Patsystems has signed a contract for $6 million dollars. The contract is worth $4 million to licence the Patsystems exchange, trading and risk management technology and provide implementation services for the Turkish Derivatives Exchange, TurkDEX. The contract will provide a small contribution to revenues in 2009 that is already factored into managements expectations and underpin the business growth anticipated for 2010 and 2011.
In addition Patsystems has signed a 10 year agreement worth $2 million to provide ongoing support and maintenance services to the Exchange.
After an extensive global selection process to rebuild its exchange infrastructure, TurkDEX selected Patsystems to provide a complete exchange system with straight through processing, matching, clearing and settlement capabilities supported by the Patsystems Matching Engine.
TurkDEX will utilise the latest version of Patsystems trading software, which will include Patsystems internet-deployable front-end trading platforms, J-Trader and Pro-Mark. The exchange will also utilise Patsystems risk management systems Risk Informer and Risk Alert.
Work on the project has commenced and will continue throughout 2010 and 2011. With a planned launch date for futures and options trading of November 2010 and with the extended functionality live in 2011.
Our selection by TurkDEX fully illustrates the breadth of Patsystems capabilities with the provision of exchange, trading, and risk management technology, says David Webber, chief executive officer, Patsystems. Our systems are flexible enough to be used independently, or in this case, integrated into one comprehensive STP system. This opportunity demonstrates the pedigree of the Patsystems technology stack and, combined with our work in 2009 for the Indonesian Commodity & Derivative Exchange, demonstrates the growth potential in our business as a technology provider to commodity future exchanges.
D.C.