UK derivatives trading software vendor Patsystems says it is on course to post a small operating loss in the first quarter of 2004, in line with budget expectations.
With one new installation going live this quarter, trading system users and overall turnover are up about 12%, says Patsystems chairman Stewart Millman. Usage data for 2004 indicates a 28% rise in lots traded to date compared with the same period last year.
Speaking at the company's AGM, Millman says the new trading platform, TradeMark, continues to perform well in testing and negotiations are advanced with several users in Europe and the USA for real-time beta testing. The first of these is expected to go live in April. He says the firm has also made some bulk purchases of licences for software to be embedded in TradeMark systems.
"Overall, and aside from the prospects for TradeMark, the value of business that we are either evaluating or competing for is higher than it has ever been," says Millman. "The strength of our sales pipeline and the variety and quality of potential customers is encouraging for business in the remainder of 2004, and into 2005."