CHICAGO & STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Orc Software (STO:ORC), a leading provider of technology and services for the global financial industry, today announced that Chicago-based proprietary trading firm Gelber Group is using Orc Liquidator for quoting options on the NASDAQ OMX PHLX (PHLX) exchange via Orc’s direct market gateway. The order was booked in Q4 2010, and the contract is based on Orc’s licensing subscription model.
The NASDAQ OMX PHLX exchange, previously the Philadelphia Stock Exchange, is one of the largest options trading venues in North America.
“With Orc’s connectivity offering to the PHLX, we are now able to quote more efficiently on the exchange,” said George Kapotas, Senior Portfolio Manager at Gelber Group. “Orc Liquidator gives us both speed and the ability to customize our trading strategies to effectively quote on the PHLX and, ultimately, to be more profitable.”
“Options market making solutions are a core part of our business,” notes Steve Lukes, VP of Americas Sales at Orc Software. “Firms like Gelber Group are able to connect rapidly to markets like the PHLX using our low-latency trading engine, Orc Liquidator, and take advantage of market opportunities.”
The Orc Trading solutions are used by leading financial firms worldwide for market making, volatility trading and high-frequency trading. Together with access to all major cash and derivatives markets and a network of brokers, this is truly an unmatched offering. Orc Trading is available both as deployed software and as a managed service.
About Orc Software’s revenue model Standard agreements follow Orc’s licensing subscription model, a flexible approach designed to streamline the customer on boarding process and provide ease of access to software updates, together with a mature support framework. Customers are invoiced quarterly, in advance, and revenue allocated to the invoicing period.
About Gelber Group
As an international proprietary trading organization, Gelber is an incubator of trading models that participate in currencies, sovereign debt, equities, commodities, cash markets, futures markets, and related options products. The firm has an unwavering focus on technology management and is committed to heavily investing in sophisticated, internally developed low latency infrastructure while also giving our trading businesses the necessary freedom to thrive on their own terms. As we seek to expand our access to liquid electronic markets around the world, Gelber Group maintains the philosophy that clear communication, an entrepreneurial culture of creative freedom, and constant collaboration bring successful trading results. All Gelber trading is strictly for our own account, and so unlike a brokerage firm, hedge fund, or bank, we have no customers or investors. Thus, we take our approach to risk management as seriously as our performance-driven engineering efforts. The methodologies we employ take a combined firm-wide/group-specific approach. The Gelber Group headquarters is located in Chicago with satellite offices in New York, Connecticut, New Jersey, The United Kingdom, and Switzerland.
About Orc Software
Orc is a leading provider of technology and services for the global financial industry. Orc delivers trading and market access solutions that are used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
Available as deployed software or as managed services, Orc develops and provides the tools needed for running a profitable trading or brokerage business in today’s competitive and ever-changing markets.
With market presence in all major global financial centers, Orc provides sales and support services from its offices across EMEA, the Americas and the Asia-Pacific regions. Orc Software is publicly traded on NASDAQ OMX (SSE:ORC).
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