EFG Financial Products, a newly established subsidiary of EFG International, is using Orc Software to supply key technology for its structured products operations.

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Citi is acquiring an undisclosed minority equity stake in electronic fixed income platform TradeWeb. The US bank will take a seat on the TradeWeb board, joining the nine other Wall Street dealers that paid $180 million for a minority stake in the platform last year (Electronic Trading, October 2007). The nine dealers had initially sold TradeWeb to Thomson Financial in April 2004.

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Turnover at GL Trade has grown by 19.4 per cent in Q1 08 compared to the same period last year, topping €53.4m. On a like-to-like basis and at constant FX rates that’s a boost in turnover of 10 per cent. The subprime crisis has so far had limited impact on turnover, says the company, which is partially protected by a business model based on recurring revenues. Instead, growth is being driven by Asia – with South-East Asia playing a particularly strong role, says GL Trade, with an important contract being rolled out with all the members of the Singapore Stock Exchange (SGX). Business is also picking up in Japan, and Hong Kong remains on a growth trend.

4sight Financial Software has outlined plans to offer connectivity to Borsa Italiana members who wish to use the London Stock Exchange’s (LSE) TradElect platform following the recent merger with the LSE and subsequent migration of the MTA listed stocks to TradElect.

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BATS Trading is to use Savvis to support the expansion of its all electronic alternative to Nasdaq and NYSE in to Europe (Electronic Trading, April 2008), pledging that its European ECN platform will be hosted in Savvis’s Docklands data centre when it goes live later this summer.

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Boston-based Old Mutual Asset Management has selected the INDATA IMS ASP solution for its affiliate managers. The IMS ASP solution provides trade order management, portfolio accounting and reporting, performance measurement and attribution with the added benefit of INDATA providing hosting and system administration management.

US broker-dealer Instinet LLC, has formed an exclusive relationship with Norbury Financial that will see Instinet’s research sales group distribute Norbury Financial’s Norbury Links offering to a range of institutional clients, including Instinet’s global client base of 1500 firms.

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European Central Counterparty (EuroCCP) – the DTCC-owned clearing and settlement subsidiary that will provide services to Turquoise – has received approval as a UK Recognised Clearing House (RCH) by the Financial Services Authority (FSA).

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BT will provide connectivity to Chi-X Canada – an alternative trading system (ATS) for Toronto Stock Exchange listed senior equities – through the Radianz Shared Market Infrastructure. Chi-X Canada joins nearly 60 execution venues worldwide that currently distribute their market data services or enable access to trading applications over the Radianz Shared Market Infrastructure.

European Central Counterparty (EuroCCP) – the DTCC-owned clearing and settlement subsidiary that will provide services to Turquoise – has received approval as a U.K. Recognised Clearing House (RCH) by the Financial Services Authority (FSA).

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Orc Software, provider of technology for advanced derivatives trading and connectivity, has opened a new development centre in Chicago, Illinois. The centre will be responsible for developing solutions specifically for Orc’s growing North American client base.

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Eurobase has released NDF (Non Deliverable Forward) functionality within its Siena e-Trading Solution. NDF functionality has been supported within the Siena core application for a number of years and following customer demand, Eurobase has extended this to its Siena e-Trading Solution. The Siena NDF price streaming capability extends to any multi-bank platform, trading platform or channel that supports this functionality via off the shelf or bespoke adaptors provided by Eurobase, according to the vendor.

NYSE Euronext has completed its $200 million acquisition of Wombat Financial Software, provider of market data management solutions, announced on January 14 (Market Data Insight, January 2008). Wombat will join TransactTools as part of the newly formed NYSE Euronext Advanced Trading Solutions division.

An Italian investment firm and established Orc Software customer, Centrosim, is using Orc technology for its single platform-based automated trading and risk management solution. Centrosim is utilising Orc Trading technology tools including Orc Trader and via Orc Connect, market connections for the Italian Derivatives Market, Italian Stock Exchange, Securitised Derivatives Exchange and the Mercato Alternativo del Capitale. Plans are also under way for non-membership market access via Orc Connect to SEB for the major European and North American financial markets (Euronext.liffe, Eurex and CME-CBOT).

Credit Suisse’s Advanced Execution Services (AES) has connected to TriAct Canada Marketplace’s MATCH Now alternative trading system as a trading destination for all of its algorithmic and direct market access systems for trading Canadian stocks. Wendy Rudd, chief executive officer at TriAct Canada Marketplace, reckons MATCH Now’s continuous price improvement model supports the pursuit of liquidity and best execution for Canadian stocks.

Structural Wealth Management, provider of tax-efficient tailored solutions premised on efficient markets, has selected the Charles River Investment Management System (Charles River IMS) to consolidate its portfolio management, trading and compliance operations on one integrated platform and support real-time electronic trading via FIX.

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Standard Chartered Bank is now offering the ability to trade foreign exchange via its application programming interface (API), providing FIX connectivity with introductory access to the 360T (TEX) portal.

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Emirates NBD, the largest bank in the Gulf Cooperation Council in terms of assets, has selected Calypso software as its cross-asset, front-to-back solution for trading credit, equity, interest rate and FX derivatives as well as FX, money market and fixed income. With the credit markets expanding rapidly in the Middle East, Emirates NBD was seeking a comprehensive cross-asset system with strong derivatives support to meet increasing client demand. After evaluating a number of systems, Emirates NBD selected Calypso Technology not only for the strength of its software platform, but also for its partnership approach, the vendor claims.

Fidessa group says five clients have already signed for its fully hosted Canadian trading platform. The Canadian hosted trading platform was launched in January 2007 and was developed to meet client demand for a hosted solution based on the same foundations as Fidessa’s enterprise Canadian trading platform. The hosted platform combines electronic order and execution workflow along with real-time, multi-currency trading, position keeping and reporting.

Progress Software, provider of application infrastructure software to develop, deploy, integrate and manage business applications, has released new Progress Apama SmartBlocks creation capabilities for the Apama complex event processing (CEP) platform. The new SmartBlock features enable business users and developers to create and package business logic for re-use in Apama applications.