OM and BrokerTec have signed a new and extended agreement to further strengthen the cooperation between the two companies.
The initial agreement between OM and BrokerTec, announced in December 1999, encompassed OM supplying BrokerTec with electronic, inter-dealer trading platforms for US Treasuries and Euro-denominated sovereign debt. The exchanges went live in June 2000 with opening hours of 15,5 hours. During 18 months of successful operations, extensive new functionality and several new instrument classes have been added to the system. Also, BrokerTec’s market operation hours for the US Cash market have been extended to 22 hours to enable the Japanese market to trade on the same system. In addition, a new platform – BrokerTec Futures Exchange (“BTEX”) – for US financial futures was successfully launched on November 30, 2001. Since beginning commercial operations, BrokerTec has traded in excess of 20 trillion USD on its platform. The recent agree-ment is a further strengthening of the relationship between OM and BrokerTec with regards to an enhanced and strengthened Support Service agreement, and a closer cooperation regarding the de-sign and development of the systems.
“The new agreement with BrokerTec reinforces our strategy to develop long-term technology part-nerships with leading players in the world’s financial markets,” says Magnus Bcker, Chief Operating Officer at OM. “It is also an important step for us in gaining marketshare in the U.S. and the global fixed-income technology market. Furthermore it acknowledges our capacity to provide robust high-availability platform technology – resulting in significant cost efficiencies and a competitive edge to our clients.”
“We are pleased with the solid product that OM has helped us to build and with the high capacity, highly reliable platform and network that is operated for BrokerTec,” said Hal Hinkle, CEO& President of BrokerTec Global LLC.