completely different stuff.
ciphertrade is "centralized" and takes profits as most businesses in this space do.
distributed "shares" is completely different
Actually, integration between centralized and decentralized platforms is a very promising direction.
For example, 'colored coins' might be created for each security under the hood. They won't in any way affect people who use centralized exchange, and centralized exchange can get its profits from fees. However, it will also provide an option to withdraw shares in form of colored coins.
That allows offline storage for shares (which can easily survive closure of a centralized exchange), moving shares between exchanges etc. This allows shares to be traded on multiple exchanges without PT operators.
Actually some people said that we should implement a decentralized exchange for colored coins, but instead use them as tokens which represent ownership, which can be moved between exchanges.
Looking at it now, it was a sound recommendation: we could wait with p2ptrade implementation, and instead focus on a use for inter-exchange settlements.
On the other hand, exchange operators were really arrogant back then, they thought that 'public address' is all what is necessary for smooth operations. So i'm not sure we could sell this to exchange operators...