Orc Software’s Offering – How Trading Technology Can Develop The Market Anders Henriksson, President Benelux, Central and Eastern Europe ZSE 17th Annual Conference 12-13. October 2007 www.orcsoftware.com
Orc Software’s Offering –
How Trading Technology Can Develop The Market
Anders Henriksson, President Benelux, Central and Eastern Europe
ZSE 17th Annual Conference 12-13. October 2007
www.orcsoftware.com
Orc Software Is The Leader in Advanced
Trading Systems & Connectivity
• More than 600 customer sites
• Global company with local presence in every major financial center
• Acquisition of Cameron Systems in 2006 - the no 1 provider of FIX Protocol connectivity solutions
• Publicly listed, 2006 revenue of approx US$60 million, 250+ employees
We Help Advanced Derivatives Traders
To Trade
4
• Advanced trading of listed futures and options –equities, FX, fixed income, commodities
• Automatic quoting, trading and hedging, Synthetic order types, Pre trading analysis, Risk Management, Volatility Management
• Algorithmic / Black Box Trading System – Orc Liquidator
• Customers are proprietary trading desks at investment banks, hedge funds, and trading firms
And We Provide Connectivity
5
• Connectivity to all FIX counterparties globally with the CameronFIX Universal Server FIX platform
• Largest FIX customer base – 500+ customers
• Advanced management and monitoring of FIX sessions
• Highly available infrastructure
• Market Gateways to connect to non-FIX exchanges
• Customers are exchanges, broker/dealers, asset managers, hedge funds across all asset classes
More Firms Use CameronFIX Than Any
Other FIX Platform
BROKERS INVESTMENT MANAGERS EXCHANGES & ISV's
Barclays Capital-Global Fidelity Investments-Global International Securities Exchange-
CIBC World Markets-Global Capital Group-USA Market Axess
Credit Suisse-Global Western Asset Mgt.-USA Singapore Stock Exchange
TD Securities-Canada State Street Global Advisors-USA Warsaw Exchange-Poland
Banc of America FX-USA/UK MFS Investment Mgt.-USA ICE-USA
LaBranche Financial Svcs.-USA BlackRock-Global Australian Stock Exchange
Citigroup Global Markets-AustraliaAXA Investment Mgt.-UK Bond Exchange South Africa
Nomura Securities-Global TD Asset Management -Canada EBS-Global
Goldman Sachs JB Were-Australia (CDP) Caisse Depot -Canada FXall
Macquarie Securities-Australia Legg Mason Asset Mgt. -USA Currenex
Knight Securities-USA/UK Barclays Global Investors-USA Hotspot FX
DBS Securities-Singapore Citadel-USA Charles River Development
Merrill Lynch International-Asia Pacific Ronin Capital-USA Latent Zero
Agora Senior-Brazil Born Capital-USA Portware
UBS-Global AQR-USA Financial Models Company
BBV Bancomer-Mexico Tribeca Management (Citigroup)-USA Omgeo
CLSA-Asia LaBranche Structured Products-USASWIFT
Global connectivity - Native Market Gateways, non FIX
North America
• AMEX• Archipelago• Boston Options Exchange• Bourse de Montréal• BRUT• CBOT• CBOE• CFE• CME• Eurex US• INET• ISE• Nasdaq• NQLX• NYMEX• NYSE• OneChicago• Toronto Stock Exchange• PCX• PHLX• TSX• TSX Vent
Asia Pacific
• Australian Stock Exchange• SEHK• HKFE• KSE• ITS• NZX• OSE• SGX• SFE• TAIFEX• TSEC• TFX• TSE• TIFFE
Global Connectivity- Native Market Gateways, non FIX
Europe
• Amsterdam Switch (Switch)- Budapest stock Exchange (BSE)• CATS (CATS-OS)• Copenhagen Stock Exchange (CSE)• Eurex (Eurex)• EuroMTS (MTS)• Euronext• Euronext.liffe (London, Paris, Brussels)• European Energy Exchange (EEX)• Euwax• FORTS• Iceland Stock Exchange (ICEX• Irish Stock Exchange (ISE XETRA)• Istanbul Stock Exchange (ISE)• Italian Stock Exchange (MTA)• Italian Stock Exchange (SeDeX)• Italian Derrivatives (IDEM)• London Stock Exchange
(SEAQ, SETS, SETS DTS, RSP)
• Luxemburg Stock Exchange (Luxx)• Madrid Derrivatives (MEFF)• Madrid Stock Exchange (SIBE)• MOT• Moscow Interbank Currency Exchange
(MICEX)• Nordic Growth Market (NGM)• OMX (Stockholm&Helsinki Stock
Exchanges) (SOM, HEX, SAXESS)• Oslo Stock Exchange (OSE)• OETOB• Quotrix• Riga Stock Exchange (RSE)• Swiss Exchange (SWX)• Talinn Stock Exchange (TSE)• TLX• Vienna Warrants• Virt-x• Warsaw Stock Exchange (WSE)• Xetra• Xetra Vienna
Our Global Customer Base Uses Orc For
• Cash equities
• Equity futures/forwards
• Single stock options
• Index options
• Exotic options
• Convertibles
• Bonds
• Bond futures
• Bond options
• Interest rate swaps
• Repos
• Forward Rate Agreements
• Equity swaps
• Currency spots
• Currency futures/forwards
• Currency options
• Currency swaps
• Deposits
• Baskets
• Certificates
• Warrants
• Structured products
• STIR futures
• STIR options
• Option spreads
• Commodity futures
• Commodity options
Regional Connectivity
Central and South Eastern Europe• Vienna, Available• Budapest, Available• Warsaw, Available• Zagreb, Available in Q4 • Bucharest, Available in Q4• Prague, Available in Q4
Both cash and derivatives markets are available (where applicable)
In Planning:• Ljubljana• Belgrade• Athens
Regional Usage
Both Cash and Derivatives, Mainly Equities:
• Institutional Brokerage
• Retail Brokerage
• Electronic Execution
• Prop. Trading & Market Making:• Trading & Market Making Index and Single Stocks Options
• Futures Trading & Market Making
• ETF Market Making and Hedging
• Warrants and Certificates Pricing
• Risk Management
Our Example Deployment (I)
• The investment-bank of a large European Mid-Tier Bank active in the Region
• Orc package deployed as a platform covering all group related equities trading
• Business covers Prop. Trading &Sales/Brokerage related activities
• > 10 Direct membership markets connected
• All of US and Europe (cash and some derivatives) connected through brokers
Our Example Deployment (II)
• Parts of Product Portfolio deployed:
– Orc Trader
– Orc Broker
– AQ
– OIM
– Orc2Orc Technology
– FIX Gateway
– FIX Out technology
– Model-builder, Financial Engineering Tool
– Market Gateways
Our Example Deployment (III)
• Desks covered:
– Market Making Domestic
– Market Making International
– Prop. Trading
– Sales Trading Domestic
– Sales Trading International
ORCORC
OnlineOnlineReutersReuters
XetraXetraBloombergBloomberg
StationStationThomsonThomson
AutexAutexGL GL
TradeTradeCATSOS
ECN TQS
Online Brokers
ORC Internal MarketORC Internal Market Cameron Universal ServerCameron Universal Server SWIFTSWIFT--GWGW
ORC PlatformORC Platform
EUREXXETRA FFMXETRA WIE
EUWAXCATSECN
OMXSWXVIRT-X
Italy LSE Budapest Warsaw Brokers
Euronext, USA,Scandinavia,...
SoftwareSoftware
ModulesModulesElectronicElectronic
ExchangesExchanges
Quote Requests & OrdersQuote Requests & Orders
OrdersOrders OrdersOrders OrdersOrders OrdersOrders OrdersOrdersFIXFIX--OrdersOrders SWIFTSWIFT--OrdersOrders
SWIFTnetInternet/Internet/
CitrixCitrix
SoftwareSoftware
ModulesModulesSoftwareSoftware
ModulesModules
Group Companies
Acting as
Internal Brokers
LocalMarkets
Business Covered
• Electronic Execution for 400+ Branches
• Internet platform integrated
• Institutionals connected by Real-Time Order Entry and Information Terminal or FIX Engine
• Execution Point 50+ Markets
• Cash, Warrants and Exchange Traded Bonds
• In addition we cover Market Making, Prop. trading and Derivatives Brokerage
Settlement
BranchNetwork
LEGACY
HOST
SYSTEM
SWX WSEXETRAFFT
XETRAVIE EUREX
ConnectedBroker/s
ORC - Software
Broker
XNYSE
NASDAQSEAQ
EURONEXTSWXMIBFINL.SSE
VIRT-XFTSE
Middleware (MQ, TIB/RV etc.)
Risk-system
Order
entry
Robotic Trading
FIX
Internet
Settle-
ment
1.
Orderentry
2.
Market
3. Trades
Dokumentation
Order
entry
Electronic Execution