OMX Technology and Orc Software have signed an agreement to develop a new front-office application for trading in shares and derivative instruments on multiple electronic markets.
OMX says the new multi-asset and multi-market product will complement both companies’ existing product offerings, and that the product is mainly designed for brokers and traders who use the exchanges’ terminals.
The essence of the deal is that OMX Technology will gain access to Orc Software’s experience in development and market connections, while Orc Software will gain access to OMX’s global distribution channel.
As a result of the agreement, a dozen employees who have worked on the development of the front office product at OMX Technology will be transferred to Orc Software from tomorrow.
The new product is expected to be launched to customers at the beginning of 2006.