9th Jul 2008 07:00
9 July 2008
First Derivatives plc
(AIM:FDP.L, IEX:GYQ.I)
Software License Sale
The Board of First Derivatives plc ("First Derivatives" or the "Company") is pleased to announce that it has signed its first global contract for its qAlgo algorithmic trading product. The sale is to a major financial institution operating in London, New York and Asia. The transaction includes both a substantial initial payment for implementation and an annually renewable license fee.
The Company has made a major investment in developing a suite of trading, risk, CEP and market data focussed software. qAlgo, which represents just one product in the suite, was launched last year and has been well received. This sale validates First Derivatives' strategy of developing its own branded products for the financial services market.
Commenting on the contract win, Michael ONeill, Chief Operating Officer Company said: "First Derivatives is at the forefront of the development and implementation of algorithmic trading systems. We have built an excellent reputation through our consulting services, customised application development and successful implementations of third party software but now we can supplement this business with our own suite of software. The Board is very pleased to have secured its first global contract win of qAlgo. We anticipate announcing further progress in the coming weeks as the Company is continuing to experience an encouraging level of enquiries in all areas of our business."
Contact:
|
First Derivatives plc Brian Conlon |
Tel: +44 (0)28 3025 2242 |
|
Charles Stanley Securities Nominated Adviser Russell Cook/Carl Holmes |
Tel: +44 (0)20 7149 6000 |
|
Goodbody Corporate Finance IEX Adviser Diane Hodgson/Linda Hickey |
Tel: +353 1 667 0420 |
|
Stakeholder Communications Carl Whyte Lisa Nugent |
Tel: +44 (0)28 9033 9949 Tel: +44 (0) 20 7903 5148 |
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