The Board of First Derivatives plc ("First Derivatives" or the "Company") is pleased to announce that it has signed its first global contract for its qAlgo algorithmic trading product. The sale is to a major financial institution operating in London, New York and Asia. The transaction includes both a substantial initial payment for implementation and an annually renewable licence fee.
The Company has made a major investment in developing a suite of trading, risk, CEP and market data focussed software. qAlgo, which represents just one product in the suite, was launched last year and has been well received. This sale validates First Derivatives’ strategy of developing its own branded products for the financial services market.
Commenting on the contract win, Michael ONeill, chief operating officer Company said: "First Derivatives is at the forefront of the development and implementation of algorithmic trading systems. We have built an excellent reputation through our consulting services, customised application development and successful implementations of third party software but now we can supplement this business with our own suite of software. The Board is very pleased to have secured its first global contract win of qAlgo. We anticipate announcing further progress in the coming weeks as the Company is continuing to experience an encouraging level of enquiries in all areas of our business."