Source: Orc Software
Orc Software (SSE: ORC), the leading global provider of technology for advanced trading and connectivity, today announced that SEB's Merchant Banking division has upgraded their Orc Trading solution to the bank's growing needs for market making and risk management. SEB is the leading market maker on the Nordic exchanges. The order was booked in Q4, 2009 and the contract is based on Orc´s licensing subscription model.
A longtime Orc Trading user, SEB will use the upgraded solution to support its derivatives market making operations, including risk management, adding low latency exchange and broker gateways and increasing the number of users.
"It's a true pleasure to work with a sophisticated Orc user like SEB, and their trust in our systems and services reflects that Orc Trading will match the highest standards for performance and reliability," said Peter O Bäck, Vice President Sales Nordic, Orc Software. "We are currently experiencing an exceptional demand from the leading Nordic banks to upgrade their current trading and connectivity platforms. We expect this trend to continue in the region, fueled by market fragmentation as well as a result of the replacement and upgrading of platforms among the Nordic marketplaces."
About Orc Software's revenue model
Standard agreements follow Orc's licensing subscription model, a flexible approach designed to streamline the customer on boarding process and provide ease of access to software updates, together with a mature support framework. Customers are invoiced quarterly, in advance, and revenue allocated to the invoicing period.