Uptake of Orc technology continues in Nordic region with latest deal to Erik Penser Fondkommission
LONDON & STOCKHOLM: Thursday 20 September 2007 – Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity, today announced an agreement with Swedish securities firm Erik Penser Fondkommission for its electronic trading requirements.
Erik Penser Fondkommission offers a wide selection of financial services to both the private and institutional investment community including Equity Brokerage, Equity Research, Asset Management and Structured Products.
Erik Penser Fondkommission will use Orc for its DMA business and new proprietary trading service. Selected Orc technology includes Orc Trader for cash and derivatives in the Nordic region, Orc ExNet for non-member market access and the CameronFIX platform.
Peter Melbi, Erik Penser Fondkommission’s CEO says selecting Orc was based on the proven technology and market capabilities developed for trading and market connectivity: "We are expanding and strengthening the company rapidly, with the aim to list Erik Penser Fondkommission on the Nordic stock market in 2009. Therefore we are looking for the best people and the best systems in the industry. The decision was a natural progression given Orc’s industry reputation and our conclusive vendor analysis. Orc technology delivers the required stability, flexibility and high performance capabilities for our customers.”
Henrik Thornqvist, Orc Software’s Head of Sales and Services for the Nordic region says: "Orc Software has always been at the market forefront leading the development of automating trading technology for the global financial industry. We are pleased to be working with Erik Penser Fondkommission to deliver technologies that will meet their emerging business requirements.”
Orc Software is next exhibiting at Screen Event Amsterdam, 27 September, and Trade Tech Derivatives London, 7 – 9 November.
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.