Leveraging the distribution capacity of BRIDGE's more than 300,000 subscribers and ORC's 20 market interfaces, the joint venture is poised to offer the largest broker neutral transaction network for futures, options and equities. The service will be available in the third quarter of this year. Using the partners' proven technologies, institutional investors will be able to route orders via brokers for execution on electronic exchanges, either through BRIDGE services delivered via SAVVIS's global IP network and/or SAVVIS's Internet service. The joint venture is positioned to capitalize on increased volume in derivatives trading and on the growing importance of information technology in this market segment.
"BRIDGE has more subscribers in North America than any other market data provider and has impressive distribution on a global scale as well," said Magnus Karlsson Böcker, President of OM Technology. "Aligning ourselves with BRIDGE brings the potential for significant market penetration from day one. Order entry will be integrated with BRIDGE's value-added content of more than 2,500 contributors and more than 450 news and research sources."
"Joining forces with ORC, a premier online trading technology company, to deliver transaction services to our subscribers is a logical step for BRIDGE," said Thomas M. Wendel, BRIDGE Chairman and CEO. "Users will benefit from ORC's market interfaces and high-end trading and risk management products."
The joint venture will offer the largest broker-neutral order-routing network in the derivatives markets. Buy side users can select a broker from a drop-down menu in an order-entry application. An order management server at the broker accepts or rejects the order automatically and directs it electronically to the exchange.
The joint venture will charge brokers a toll per contract or per share for each order they receive through the network.
Orc Software was originally founded in 1987 under the name of Research & Trade. The company is the main provider of derivative analysis, risk management and electronic trading systems for the Scandinavian derivatives and equities markets. Orc Software has continued its growth internationally, and now has customers in 15 countries.
Orc Software's theoretical and mathematical knowledge, and its long experience of electronic trading, is the foundation of the company. This knowledge combined with solid computer engineering skills provides customers with leading edge technology giving them significant advantages in a constantly evolving marketplace.
Orc Software also provides technical solutions for Internet trading, including the iOrc application which allows trading over the Internet in a fast and efficient manner, using the highly developed product features from the ORC trading platform.
Orc Software's main office is located in Stockholm, Sweden with additional sales and support offices in Copenhagen, Frankfurt, London, Milan, Moscow, New York and Sydney. Orc Software is a subsidiary of OM Technology, within the OM group. The OM group is listed on the OM Stockholm Exchange (OMG). Visit the OM homepage at: www.omgroup.com
BRIDGE, together with its principle operating units, Bridge Information Systems, Telerate, BridgeNews, and Bridge Trading, is the largest provider of financial information and related services in North America-and one of the fastest growing in the world.
BRIDGE information products include a wide range of workstations, market data feeds and web-browser-based applications, combined with comprehensive market data, in-depth news, powerful analytic tools and trading room integration systems.
BridgeNews leverages a network of 600+ BRIDGE journalists in more than 100 locations that break news that affect securities markets globally. BRIDGE is the co-producer of the Nightly Business Report and is a leading provider of financial news and information to media companies worldwide. BRIDGE, with 5000+ employees worldwide, and over a quarter of a million users in over 65 countries, is headquartered in New York City with the BRIDGE Trading and Technology center in St. Louis, and major regional centers in Europe, the Middle East, Africa, and the Pacific Rim. For more information visit the BRIDGE web site at: www.bridge.com.
SAVVIS Communications (NASDAQ: SVVS) is a global internetworking services provider, supporting Internet and managed IP e-business solutions in 43 countries. Its Financial XchangeTM services platform connects to more than 4,500 financial institutions, including 75 of the top 100 worldwide banks and 45 of the top brokerage firms.
