Sandbox 101

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 Page
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.

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.[4]

Bank of China International Selects Orc Algorithmic Trading

BOC International Holding Limited (BOCI) selected Orc’s Algorithmic Trading solution for expanding its trading capabilities.[5] 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.[6]

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.[7]

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.[8]

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. [9] [10] [11] [12]

Orc separated its three businesses, Orc, Neonet and CameronTec, in March 2012. [13]

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. [14]

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. [15]

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. [16]

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. [17]

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. [18]

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. [19]

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.[20]

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.[21]

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. [22]

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. [23]

Orc expands Nasdaq connectivity

In March 2015, Orc supplemented connectivity to the energy markets by adding Nasdaq's new futures exchange, NFX. [24]

Orc announced connectivity to Aequitas NEO

In March 2015, Orc announced connectivity to Aequitas NEO Exchange in Canada. [25]

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). [26]

Sberbank selects Orc

In June 2015, Sberbank announced they had selected Orc for market making, OTC pricing and Delta One trading. [27]

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. [28]

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). [29]

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) [30]

Avery Trading selects Orc Tbricks

On September 1, 2015, Orc announced that Avery Trading had selected Orc Tbricks for market making on CME Globex [31]

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. [32]

Orc Connects to Borsa İstanbul

On August 25, 2015 Orc announced connectivity to Borsa İstanbul.[33]

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.[34]

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.[35]

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.

In 2003, Orc opened an office in Chicago.

During the autumn of 2005, Orc Software signed an agreement with OMX regarding the development of a new front-office product.

In February of 2006, Orc Software acquired Australian Cameron Systems, the world's leading supplier of FIX platforms.[36]

On Aug. 23, 2007, Orc Software announced they had sold their entire minority interest in InFront, a trading application company based in Oslo, Norway.

On Sept. 24, 2007, Orc announced it had expanded its European presence with the opening of an office in Amsterdam.

In January of 2009, Marty Leamy joined Orc as president of Orc Software Inc., the company's U.S.-based subsidiary, succeeding Martin Koopman. He served as president until January 2013.

On July 13, 2009, Orc announced the opening of a new office in Tokyo, to support its Asia-Pacific business.[37]

On March 29, 2010, Orc Software announced the establishment of a CameronFIX subsidiary to be known as CameronTec. [38]

On May 4, 2010, Orc released an updated version of Orc Spreader with greater functionality. It was designed to address latency, market access and other issues impacting trading productivity.[39]

On June 7 of 2010, BBY Limited announced that it had selected Orc Software to provide access to the Australian market.[40]

On Dec. 16, 2010, OTC Global Holdings announced that they had chosen Orc Software's Orc Trader for its over-the-counter carbon options trading operations in Europe. [41]

On Apr. 15, 2011, Orc announced connectivity to Turquoise Derivatives, the first MTF in Europe to offer trading in pan-European derivatives. [42]

Westpac Banking Corporation's equity derivatives trading desk in June of 2011 adopted Orc Group’s technology to scale up their options trading and warrants market making business. The solution provides Westpac with non-membership DMA trading access to the ASX.[43]

On January 31, 2012, it was announced that Nordic Capital Fund VII had acquired Orc Group, which was finalized on January 27, 2012. [44] The acquisition took the publicly traded Orc Group into the private sector.

On March 22, 2012, it was announced that Orc Group would separate its businesses; Orc, Neonet and CameronTec would be structurally separated to enable the three operating companies to better focus on their respective product and customer niches. [45]

On April 10, 2012, Orc announced that Korean Investment & Securities Co. Ltd. had selected Orc to meet growing market demand for low-latency connectivity to the Korea Exchange (KRX). [46]

On April 11, 2012, Orc announced that Marcelo Sacomori, a Sao Paulo-based market maker, had chosen Orc Market Maker for advanced options trading and market making strategies on the BM&FBOVESPA exchange. [47]

On April 16, 2012, Orc announced that MXF Trading would use Orc Market Maker for options market making on CME agricultural products. [48]

On April 24, 2012, Orc introduced the Gateway Development Kit that enables Orc customers to build custom connectivity to exchanges, brokers, in-house order management systems and market data systems or vendors. [49]

On May 10, 2012, Orc announced new market gateways to the Bombay Stock Exchange and National Stock Exchange of India. [50]

On June 26, 2012, Orc announced that Nano Capital had chosen Orc Market Maker to support the firm’s market making operations on Eurex. [51]

On June 29, 2012, it was announced that Torben Munch would succeed Thomas Bill as Orc's chief executive officer. [52]

On August 8, 2012, Orc announced support for Eurex Exchange’s new trading architecture. [53]

On August 28, 2012, Orc announced its support of CBOE’s updated CMi 2.0 exchange protocol. [54]

On September 11, 2012, it was announced that Crossland LLC chose Orc Market Maker for options market making on CME agricultural products. [55]

On October 25, 2012, Orc introduced Orc Trade Access, a stand-alone market access solution which provides high functionality and low-latency connectivity to exchanges, brokers and market data sources. [56]

On November 8, 2012, Orc announced that it had enhanced its connectivity offering by providing access to the US execution services of ABN AMRO Clearing, which provides traders with high-performance access to the US equity and derivatives markets. [57]

On November 13, Orc announced that Jih Sun Futures selected Orc to meet the growing demand for high speed connectivity to the Taiwan Futures Exchange. [58]

On November 29, 2012, Orc placed a five year EUR 60 million Senior Secured High Yield bond. The notes, maturing on November 27, 2017, will bear a fixed coupon of 8.5% and be subject to incurrence based covenants only, consistent with international high-yield transactions. [59]

On December 12, 2012, Orc introduced Orc Flow Control for effective control and monitoring of pre-trade risk management. [60]

On January 16, 2013, Orc announced that UBS Securities extended its usage of the Orc Access solutions to meet increasing global demand for high-performance and robust access on APAC exchanges. [61]

On January 23, 2013, PNT Financial chose Orc Trader for Orc's growing FX capabilities. [62]

On February 19, 2013, it was announced that National Bank Financial had expanded their use of Orc technology to provide global market participants with algorithmic execution and market access in the Canadian markets. [63]

On March 5, 2013, Orc announced that PhilipCapital deployed Orc Trade Access for low latency connectivity to India's National Stock Exchange. [64]

On April 10, 2013 it was announced that Bred Banque Populaire selected Orc for market making on Eurex. [65]

On May 17, 2013, Orc announced that Tony Falck had joined the company as chief financial officer. [66]

On May 22, 2013 the company appointed Jeremie Bacon as the new president of its U.S. subsidiary, replacing Marty Leamy, who left in January 2013.[67]

On July 1, 2013, Orc announced that Troels Philip Jensen had joined the company as chief operating officer. [68]

On October 9, 2014, Orc introduced Orc FIX Access, for global market connectivity. [69]

On November 27, 2014, Orc announced that Quanterra Advisors leveraged their Professional Services offering to help them with server configuration and trading capabilities. [70]

On April 7, 2014 the company announced that G. H. Financials Group had chosen Orc’s Electronic Execution solution to support its expansion into the options clearing business globally. [71]

On May 7, 2014, Orc Group initiated the siren at TMX Group and opened the markets. [72]

On June 24, 2014, Orc expanded their market connectivity to include Nasdaq OMX NLX. [73]

On October 14, 2014, Orc introduced Orc Smart Order Router for order routing, which connects to multiple trading venues. [74]

On October 30, 2014, it was announced that AlphaGen Securities chose Orc Flow Control for their risk management needs. [75]

Products

Orc Group has three distinct business lines to help companies in the financial services industry grow their business; Trading Bricks, Execution Bricks and Services. [76]

Some of their Trading solutions include:

  • Orc Tbricks is a flexible, scalable and co-located trading platform leveraging Speedcore technology for high performance operations and modular, server based architecture. The platform provides app-based solutions for pricing, trading and risk. [79]

Some of their Electronic Execution solutions include:

  • Orc FIX Access, introduced in October 2013, allows any FIX-enabled trading system to use Orc's native exchange gateways for reaching 150+ global execution venues covering all major asset classes.[80]
  • Orc Flow Control is a pre-trade risk management system launched in 2013 to ensure regulatory compliance. [81]
  • Orc's Gateway Development Kit enables firms to connect to any trading or market data venue by building custom low-latency market gateways. [82]

People

Resources

References

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  2. Orc Group Holding AB: Orc Group and CameronTec Group Join Forces. Orc Group.
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  7. Banca Aletti Utilizes Orc Technology to Launch New Derivatives Products on Italian Market. Reuters.
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Last modified on 28 November 2017, at 09:37