27th Oct 2023 15:07
(Alliance News) - Arcontech Group PLC on Friday said it won a new unnamed tier one bank client for its CityVision real-time market data platform.
Shares in Arcontech were up 8.1% to 82.70 pence each in London on Friday afternoon.
The London-based provider of real-time financial market data and services said the multi-year deal, with initial deployment in New York, "marks the start of an important relationship with a tier one global institution that should see expansion to Europe and Asia".
Arcontech said the components being deployed include its multi-vendor contribution system, which enables those that create market data content to contribute to multiple vendors and internal destinations at the same time; Arcontech Cache, a calculations engine that allows distribution of vendor feeds such as Bloomberg B-PIPE and Refinitiv Real-Time to end users and other destinations; and Excelerator, Arcontech's "highly performant" real-time Microsoft Excel add-in for data consumption and financial instrument pricing and publication.
"Discussions commenced as the bank wished to both access and contribute real-time prices to a global market-data vendor, their risk-management platform and other internal systems for which the existing market-data infrastructure was unable to cope with the frequency and volume of updates," said Chief Executive Officer Matthew Jeffs.
"Arcontech was selected as we have tried and tested solutions for both large and small deployments as well as the ability to customise quickly to meet specific client requirements...This win is especially important as it underpins management's expectations for the year whilst reinforcing our optimism in the overall business outlook which is evidencing the re-engagement of prospects interested in securing additional value whilst minimising operational risk."
By Greg Rosenvinge, Alliance News reporter
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