.Ciphion AB has developed a systematic trading model which finds relative value across both asset classes and exchanges. The team has been managing proprietary funds since 2010 and is extending both technology and infrastructure in order to launch a new fund in Q1 2013. The Ciphion model, which has produced annualized returns in excess of 20% since inception, requires fast but not ‘bleeding edge’ execution speeds and incorporates a distinctive approach to relative value trading developed by individual team members over a number of years. The software and quantitative approach developed enables Ciphion to identify trades with low net volatility, low slippage and a high mean reversion to expected value. This approach in conjunction with software traditionally used in HFT to execute and risk manage large amounts of strategies represents a systematic model for extracting value in the long term. Ciphion has successfully implemented this approach since 2006 using ETFs, stocks and derivatives.