OTC Europe taps Orc for emissions trading

Source: Orc Software

Orc Software (SSE: ORC), the leading provider of technology and services for the global financial industry, today announced that OTC Europe LLP, the European arm of OTC Global Holdings, a leading independent interdealer broker in OTC commodities, has selected Orc Trader for its over-the-counter carbon options trading operations.

The order was booked in Q4, 2010, and the contract is based on Orc's licensing subscription model.

Brett Genus, Emissions options broker, OTC Europe LLP said, "When working in a market which is efficient and also an emerging market such as emissions where there often is irregular and therefore sometime unreliable price data on the exchange, no system offers better flexibility and robustness than Orc Trader. We also appreciate Orc's exceptional IT support network and the professional resources they provide. Equally impressive is the deep industry and product knowledge demonstrated by the Orc team members."

OTC Global Holdings LP now expands its successful business model into Europe with a concentration on Energy markets. OTC will use Orc as a thin brokerage GUI for theoretical calculations, options pricing and volatility management. The solution is tailored for trading carbon on ECX / ICE, the most liquid, pan-European platform for carbon emissions trading, with its futures contract based on the underlying EU Allowances (EUAs) and Certified Emissions Allowances (CERs), attracting over 80% of the exchange-traded volume in the European market.

"Adding OTC Europe LLP to our client portfolio has strategic significance to Orc, because we recognize the huge potential in the energy sector," said Jon Freebody, Vice President Sales, UK and France, Orc Software. "We can see this becoming a major force as liquidity grows and the sector becomes more electronic. Orc also benefits from gaining an insight into OTC Global Holdings, a dynamic, specialist broker with a vast network of more than 175 brokers in North America and Europe."

The Orc Trading solutions are used by leading financial firms worldwide for market making, volatility trading and high-frequency trading. Together with access to all major cash and derivatives markets and a network of brokers, this is truly an unmatched offering. Orc Trading is available both as deployed software and as a managed service.

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