Erste Group Bank selects Orc Trading for automated trading
Erste Group builds on successful Orc Trading experience; adds important Orc Liquidator installation in the CEE region.
Stockholm, SWEDEN, Monday October 19, 2009 – Orc Software (SSE: ORC), the leading global provider of technology for advanced trading and connectivity, today announced that Erste Group Bank AG (Erste Group), a leading financial services provider based in Vienna, Austria, has selected an Orc Trading solution based on Orc Liquidator, to support the bank’s future electronic trading needs including its plans involving automated trading. This order marks the first commercial deployment of Orc Liquidator in the Central and Eastern European (CEE) region, where Erste Group is present in eight major markets. The order was booked in Q2, 2009, and the contract is based on Orc’s licensing subscription model. “Based on our positive experiences from using Orc Trading technology, Orc was certainly our first choice for supporting our growing automated trading requirements,” said Stefan Doerfler, Head of Group Capital Markets, Erste Group. “Over the past few years, Orc has been instrumental in supporting our successful launches of several new business lines such as our warrants and certificates business, and by adding Orc Liquidator to our trading tools, we expect to repeat this success in the automated trading space.” As an Orc customer since 2003, Erste Group already relies on Orc Trading technology in its front-office operations involving listed equities and derivatives, and additionally some listed fixed income products. “Erste Group has great experience from using Orc technology for competitive advantage in the past, and automated trading now presents another strategic opportunity to fast movers in the CEE region,” said Anders Henriksson, Vice President Business Development, Orc Software. “Combining Orc Liquidator, which facilitates the introduction of advanced automated trading strategies, with Orc Connect services for high-performance access to all leading CEE markets, enables Erste Bank to build a leading-edge trading and connectivity system to support key areas for growing their business. Orc Trading provides the competitive edge to run multiple complex trading strategies simultaneously on a single platform. Orc Trading is used by financial firms worldwide for enhanced trading, pricing and risk management on electronically traded derivatives. Orc Connect is the global financial industry’s leading connectivity solution. Orc Connect provides traders and brokers with fast, reliable access to liquidity pools, both for market members and non-members, in the critical areas of execution, market data and reference data. About Orc Software’s revenue model Standard agreements follow Orc’s licensing subscription model, a flexible approach designed to streamline the customer on boarding process and provide ease of access to software updates, together with a mature support framework. Customers are invoiced quarterly, in advance, and revenue allocated to the invoicing period. About Erste Group Erste Group was founded in 1819 as the first Austrian savings bank (“Erste österreichische Spar-Casse”). In 1997, Erste Group went public with a strategy to expand its retail business into Central and Eastern Europe (CEE). Erste Group's customer base has grown through numerous acquisitions and organic growth from 600,000 to more than 17 million, of which 16 million clients are citizens of the European Union. The EU membership gives the countries of the region a stable regulatory framework that supports their economic development. Having always focused on retail and SME business, today Erste Group is one of the largest financial services providers in Central and Eastern Europe in terms of clients and total assets. www.erstegroup.com About Orc Software Orc Software (SSE: ORC) is the leading global provider of powerful solutions for the worldwide financial industry in the critical areas of advanced trading and low latency connectivity. Orc’s competitive edge lies in its depth of knowledge of the derivatives trading world gained by deploying advanced solutions for sophisticated traders for over 20 years. Orc Trading and Orc Connect provide the tools for making the best trading and connectivity decisions with strong analytics, unmatched market access, powerful automated trading functionality, high performance futures and options trading capabilities, ultra-low latency and risk management. Orc’s customers include leading banks, trading and market-making firms, exchanges, brokerage houses, institutional investors and hedge funds. Orc provides sales and quality support services from its offices across EMEA, Americas and Asia Pacific. www.orcsoftware.com For further information: Stefan Dörfler, Head Group Capital Markets, Erste Group Bank AG, Tel. +43 (0) 50100 84913, Stefan.Doerfler@erstegroup.com Anders Henriksson, VP Business Development, Orc Software, Tel. +43 676 721 51 16 Christine Blinke, Investor Relations and Marketing Director, Orc Software, Tel. + 46 739 01 02 01