NEW YORK and STOCKHOLM, Sweden, Oct. 30, 2008 (GLOBE NEWSWIRE) -- Quadriserv, Inc. and Cinnober announced today that they have completed integration testing and are currently conducting industry-wide testing of Quadriserv's AQS securities lending platform. This milestone materially advances Quadriserv's objective of launching AQS on schedule in early 2009. As recently announced, Quadriserv 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(tm) platform, customized to fit Quadriserv's unique functional requirements. Cinnober's globally recognized technology will allow the AQS system to perform automated and anonymous trade matching, and handle large trade volumes on a secure and accessible platform.
Bruce Turner, Quadriserv's Chief Operating Officer, commented, "Cinnober represents the gold-standard in providing solutions to complex financial marketplaces, and we are delighted to continue this partnership as we accelerate development of AQS. Cinnober's TRADExpress(tm) 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."
Cinnober's Chief Executive Officer Jan Arpi commented, "We are very proud of our involvement in the development of AQS, which will enable traders to borrow and lend equities through a customized technical platform and a well-established infrastructure. By directly facilitating transparency and marketplace efficiencies, AQS represents a milestone development for the securities lending market. We are eager to see its launch in the coming months, and look forward to working with Quadriserv as they expand and improve the AQS platform going forward."
About Quadriserv, Inc.
Quadriserv, Inc. is a leader in delivering transformational market structure changes to the securities lending industry, including beneficial owners, agent and custodial banks, broker dealers and hedge funds. Quadriserv has developed and will operate the AQS(tm), a centralized securities lending platform, beginning in early 2009. AQS is being launched in partnership with the Options Clearing Corporation, which will act as the central counterparty to all securities lending transactions matched on the AQS platform. For more information, please visit www.quadriserv.com.
About Cinnober
Cinnober is an advanced technology company based in Stockholm, Sweden, that specializes in the development of sophisticated financial marketplace platforms. Since its inception ten years ago, Cinnober has established itself as a leading provider of technology solution and innovation to premier financial institutions around the world. For more information please visit www.cinnober.se
AQS is a trademark of Automated Equity Finance Markets, Inc.