Fondsfinans selects direct market access and proprietary trading solutions from Orc Software
Stockholm, SWEDEN, Thursday, 14 October 2010 – Orc Software (SSE: ORC), a leading provider of technology and services for the global financial industry, today announced that Fondsfinans ASA, an Oslo-based investment firm, has selected Orc XG as their direct market access platform. In addition, Fondsfinans will use Orc Trading for its proprietary trading and market making operations. The order was booked in Q3, 2010, and the contract is based on Orc’s licensing subscription model.
”Fondsfinans is committed to delivering best execution to our clients, and we trust Orc to provide the comprehensive package of tools we require to extend this vision into the future,” said Anders Høyem, Head of Sales, Fondsfinans ASA. “Our industry is evolving rapidly and we are working diligently to adapt to our clients’ needs, as well as regulatory requirements. Using the Orc XG services together with the Orc Trading solution, will help make our operations more efficient, while supporting expansion and further development of our execution and trading activities.”
“With Orc XG we are pleased to deliver the smart order routing and execution capabilities Fondsfinans needs to effectively handle market fragmentation and the unsure regulatory environment we are currently in”, said Peter O Bäck, Vice President Sales Nordic, Orc Software. “Since Orc XG is provided as a managed service we can also provide a solution with low total cost of ownership. The fact that Fondsfinans choses Orc Trading proves our ability to deliver best of breed solutions for both trading and brokerage.”
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 Fondsfinans
Fondsfinans ASA is an independent investment firm, active in corporate finance, fixed income & equity research, sales & trading. The company was established in 1950, and is the oldest investment firm in Norway.
About Orc Software
Orc is a leading provider of technology and services for the global financial industry. Orc delivers trading and market access solutions used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
Available as deployed software or as managed services, Orc develops and provides the tools needed for running profitable trading or brokerage businesses in today’s competitive and ever-changing markets.
With market presence in all major global financial centers, Orc provides sales and support services from its offices across EMEA, the Americas and the Asia-Pacific regions. Orc Software is publicly traded on NASDAQ OMX Stockholm (SSE: ORC).
www.orcsoftware.com
For further information, please contact:
Peter O Bäck, Vice President Sales Nordic Region, Orc Software, Tel. +46 739 01 02 04
Christine Blinke, VP Marketing and Investor Relations, Orc Software, Tel. + 46 739 01 02 01
Anders Høyem, Head of Sales, Fondsfinans ASA, Tel. +47 23 11 30 64
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