STOCKHOLM, Sweden, June 29, 2005 (PRIMEZONE) -- OMX Technology and Orc Software have today signed a Letter of Intent to develop a new front office trading platform that will cover trading of cash and derivatives products on multiple electronic markets. The new product will primarily be directed at brokers using exchange provided terminals.
Highlights of the cooperation:
-- The new multi-asset and multi-market front office trading
platform will complement both companies' existing product
offerings.
-- Orc Software will via OMX Technology get access to a global
distribution channel selling through the exchanges.
-- OMX Technology gets access to Orc Software's extensive experience
in front-end development.
Through the partnership, OMX Technology will transfer their front-end development team, consisting of approximately 8 people, that is already working with developing the front office trading platform, to Orc Software. Orc Software thereby takes over the responsibility for the development of the new front office product. The front office trading platform is expected to be launched to customers at the beginning of 2006. OMX Technology will continue to support its existing front office products.
"We are very pleased with this partnership with Orc Software. Together with our solid expertise in transaction technology and Orc's know-how in the front-office segment, we will be able to launch a platform that fills the need of unifying connectivity in a multi-market environment," says Klas Stahl, President OMX Technology.
"I am very excited about this new offering since I know that our customers and the market are looking for initiatives that create exciting and cost efficient solutions. Through OMX, Orc Software will get access not only to a new product but also to a new distribution channel that sells directly to the exchanges," says Jonas Lindstrom, CEO Orc Software.
This agreement is expected to be finalized during the third quarter 2005.
About OMX -- OMX Technology
OMX Technology is a global company with expertise in how to make securities transactions more efficient. Known for its fully electronic marketplace platforms, OMX Technology is a world leading provider of transaction technology, processing and outsourcing solutions for the financial and energy markets. OMX Technology has over 100 customers in 20 countries and is the largest commercial provider of marketplace systems to the world's major exchanges. OMX Technology is a division of OMX, a company that also owns and operates exchanges, clearing organizations and central securities depositories, and has operations worldwide. For more information, please visit www.omxgroup.com.
About Orc Software -- Orc Software provides technology for advanced market making, trading and brokerage. The Orc Technology is used in 21 countries and allows users to access more than 100 markets. The company is listed at Stockholmsborsen and has operations in Chicago, Frankfurt, Hong Kong, London, Milan, Moscow, New York, Stockholm, St Petersburg, Sydney, Tokyo, Toronto, Vienna and Zurich. In 2004, the company's total revenue amounted to SEK 247 million with an operating income of SEK 30 million. www.orcsoftware.com
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=111638&fn=wkr0010.pdf Press release in pdf format.