Australia's Macquarie Bank has signed an agreement to roll out Patsystems' new hosted electronic trading platform across its futures division.
London-based Patsystems says this will be the first installation of its new 'Global Trading' core - an advanced system that offers low latency for faster throughput and provides customers with a global order book enabling more efficient order management and trade processing.
In addition to rolling out the hosted platform, Macquarie will implement the vendor's J-Trader and Pro-Mark trading front-ends.
Macquarie says its futures division is increasing the scope of its DMA services to clients and the Patsystems technology will support the new offerings. Implementation at the division's London office will commence in the first quarter of 2008. Trading capabilities in the US, Australia and Asia will be established in the short term after implementation in London
Bill Marynissen, global head of Macquarie's futures division, comments: "The global trading core, in particular, matches the worldwide, 24-hour structure of our Futures business. Macquarie's continued growth in London made it the natural point of commencement for the roll out, and complements our existing and growing voice broking, electronic and clearing capabilities."
News of the Macquarie deal follows rumours that London-based Patsystems could receive a takeover bid from privately-owned rival vendor ION Trading. The speculation followed a statement released by Patsystems last week saying that Ireland-based Ion Trading had increased its shareholding in its business to 21.74%.