The VORS application has been launched initially for Vantage's Convertible Bonds clients in Asia, and will later be rolled out globally. VORS has a set of unique features and functions, including matching sessions using a specially designed algorithm to distribute matched volumes to respective buyers and sellers. VORS was designed specifically to address issues of market transparency, best price execution and liquidity. The VORS platform enables users to achieve all three objectives through a powerful electronic marketplace that also allows full anonymity, whilst limiting trade information for nonsession participants. VORS, unlike traditional "Volume Match" solutions will not dictate an issue or a price, instead, it empowers users to create liquidity in issues that are current and at prices set by them.

Vantage is addressing the increasing need for electronic marketplaces for OTC trading with access internationally to its facilities via the Baymarkets EDGE platform to provide real-time processing.

VORS is an adaptation of the auction module of Baymarkets' EDGE OTC trading platform, which has recently created a lot of interest and new business for Baymarkets.

VORS is internet based with a zero-install java front-end application for easy access and has a userfriendly GUI. It will initially be rolled out for Convertible Bonds (outrights and swaps) on all major Asian markets including Hong Kong, Japan, Korea, and Singapore.

Immediate benefits for clients will include liquidity attracting matching sessions with electronic order input, best bid/offer price discovery and preliminary trade management. The increased levels of price discovery, speed of matching and automation - with the resulting operational efficiencies available to clients who control the issues traded and prices set- will be an industry first for the Asian Convertible Bonds market.

Simon Clowes, Managing Director of Vantage Capital Markets HK, said, "We are very pleased to have a state-of-the-art platform from Baymarkets who are true OTC trading experts. Agility and time to delivery were important factors in parallel with functionality when we chose Baymarkets. Our markets are experiencing a rapid transition from manual to hybrid and STP, which demands a flexible platform."

Peter Fredriksson, CEO and co-founder of Baymarkets said, "We have been working with Vantage Capital Markets for several years now and it is with great enthusiasm and pride we have extended the relationship to their Hong Kong affiliate. I believe this is the start of a long and successful road to become one of the leading execution venues in the Convertible Bonds world."