London-based Durlacher has selected On Bourse, a provider of operations and IT outsourcing services to UK stockbrokers, to provide middle and back office processing for its online execution-only stockbroker Nothing-Ventured.
The service will include customer care, online trading, order management and routing, settlement and corporate actions processing and will be provided from On Bourse's operations centre in London.
Richard Grant, of Nothing-Ventured, says: "By outsourcing our business processing to On Bourse, we can take advantage of its advanced processing capabilities, remove a major fixed cost and improve the quality of our services to our customers."
As part of the deal, On Bourse has acquired Nothing-Ventured's Internet technology, key operations and IT staff.