Itiviti

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Itiviti
Itiviti logo 400x400.jpg
Founded 2016
Headquarters Stockholm, Sweden
Key People Torben Munch, CEO; Per Larsson, Chairman; Troels Jensen, COO
Employees 400
Products Trading execution and risk management software and connectivity
Twitter @ItivitiAB
LinkedIn Profile
Facebook https://www.facebook.com/ItivitiAB/
Website [1]
Releases Company News

Itiviti is a Stockholm-based software firm specializing in electronic trading technology, financial messaging infrastructure and connectivity.[1]

The company, which is majority-owned by Nordic Capital Fund VII, was established in 2016 to combine two established brands, Orc Group and CameronTec, into a single entity. It has 400 staff in 13 offices worldwide.

The merger of the two subsidiaries was announced in October 2015. The company said the change was called for because "IT budgets continue to be squeezed amid continued introduction of tighter regulatory measures, [and] the resulting heightened pressure is forcing firms to streamline their trading technology." [2] Orc Group acquired Cameron Systems in 2006.

Orc, founded in 1987, provides technology for advanced trading, electronic execution and professional services solutions to the global financial industry. Its trading platform offers connectivity to over 150 markets across multiple asset classes and currencies. The company's customers include investment banks, trading and market-making firms, brokerage houses, institutional investors and hedge funds. The company has more than 200 customers in 30 countries and has offices in Chicago, Hong Kong, London, Milan, New York, St. Petersburg, Stockholm, Sydney, Tokyo and Toronto.[3]

CameronTec, established in 2009, is dedicated to the development, management and distribution of CameronFIX, a Java framework designed for the handling of messages conforming to the Financial Information Exchange protocol, and Catalys, an integrated FIX environment based on CameronFIX.

History

Formed in 1987 by Nils Nilsson and Ulrika Hagdahl, Orc Software's main activity was as a market maker on the Swedish derivatives exchange. Since its inception Orc Software has also continuously developed and marketed software for pricing, trading and risk management in financial markets.[4]

Through 1995, sales of the Orc Technology were focused on clients in the Nordic region. 1995 saw the first sales to clients in the UK and Switzerland, and in 1996 the first products were sold to clients in Italy, Hong Kong and Germany. In January 1997, Orc first sold its technology to new clients in Australia and Japan. Also that year, OMX acquired just over 50 percent of the shares in Orc Software. Orc continued its worldwide expansion in 1998 and 1999 with sales to clients in the Netherlands and the U.S.

In 2000, the company formed subsidiaries in Frankfurt, London, Milan, Moscow, New York and Sydney. Orc Software's shares were listed on the Stockholm Stock Exchange on Oct. 19, 2000. Orc Software opened offices in Hong Kong, St. Petersburg and Zurich in 2001, and in 2002, Orc signed a distribution agreement with Reuters and opened offices in Tokyo, Toronto and Vienna.

Partnerships and Initiatives

Orc provides connectivity solutions for new DIFX trading platform

Orc announced an updated market gateway to the Dubai International Financial Exchange (DIFX) and its new OMX X-Stream trading platform. Orc Software is one of the first certified vendors for the new DIFX platform.[5]

Bank of China International Selects Orc Algorithmic Trading

BOC International Holding Limited (BOCI) selected Orc’s Algorithmic Trading solution for expanding its trading capabilities.[6] BOCI is a wholly owned subsidiary of Bank of China Ltd. and has been an Orc customer since 2004.

Orc Continues Eastern European Expansion

Orc announced a new reseller agreement with IN2 d.o.o., a business applications developer and systems integrator based in Zagreb, Croatia.[7]

According to the reseller agreement, IN2 will provide the full range of Orc Trading and Orc Connect products and solutions for advanced electronic trading and connectivity, including additional services and support to customers in Croatia, Serbia, Slovenia, Bosnia and Herzegovina, Kosovo and Montenegro.

Banca Aletti Launches New Derivatives Using Orc

The Italian bank and established Orc Software customer, Banca Aletti, has used Orc technology to launch two new certificates for basket of stocks on the Italian Securitised Derivatives Exchange, SeDeX.

The new certificates (AL7499 and AL8461) make use of Orc’s covariance matrix for derivatives based on baskets of correlated securities.[8]

ICAP Utilizes Orc For FX Trading

ICAP, which operates the leading foreign exchange trading platform EBS, began using Orc's CameronFIX and CameronFAST in September 2007 to facilitate its FX trading. Orc and ICAP finalized the deal towards the end of 2006.[9]

Merger With Neonet

Orc Software acquired its rival Neonet in April 2010 for around SKr 1,227 million, but later offloaded it to a team made up of Neonet's management, Hay Tor Capital and Kas Bank. [10] [11] [12] [13]

Orc separated its three businesses, Orc, Neonet and CameronTec, in March 2012. [14]

Orc Connects To Brazilian Markets

On Nov. 1, 2010, Orc announced access to the Brazilian markets through the broker Alpes Corretora de Cambio (Alpes). Alpes' clients will be provided Orc's low latency trading infrastructure for high frequency trading strategies and pricing, risk management and volatility management tools. [15]

Orc Integrates NYSE Liffe's Cscreen

On April 25, 2012, Orc announced that it had integrated the Orc Trading products with Cscreen, NYSE Liffe’s global pre-trade price discovery platform, providing traders with a more efficient way of interfacing Indications of Interests (IOIs) for equity and index derivatives from inter-dealer brokers. [16]

Orc Partners with Blue Trading Systems

On July 23, 2012, Orc announced a partnership with Blue Trading Systems to provide a combined solution that would integrate BlueTrade’s tablet system with Orc’s electronic options platform. [17]

Orc Partners with NovaSparks

On October 29, 2012, Orc and NovaSparks announced an alliance for Orc clients to use high speed FPGA data feeds from NovaSparks. [18]

Orc Partners with BCS

On April 3, 2014, BCS Financial Group announced a partnership with Orc that allowed Orc’s clients to trade Russian securities and derivatives on the Moscow Exchange and on the London Stock Exchange. [19]

Orc Partners with Azul Systems

On November 4, 2014, it was announced that Orc Group partnered with Azul Systems to enable smarter high performance trading. [20]

Orc to Acquire Tbricks

On January 2, 2015, Orc Group announced that its parent company signed an agreement to acquire Tbricks, with the intention of transfering ownership of Tbricks into Orc and incorporating it into Orc's trading platform.[21]

UBS to extend Orc's solution

On January 12, 2015, Orc Group announced that UBS Securities has extended its broad usage of Orc’s Electronic Execution solution to facilitate DMA on the Australian Stock Exchange (ASX) and the Chicago Mercantile Exchange (CME). Using the extended solution, UBS leverages Orc’s low-latency market access and a new version of the integrated pre-trade risk management product, Orc Flow Control.[22]

Erste Group migrates to Orc's Electronic Execution platform

In February 2015, Orc announced that Erste Group’s Equity Capital Markets team has migrated to Orc’s Electronic Execution platform, including the Orc FIX Access connectivity product. Erste Group has now consolidated legacy market access gateways into a coherent, manageable and expandable framework, while significantly reducing complexity and infrastructure cost. [23]

Orc introduces Orc Tbricks

On February 19, 2015, Orc introduced a new trading platform. Orc Tbricks is a high performance modular infrastructure with an open and flexible app-based solution for trading, pricing and risk. [24]

Orc expands Nasdaq connectivity

In March 2015, Orc supplemented connectivity to the energy markets by adding Nasdaq's new futures exchange, NFX. [25]

Orc announced connectivity to Aequitas NEO

In March 2015, Orc announced connectivity to Aequitas NEO Exchange in Canada. [26]

Orc Tbricks obtains CBOE certification

In May 2015, Orc announced that the new Orc Tbricks trading platform now offers a certified interface to the Chicago Board Options Exchange, including the CBOE Futures Exchange (CFE). [27]

Sberbank selects Orc

In June 2015, Sberbank announced they had selected Orc for market making, OTC pricing and Delta One trading. [28]

Orc announced co-operation with Galaxy Futures

On June 23, 2015, Orc announced a co-operation with Galaxy Futures Co. to provide high performance connectivity to Orc clients for the Chinese markets. [29]

Shanghai ShenYi Invesment Co implements Orc Tbricks

On June 29, 2015, Orc announced that Shanghai ShenYi Investment Co. (ShenYi) has implemented Orc’s Trading Bricks solution to improve trade efficiency for ETF options trading on Shanghai Stock Exchange (SSE). [30]

Orient Securities selects Orc for ETF options trading

On July 8, 2015, Orc announced that Orient Securities Co. Ltd. (Orient Securities), one of the largest securities firms in China, has selected Orc’s Trading Bricks platform for their options market making operations on Shanghai Stock Exchange (SSE) [31]

Avery Trading selects Orc Tbricks

On September 1, 2015, Orc announced that Avery Trading had selected Orc Tbricks for market making on CME Globex [32]

Orc recruits senior industry people for newly established market structure team

On September 1, 2015, Orc announced two strategic recruitments: Christer Wennerberg, who joined Orc from the SEB Group and Magnus Hedin, most recently with Nasdaq. They are entering Orc’s newly established market structure team with the key mission to adapt Orc’s platforms to upcoming regulatory changes, and to launch a broader product and services offering for supporting clients affected by new European market regulations, including MiFID II/MiFIR. [33]

Orc Connects to Borsa İstanbul

On August 25, 2015 Orc announced connectivity to Borsa İstanbul.[34]

Alliance with IHS Markit

On October 31, 2017, Itiviti announced a strategic alliance with IHS Markitto create an ETF solution integrating the Tbricks trading platform with SOLA, the ETF data service from IHS Markit.[35]

People

References

  1. Itiviti AB Established to Deliver Powerful Trading and Connectivity Offering Built for the Future. Yahoo Finance.
  2. Orc Group Holding AB: Orc Group and CameronTec Group Join Forces. Orc Group.
  3. Orc company information. Orc.
  4. History of Orc. Orc Software.
  5. Orc provides connectivity solutions for new DIFX trading platform. Automated Trader News.
  6. Bank of China International Selects Orc Algorithmic Trading to Spearhead Growth. Reuters.
  7. Orc Software Continues Eastern European Expansion and Selects IN2 for Reseller and Services Partner in Croatia. EuroInvestor.
  8. Banca Aletti Utilizes Orc Technology to Launch New Derivatives Products on Italian Market. Reuters.
  9. ICAP Utilizes Orc Software’s CameronFIX and CameronFAST to Support FX Trading over FIX Protocol. Cision Wire.
  10. Orc/Neonet merger enables joint equity and derivatives offering. The Trade News.
  11. Orc offloads Neonet to management and Hay Tor Capital. Finextra.
  12. Orc Software in offer for Neonet. The Financial Times.
  13. Orc/Neonet merger enables joint equity and derivatives offering. The Trade News.
  14. Orc, Neonet and CameronTec to be Operated as Separate Companies. Orc Group.
  15. Orc Software Provides Connectivity to Brazilian Markets via Broker Alpes Corretora De Cambio. BusinessWire.
  16. Orc integrates Cscreen to provide OTC pricing and reporting functionality. Orc.
  17. Orc partners with Blue Trading System. Orc.
  18. Orc seamlessly integrates ultra low-latency market data feeds from Novasparks. Orc Group.
  19. BCS Announces Partnership with Orc Granting Russian Market Access to International Investors. Orc Group.
  20. [ Azul Systems and Orc partner to enable smarter high performance trading]. Orc Group.
  21. Orc Group Holding AB: Orc Group Holding AB´s owner Cidron Delfi Intressenter Holding AB acquires Tbricks AB. BusinessWire.
  22. UBS Extends Orc's Electronic Execution Solution. Orc Group.
  23. Erste Group adds Orc electronic execution. Orc Group.
  24. Orc Introduces Orc Tbricks. Orc Group.
  25. Orc extends connectivity of Nasdaq markets. Orc Group.
  26. Orc extends connectivity to include Aequitas NEO Exchange. Orc Group.
  27. Orc obtains CBOE certification. Orc Group.
  28. Sberbank selects Orc. Orc Group.
  29. Galaxy Futures. Orc Group.
  30. Shanghai ShenYi Investment. Orc Group.
  31. Orient Securities. Orc Group.
  32. Avery Trading. Orc Group.
  33. Orc Group recruitment. Orc Group.
  34. Orc Extends Connectivity to Borsa İstanbul to Enable Access from Next-Generation Trading Platform. press release via Businesswire.
  35. Itiviti Integrates ETF Data From IHS Markit in Delta One Solution. Press release from PR Newswire.