New Joint Venture

RNS Number : 0125X

First Derivatives PLC

30 November 2010

 



30 November 2010

First Derivatives plc

("First Derivatives", the "Group" or the "Company")

Joint venture software solution with Trading Cross Connects for the high frequency trading community

First Derivatives (AIM: FDP.L, IEX:GYQ.I), a leading provider of software and consulting services to global investment banks and hedge funds, today announces a joint venture with Trading Cross Connects US LLC ("TXC"), involving a best of breed software and infrastructure solution for the high frequency trading community. The partnership represents a further expansion of the channels through which the Company offers its services and software products to the trading community.

The partnership satisfies the growing need for software, infrastructure and consulting services to high frequency trading firms in the FX, fixed income and futures market places.  Key components of the offering include:

·     First Derivatives Delta Algo and Delta Monitoring software products and First Derivatives consulting services.

·     TXC's products and services, including software, hosting locations in Secaucus (New Jersey), Chicago, Slough (London) and Tokyo, and native connectivity to FX, fixed income and futures ECNs and exchanges.

In conjunction with TXC, First Derivatives has proven the offering and has already taken one customer live using the Delta Algo software solution integrated with TXC's technology and infrastructure.

Alan Schwarz, President and COO of TXC, commented:"We are committed to being a leader in the high frequency space and offer solutions that are state-of-the-art, cost effective and easy to implement.  We are extremely excited about our partnership with First Derivatives. First Derivatives has a longstanding reputation in the market for offering trading and data solutions to large banks and financial institutions. The First Derivatives product set complements our existing offering and will provide powerful tools to our customers. We have already taken one customer live using the joint TXC and First Derivatives offering and are very pleased with the deployment and benefits we are able to extend to our high frequency trading team."

Commenting on the partnership, Brian Conlon, CEO of First Derivatives, said: "We are pleased to partner with TXC as we continue to expand into high frequency trading. We have for many years implemented kdb+ technology in partnership with many of the world's largest and most progressive financial institutions to provide innovative solutions in response to the rapid growth in market data volumes and the drive to reduce latency. The expertise we have gained on these assignments forms the core of our Delta Algo offering which will enable rapid development, backtesting and deployment of trading strategies for high frequency trading operations. We have found TXC to be extremely knowledgeable about high frequency trading and their hosting infrastructure is comprehensive and robust. We also partner extensively with TXC for other hosted offerings within the Delta product suite. We look forward to a long and productive partnership with TXC."

For further information please contact:

First Derivatives                                                                                                     [phone]

Brian Conlon, Managing Director                                                     www.firstderivatives.com

Graham Ferguson, Finance Director

Charles Stanley Securities, Nominated Adviser                                       [phone]

Russell Cook

Carl Holmes

Goodbody Stockbrokers, EMI Adviser                                                                  [phone]

Diane Hodgson

Linda Hickey

Finbarr Griffin

Walbrook PR

Bob Huxford                                                                                                             [phone]

Jack Rich

About First Derivatives

First Derivatives is a global provider of software and consulting services to the financial services industry. With almost 15 years experience working with leading financial institutions, it continues to deliver technologically advanced, award winning products and services that anticipate and respond to the evolving needs of global capital markets.

First Derivatives currently employs over 500 people worldwide and counts many of the world's top investment banks, brokers and hedge funds as its customers. It has operations in London, New York, Stockholm, Singapore, Toronto, Sydney, Dublin, Newry and Hong Kong.

For more information about the Company, please visit www.firstderivatives.com.

About Trading Cross Connects US LLC

Trading Cross Connects (TXC) is an incubator of high frequency algorithmic trading teams.  TXC provides a customised plug-and-play hosting solution for high frequency trading teams.  TXC's range of technology, funding and administrative services ensures that its offering is the most comprehensive in the space. The Group, which was founded in April 2009, offers full service strategy-engine hosting at key co-lo and pro-lo sites in the US and Europe.  TXC works closely with banks and prime brokers to deliver best-in-class middle office and back office services.  Through its strategic partner, Bay Head CI US Holdings LLC (Bay Head), collateral and/or financial guarantees are available to secure the requisite level of prime-broker funding.  Finally, TXC offers an extensive suite of administrative services including Human Resources, Finance, and Office Management. TXC's value proposition is based on state of the art technology and infrastructure, time to market, cost savings and via Bay Head aggregated transaction and third party provider costs. TXC clients retain ownership of their trading strategies.

www.txcus.com.

 

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