OMX Technology and Orc Software have partnered on a new front office trading platform that will cover trading of cash and derivatives products on multiple electronic markets. The new product will primarily be directed at brokers using exchange provided terminals.
The new multi-asset and multi-market front office trading platform will complement both companies' existing product offerings and Orc Software will, via OMX Technology, get access to a global distribution channel selling through the exchanges.
OMX Technology gets access to Orc Software's extensive experience in front-end development and through the partnership, OMX Technology will transfer their front-end development team, consisting of approximately 8 people, that is already working with developing the front office trading platform, to Orc Software. Orc Software thereby takes over the responsibility for the development of the new front office product. The front office trading
platform is expected to be launched to customers at the beginning of 2006. OMX Technology will continue to support its existing front office products.
"We are very pleased with this partnership with Orc Software. Together with our solid expertise in transaction technology and Orc's know-how in the front-office segment, we will be able to launch a platform that
fills the need of unifying connectivity in a multi-market environment", says Klas Sthl, President OMX Technology.
"I am very excited about this new offering since I know that our customers and the market are looking for initiatives that create exciting and cost efficient solutions. Through OMX, Orc Software will get access not only to a new product but also to a new distribution channel that sells directly to the exchanges", says Jonas Lindstrm, CEO Orc Software.
This agreement is expected to be finalized during the third quarter 2005.