Swedish technology vendor OM has signed an extended support services and platform development agreement with automated private exchange operator BrokerTec.
The initial agreement between OM and BrokerTec, announced in December 1999, was for the supply of electronic, inter-dealer trading platforms for US Treasuries and Euro-denominated sovereign debt. The operating hours and functionality of the system has since been extended, culminating in the November 2001 launch of a new platform, the BrokerTec Futures Exchange. Since beginning commercial operations, BrokerTec has traded in excess of $20 trillion over the platform.
The new contract between OM and BrokerTec includes an enhanced and strengthened Support Service agreement, and calls for closer cooperation regarding the design and development of the systems.
Magnus Bocker, chief operating officer at OM, describes the extended deal with BerokerTec as "an important step for us in gaining marketshare in the US and the global fixed-income technology market."
OM has recently won significant business from the US National Association of Securities Dealers for the development of an OTC trade quotation and reporting system, and gained approval from the Commodity Futures Trading Commission for a platform implementation at the Minneapolis Grain Exchange.