OMX Technology and Sweden's Orc Software have signed a letter of intent to develop a new multi-asset and multi-market front office trading platform.
Under the deal, OMX Technology will transfer eight front-end development staff to Orc Software, which will assume responsibility for the development of the new front office product.
The system will cover trading of cash and derivatives products on multiple electronic markets. OMS says the new product will primarily be directed at brokers using exchange provided terminals
The partnership agreement is expected to be finalised during the third quarter and launch of the system is slated for the beginning of 2006.
Klas Ståhl, president, OMX Technology, says: "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."