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
About Orc Group
Orc Group is a leading provider of technology and services for the global financial industry. Orc Group delivers trading and market access solutions that are used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
The Orc Group serves customers through three business units, each with distinctive offerings:
- Orc develops and provides the tools needed to run profitable trading and brokerage businesses.
- Neonet is a global agency broker that offers professional market participants independent, high-speed execution services.
- CameronTec is the financial industry’s leading provider of FIX infrastructure and connectivity solutions.
With market presence in all global financial centers, Orc Group provides sales and support services from its offices across the EMEA, Americas and Asia-Pacific regions.
Orc Group is publicly traded on NASDAQ OMX Stockholm (SSE: ORC).
For additional information visit www.orc-group.com