With new server-based direct market access (DMA) capabilities and additional connections, users can now better integrate with third party systems and connect to all North American derivatives exchanges.

In addition to accessing the Orc System's extensive DMA offering through the Orc front-end applications, users can now take advantage of a fully server-based DMA solution with extended automation capabilities through the Orc Protocol and FIX. This allows users to handle order execution, distribute market data and automate standing data through third party applications.

Jonas Lindström, CEO, Orc Software, says: "As electronic trading continues to replace open outcry, the buy-side wants more control and the sell-side is looking to expand its offering. Therefore, demand for extensive DMA and execution capabilities, rather than just strategic advice, is growing. With the Orc System 5.2, we aim to provide the best access to the market, along with advanced support for cash and derivatives trading."

The Orc System provides direct access to over 100 markets, including all major exchanges, ECNs and other liquidity pools. With the previous connections to the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE) and Boston Options Exchange (BOX), the addition of the new connections to the Pacific Exchange (PCX), Philadelphia Stock Exchange (PHLX) and American Stock Exchange (AMEX), enables Orc Software's customers to send orders to sweep all six exchanges. This creates an "all-inclusive" execution platform for trading all North American equity derivative instruments, in addition to the already exhaustive coverage of equity cash, currency and fixed income derivatives.

Other functionality includes an extended combination pricer, which enables users to select contracts, create combinations and monitor the risk values quicker and more efficiently. In addition, with improvements to the analytical tools in the volatility manager, users can compare multiple options' expiry dates in the same underlyings with greater accuracy. This allows them to better evaluate volatility curves and develop more effective trading strategies.

Lindström adds: "There are very few off-the-shelf DMA products on the market, particularly ones that offer integrated risk management and that specialise in derivatives trading. With this public release, financial institutions can offer clients improved execution and market data functionality, in addition to global connectivity."

Customers can connect to the Orc System from Orc's front-end trading applications, such as Orc Trader, which offers advanced functionality for trading listed cash and derivatives securities, as well as the ability to price OTC instruments.