Clients utilizing the Orc Trading products, including Orc Liquidator, Orc Market Maker and Orc Trader with Orc's CBOE gateway will experience significantly improved performance for orders and trades.

Orc has dramatically improved the performance of its CBOE market gateway, specifically optimized for mass quoting with Orc Market Maker and Orc Liquidator. With a "tuned" CBOE gateway and Orc Market Maker's fast and accurate market making logic, Orc's solutions for market making has reduced end-to-end latency by over 90% for Orc clients trading CBOE markets. Clients are among the fastest in the market in quoting options on the CBOE. This advanced trading logic also gives Orc's clients robust hedging logic to maximize profit.

Mark Harmon, Trader at Sallerson-Troob, comments, "I trade ETFs on CBOE and am able to achieve my desired quote speed and performance with the Orc Market Maker product. Additionally, Orc has made it possible to compete at a high level in the market making space by making it easy to handle my volatility skew, by automating the relationship between products and by automating hedging and value adjustments after a quote fill. Market Maker also allows me to respond to complex and outright auctions and meet the exchange quoting requirements."

"CBOE's new CMi 2.0 interface provides lower latency and better performance for CBOE participants," Gerald O'Connell, CBOE Executive Vice President and Chief Information Officer, said, "and we are pleased that Orc supports this upgrade."

Jesper Alfredsson, VP of Product Management, Orc, comments, "Orc has been developing market making technology for over 20 years and we are committed to bringing the fastest, smartest and most efficient systems to the markets. We wanted to further the success our clients have experienced by optimizing Orc Market Maker to perform faster on CBOE's markets and will continue to look at ways we can help our clients achieve profitable outcomes."