.ciphion ab has developed a systematic trading model that finds relative value across both asset classes and exchanges and is expanding both technology and infrastructure in order to launch a new fund in q1 2013. ciphion model which has produced annualized returns in excess of 20% since inception requires fast but not bleeding edge†; execution speed and incorporates a distinctive approach to relative value trading that enables ciphion to identify trades with low net volatility low slippage and high