Bank of China International Selects Orc Algorithmic Trading to Spearhead Growth
For Immediate Release: Hong Kong – Wednesday August 27, 2008 – Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity, today announced that BOC International Holding Limited (BOCI) has selected Orc Software’s Algorithmic Trading solution for expanding its trading capabilities. The deal was booked Q2 2008.
BOCI is a wholly owned subsidiary of Bank of China Limited and has been an Orc customer since 2004. The additional function on Orc Algorithmic tool will enable BOCI to increase its market activities in warrants market-making and index options trading. Deploying Orc Algorithmic Trading will also enable BOCI to achieve its business objectives for increasing both warrant issues and the number of instruments, without incurring additional trader costs.
Founded in 1998 in Hong Kong, BOCI has a registered capital of US$1 billion and has subsidiaries in New York, London, Hong Kong and Singapore, and a sales network covering most major Chinese cities such as Beijing, Shanghai, Guangzhou and Chongqing. With a team of experienced financial professionals, a broad institutional and retail sales network and a global management operation, BOCI is well-positioned to offer its clients a wide range of investment banking services, including securities underwriting, mergers & acquisitions, financial advisory, equity securities, equity derivatives, fixed income, asset management, private wealth management, private equity investments and leveraged & structured finance.
“BOCI is committed to seek out the best trading technologies to support our rapidly expanding business,” says Alex Liu, Executive Director, Head of Application Development and Support at BOCI. “We are very pleased to be increasing our use of Orc’s market leading solutions and benefiting from Orc Liquidator; a product with an excellent reputation for meeting advanced trading needs.”
“Orc Software recognizes that BOCI is looking for trading technology helping it to drive the business. We are pleased to be working more closely with BOCI by applying our market knowledge, expertise and solutions,” says Dennis Chen, Sales Director, Asia Pacific, Orc Software.
Orc Algorithmic Trading is a multi-threaded, server-based algorithmic trading solution capable of running thousands of complex trading strategies simultaneously and offered with ultra low latency, native connectivity to 100+ markets.
Orc Software is next exhibiting at Hedge Funds World Asia in Hong Kong and Derivatives World Singapore during September.
About Orc Software’s revenue model
This agreement follows Orc’s licensing subscription model to give customers access to the software, new versions and support as long as the agreement is valid. Customers are invoiced quarterly in advance and revenue allocated to the invoicing period.
About Bank of China
Bank of China is one of China’s four state-owned financial institutions. Its businesses cover commercial banking, investment banking and insurance. Members of the group include BOC Hong Kong; BOC International, BOCG Insurance and other financial institutions. The Bank provides a comprehensive range of high quality financial services to individual and corporate customers as well as financial institutions worldwide. In terms of Tier One capital, it ranked 18th among the world’s top 1,000 banks by The Banker magazine in 2005.
BOCI is a wholly owned subsidiary of the Bank of China Limited and is one of the largest securities brokers in Hong Kong, maintaining a top position in terms of equity underwriting and cash equities transaction volume in Hong Kong. Apart from that, among all international first-class industrial players in China, BOCI is the one which evolved into a cross border institution which offers the largest variety of products and services along with the most extensive geographical coverage and the most in-depth market knowledge.
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 derivatives 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… 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 investment banks, trading and market-making firms, exchanges, brokerage houses, institutional investors and hedge funds.
Orc provides timely sales and quality support services from its offices across EMEA, Americas and Asia Pacific.
www.orcsoftware.com
For further information contact:
Dennis Chen, Sales Director, APAC, Orc Software, +852.2167.1955
Annie Walsh, CMO, Orc Software, +44.7748.633.445