2nd Oct 2020 10:43
(Alliance News) - Arcontech Group PLC on Friday announced it has won a new, unnamed, tier one bank client for its multi-vendor contribution system.
The provider of software products and services for real-time financial market data processing said that, although its revenue is not expected to be materially impacted initially, it is the start of an "important" relationship for the company.
Discussions started around the bank's aim to contribute real-time prices to financial market data provider Factset Research Systems Inc, where the bank's clients wanted to view them.
The multi-vendor contribution system enables those that create market data content, whether real-time instrument prices, auction results or policy statements, to be contributed to multiple vendors and internal consumers at the same time.
Chief Executive Matthew Jeffs said: "We most frequently provide our software to enable contributions to be made to Bloomberg and Refinitiv, however, we are increasingly receiving requests to send client data to other vendors and venues like Factset and Tradeweb along with a need to repurpose data internally for example into risk management systems or use by other desks.
"More generally, regulatory pressures coupled with the need to reduce risk, are encouraging financial market participants to ensure any data sent to the market is managed and recorded for audit. We enable our clients to do this by consolidating the data so it is known exactly what is being sent to whom as well as to monitoring the data flow."
Arcontech shares were up 9.9% at 162.06 pence each in London on Friday morning.
By Greg Roxburgh; [email protected]
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