Bank of America Merrill Lynch and Orc Software announced today that users of Orc ExNet broker connectivity network will now gain expanded access to Bank of America Merrill Lynch's US options algorithm platform, providing order execution algorithms and market connectivity globally.
The order was booked in Q3, 2009, and the contract is based on Orc's licensing subscription model.
Orc users will now be able to trade US options and equities through Bank of America Merrill Lynch and leverage its advanced algorithmic trading services, including new options algorithms Clean SweepTM, Hidden SweepTM, Iceberg, and the NBBO Sweep algorithm, which routes orders to the best publicly displayed prices.
"Bank of America Merrill Lynch is pleased to provide Orc's customers with access to our new US options algorithms," notes John Goeller, Director of Global Execution Services at Bank of America Merrill Lynch. "Orc users want sophisticated trading tools and our award-winning options algorithm platform, combined with our global market reach, will provide them with a robust platform for their trading."
"We are delighted to expand Bank of America Merrill Lynch's involvement in the Orc ExNet connectivity network," comments Marty Leamy, President, Americas at Orc Software. "Orc Software is known for its outstanding connectivity offering and Bank of America Merrill Lynch will give our customers a powerful way to trade options algorithmically through a world-renowned broker."
Orc ExNet provides hedge funds, proprietary traders, and other advanced traders with access to major liquidity pools around the world, including exchanges and ECN's. Brokers use Orc ExNet to gain cost-efficient access to professional buy-sides around the world.
Bank of America Merrill Lynch is a leading global provider of equity and options trading, sales and research services to mutual funds, hedge funds, broker-dealers, pensions, endowments and other institutions. Its algorithmic trading platform has earned awards for price improvement, anonymity, ease of use and cost.(1) Bank of America Merrill Lynch is a member of more than 80 exchanges worldwide and was named Best Global Equity House by Global Finance.(2)
(1)The Trade (Jan-Mar 2009)
(2)Global Finance, 2008