Orc Software (SSE: ORC), a leading provider of technology and services for the global financial industry, today announced that Fondsfinans ASA, an Oslo-based investment firm, has selected Orc XG as their direct market access platform.
In addition, Fondsfinans will use Orc Trading for its proprietary trading and market making operations. The order was booked in Q3, 2010, and the contract is based on Orc's licensing subscription model.
"Fondsfinans is committed to delivering best execution to our clients, and we trust Orc to provide the comprehensive package of tools we require to extend this vision into the future," said Anders Høyem, Head of Sales, Fondsfinans ASA. "Our industry is evolving rapidly and we are working diligently to adapt to our clients' needs, as well as regulatory requirements. Using the Orc XG services together with the Orc Trading solution, will help make our operations more efficient, while supporting expansion and further development of our execution and trading activities."
"With Orc XG we are pleased to deliver the smart order routing and execution capabilities Fondsfinans needs to effectively handle market fragmentation and the unsure regulatory environment we are currently in", said Peter O Bäck, Vice President Sales Nordic, Orc Software. "Since Orc XG is provided as a managed service we can also provide a solution with low total cost of ownership. The fact that Fondsfinans choses Orc Trading proves our ability to deliver best of breed solutions for both trading and brokerage."