Former employees of Swedish trading system vendor Orc Software, who left the vendor in acrimonious circumstances in late 2006, have resurfaced at the helm of a new auto-trading company called Tbricks.
Tbricks was founded by Jonas Hansbo, Joakim Johansson, Aleksey Dukhnyakov, Erik Heimdahl and Ronny Wester, all of whom were key contributors to Orc Software.
They walked out en-masse from Orc in late 2006, following conflicts with then CEO Jonas Lindström over internal processes and the future direction of Orc products. Around ten senior developers left the firm, including CTO Joakim Johansson and algo trading head Jonas Hansbo.
Johansson and Hansbo are both on the board of Tbricks as CTO and CEO respectively. Other board members include investors from Raxor Capital, DN Capital and Nils Nilsson - a co-founder and former CEO of Orc - at 11 Invest. The privately-funded company has 25 employees operating out of two offices in Stockholm and St. Petersburg.
The first product to emerge from the Tbricks stable is Genesis, designed specifically to support high speed automated trading across multiple asset classes. The product features an intuitive front-end developed in conjunction with visualisation firm Panopticon to enable traders to quickly adjust their trading strategies in line with market movements.
According to CEO Hansbo, the company has already secured its first major client for the new trading system, which has been implemented in pilot mode since last autumn. Hansbo says Tbricks has several more clients in its sales pipeline and expects to report additional contracts soon.
He says: "The combination of a highly intuitive front end with our extremely high performance trading platform sets a new standard for automated trading."