Longtop Financial Technologies joins Finextra50 Index

Longtop Financial Technologies joins Finextra50 Index

As free-falling markets dragged the Finextra50 Financial Technology Index down 17.3% last week, SunGard's completed acquisition of GL Trade created space in the index for a new entrant, Chinese financial software maker Longtop Financial Technologies.

Last week only one of the 50 index companies saw a share price rise. Pegasystems rose a modest .53% to $11.33 after bouncing back from more significant falls mid week when it announced the launch of  a new version of its business process management (BPM) platform that is aligned with a software as a service delivery method.

Hedge fund service provider GlobeOp remained static at end of trading on Friday, while Oberthur Technologiess dropped just .15% to EUR6.67 as its total acquisition by its majority shareholding family looks to set to go ahead.

The index's fourth-best performer last week was new entrant Longtop Financial Technologies, which dropped 2.92% to $13.95. The Chinese financial software developer, which listed American Depositary Shares on the NYSE last October, last week announced a contract at one of China's big four banks to upgrade the clearing centre operation system for Delivery Versus Payment (DVP) in the inter- bank bond market.

Top fallers

Four financial technology companies lost more than a third of their value last week.

Temenos Group saw the biggest drop, falling 44.58% to CHF11.00

Polaris Software Lab closed 38.26% lower to Rs43.25

Financial Technologies India fell 34.63% to Rs680.20, despite the launch last week of currency futures trading on India's Multi Commodity Exchange (MCX), in which it owns a majority stake

Online Resources fell 33.94% to $4.36


Index comparison

More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.

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