Neonet consolidates operations to Stockholm
Neonet, which is part of Orc Group AB, has initiated a reorganization of its U.S. operations and will close down the New York based trading desk. The closure of the U.S. trading desk will not impact customers’ ability to trade European and North American markets. All clients will be offered continued full execution and settlement services from the Stockholm office.
”By consolidating all of our operations to Stockholm we will be able to serve our clients even better. This is one of many ongoing initiatives to solidify our position as the premier execution service provider in Europe” says Joacim Wiklander, CEO of Neonet Securities.
The reorganization will give rise to restructuring costs of 5 MSEK in the third quarter 2011. The restructuring is expected to cut operating expenses with 13 MSEK on an annual basis which will take full effect no later than the first quarter 2012.
For further information please contact:
Joacim Wiklander, CEO, Neonet Securities AB, Tel + 46 8 506 478 35
Neonet is a global agency broker that offers professional market participants independent, high-speed execution services based on advanced trading software solutions. Neonet’s state-of-the art execution technology provides connectivity to markets across the EMEA, Americas and Asia-Pacific regions. Neonet’s services include a comprehensive execution management system, advanced trading algorithms, smart order routing, market data services and a 24-hour trading desk for manual execution and support. Neonet serves clients in over 25 countries. Clients include banks, brokerage firms, institutional investors, hedge funds, asset managers and trading venues. Neonet Securities is an Orc Group company. Orc Group is publicly traded on Nasdaq OMX Stockholm (SSE:ORC). For further information, visit www.neonet.com.