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).

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About Us

Orc is the global market leader in trading technology for listed derivatives. Building on our commitment to long term partnerships and technology innovation that delivers results, Orc serves the trading and electronic execution needs of clients worldwide. Leading trading firms, market makers, banks and brokers depend on Orc to provide robust solutions that deliver concrete value, ensuring that they achieve their business goals in the world's increasingly dynamic and competitive markets. With nearly 200 customer sites in more than 30 countries, access to over 150 trading venues and offices in each of the world's key financial centers, we offer true global capabilities. Combining our technology and financial industry expertise, including a solid understanding of regulatory issues, Orc also provides expert advice and services that help reduce complexity and cost, while enabling clients to stay focused on value creation in their core businesses. Orc is owned by Orc Group Holding AB which in turn is owned mainly by Nordic Capital Fund VII.

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