(Full statement of yesterday's news published on the CMS website):
Cinnober and CMS WebView announce agreement to exploit fully the business potential of CScreen
5th December 2003
Cinnober Financial Technology AB (Cinnober) and CMS WebView plc (CMS) have entered into an agreement to exploit fully the business potential of CScreen.
CScreen, developed by Cinnober, is an Over-the-Counter (OTC) trading platform enabling inter-dealer brokers to electronically negotiate and trade complex financial instruments with their clients.
To date, CScreen has gained a wide following in the OTC equity derivatives market where it is used by around 20 brokers and over 80 client banks. The number of participants in this area continues to grow and CScreen technology is poised for application in other financial market sectors.
Under the initial terms of the agreement, CScreen hosting and administration will be managed by CMS whilst sales and marketing activity will continue to be handled by the existing CScreen team. At the next stage of development, Cinnober and CMS will share responsibility for the strategic growth of CScreen in its current marketplace as well as in new areas of business.
Bob Antell, CEO of CMS WebView plc, said:
"This agreement complements CMSs strategy of leveraging its existing infrastructure and utilises the companys expertise in the area of data collection, processing and distribution in the financial market arena. We look forward to working closely with Cinnober and the CScreen sales and marketing team to realise fully CScreens business potential."
Peter Fredriksson, CEO of CScreen, commented:
"We identified quickly the business synergies that exist between CMS and Cinnober. This agreement will enable us to exploit fully the opportunities to develop the market for CScreen technology."
For further information, please contact:
Bob Antell/Peter Blogg
CMS WebView plc
020 7744 7722 Neil Boom/Jenny Leahy
Gresham PR Ltd.
020 7404 9000
Peter Fredriksson
Cinnober Financial Technology AB
+46 8 5030 4700 Joakim Stenberg
CScreen Ltd
020 7841 7477
Notes to editors
About CMS WebView plc
CMS WebView plc (www.cms.co.uk) listed on the Alternative Investment Market of the London Stock Exchange (AIM: CWV) in August 2000. Since its original formation in 1982, CMS WebView plc (CMS) has developed extensive expertise in the area of real-time market data collection, processing and distribution.
Until 1997, when a management buy-out took place, CMS was a subsidiary of the London Commodity Exchange and latterly LIFFE.
CMSs lead product Transactional Data Interface (TDI) enables clients to control the collection, processing and distribution of mission critical data for their business needs. TDI customers include three of the worlds leading futures exchanges - the London Metal Exchange (LME), the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT).
In addition to the above, CMS is also a well-established provider of Digital Data Feeds (DDF) for the wholesale market. The company has developed DDF using its proprietary TDI software and carries a wide range of real-time data directly from many of the worlds leading futures and options exchanges.
CMS has also entered into an agreement with USA based Data Transmission Network LLC (DTN) to market its PC based price reporting service (ProphetX) in Europe this represents a major opportunity for CMS to target the high-end sector of the quote vendor terminal market.
About Cinnober Financial Technology AB (CFT)
CFT was founded in 1998 with a vision to develop a flexible and fast platform for financial transactions, using the possibilities that Java and the Internet enables. Our major competence is in exchange systems, trading applications and Internet solutions.
Our Product Portfolio
We provide marketplace solutions to exchanges, banks and brokerage firms, on the financial, energy and commodity markets.
Our product portfolio includes:
TRADExpress Trading Engine Automatic matching for electronic exchanges
TRADExpress Trading Clients For financial, commodity and energy markets
TRADExpress Trade Manager Enhanced risk control and efficient logistics for exchanges and clearing houses
CScreen Electronic broker tool for equity derivatives and other OTC markets.
All CFT products are based on our in-house developed trading platform, TRADExpress - a third generation, 100% pure Java platform.
Our Clients
Our clients include leading exchanges and institutions around the world, such as:
The American Stock Exchange (AMEX)
The London Metal Exchange (LME)
Nord Pool
NOS
Imarex
VPC
The Company
All employees are partners, and most come from a background within marketplaces and financial IT. CFT is well capitalized and has been profitable from the start. It has a strong capital base and is well prepared for future forthcomings.
http://www.cms.co.uk/
Sue.