Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity solutions, today announced that InCore Bank AG has selected Orc to replace key technology for its electronic trading operations. The order was booked in Q1 2008.
InCore Bank AG offers comprehensive banking and financial trading services for other banks and securities dealers, including acting as market makers and proprietary traders. The services are based on a state-of-the-art technology platform with connections to a sizable network of Swiss and international trading centers. As a first step, Orc Trading technology will be deployed by InCore Bank AG to replace the existing exchange front-end solution for SWX and SWX Europe market access.
"We have thoroughly evaluated several trading systems providers and chose to go with Orc Trading for its combination of speed and stability," said Thomas Kurzen, head Trading Technology at InCore Bank AG. "We also appreciate the high quality of Orc’s supporting organization and the great potential for growth offered by Orc’s open architecture."
While the new trading solution is initially intended for proprietary trading only, InCore Bank AG plans to add new functionality, such as Orc Broker for its sales desk operations. Other future opportunities investigated by InCore Bank AG include using extended connectivity for incoming and outgoing order flow with access to multiple international markets, as offered by the Orc Connect framework.
"We look forward to working with InCore Bank AG to enhance their electronic trading services," said Anders Henriksson, President Benelux, Central and Eastern Europe with Orc Software." InCore Bank AG has a firm commitment to using leading-edge trading technology to provide superior services to their clients. Their choice of Orc Trading, made after careful study of Orc and other suppliers, greatly testifies to the strength of our offering."
Orc Trading provides the competitive edge to trade from a single platform capable of running thousands of complex trading strategies simultaneously. Orc Trading is used by financial firms worldwide for enhanced trading, pricing and risk management on electronically traded derivatives.
