time view of risk exposure across asset classes, clients, and CCPs.

For the second consecutive year, the underlying technology was named as Post-Trade Initiative of the Year by Financial News.

Cinnober’s customers include major exchanges with extreme demands on reliability and performance, such as the Australian Securities Exchange, BM&FBOVESPA, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE, and the Stock Exchange of Thailand.