Swedish banks select Front for after-hours market

Swedish banks select Front for after-hours market

Front Capital Systems has been selected to provide the trading platform for OffeX Crossing, an after-hours stock market for retail investors to be launched by Sweden's four largest banks.

Under the agreement, Front will adapt its Front Arena software solution to provide the platform for the new market. Front provides equity trading and risk management software at all four of the banks behind the OffeX Crossing initiative - Svenska Handelsbanken, Swedbank, SEB and Nordea (formerly MeritaNordbanken).

Billed as Sweden's first private electronic crossing network, OffeX will be made available as an Internet-based after-hours market to complement existing daytime brokerage services. The service is scheduled to go live in the latter half of 2001.

The decision to build the system was made on the basis of surveys which showed a strong demand from customers for the option to trade securities outside traditional working hours says John Ödmann, managing director at OffeX Crossing.

He adds: "Front Arena combines order routing with order matching functionality that is essential for the services OffeX Crossing will provide. Front Arena also provides integration to exchanges and markets in Europe should we later choose to expand the service to other countries."

Jonas Lindström, managing director, Front Capital Systems says the Front Arena system will be adapted to serve as a matching platform for retail orders from all four banks, building on their existing installations. While being capable of forwarding orders for immediate execution on electronic exchanges, Front Arena also includes a facility for placing quotes on an internal market, enabling the creation of a secondary market for exchange traded securities and OTC products issued by a bank, he says.

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