Quadriserv, a provider of technology to the securities lending industry, and Cinnober, a provider of advanced technology to financial marketplaces, have completed integration testing and are currently conducting industry-wide testing of Quadriserv’s AQS securities lending platform.
Quadriserv said that the company and the Options Clearing Corporation (OCC) are working collaboratively to provide clearinghouse services for all securities lending transactions submitted through AQS, enhancing market structure, transparency and efficiency.
The AQS system is based on an enhanced version of Cinnober’s TRADExpress platform, customized to fit Quadriserv’s functional requirements. Cinnober’s technology will reportedly allow the AQS system to perform automated and anonymous trade matching, and handle large trade volumes on a secure and accessible platform.
Bruce Turner, COO of Quadriserv, said: “Cinnober represents good standard in providing services to complex financial marketplaces, and we are delighted to continue this partnership as we accelerate development of AQS. Cinnober’s TRADExpress platform has been embraced by customers across multiple markets, and its versatility will ensure we are able to adapt, improve and expand the AQS system over time.
Jan Arpi, CEO of Cinnober, said: “We are very proud of our involvement in the development of AQS, which will enable traders to borrow and lend equities through technical platform and infrastructure.”