Patsystems is pleased to announce that it has signed a contract for $6 million dollars. The contract is worth $4m to licence the Patsystems exchange, trading and risk management technology and provide implementation services for the Turkish Derivatives Exchange, TurkDEX. The contract will provide a small contribution to revenues in 2009 that is already factored into management’s expectations and underpin the business growth anticipated for 2010 and 2011.
In addition Patsystems has signed a 10 year agreement worth $2 million to provide ongoing support and maintenance services to the Exchange.
After an extensive global selection process to rebuild its exchange infrastructure, TurkDEX selected Patsystems to provide a complete exchange system with straight through processing, matching, clearing and settlement capabilities supported by the Patsystems Matching Engine.
TurkDEX will utilise the latest version of Patsystems’ trading software, which will include Patsystems’ internet-deployable front-end trading platforms, J-Trader and Pro-Mark. The exchange will also utilise Patsystems’ risk management systems Risk Informer and Risk Alert.
Work on the project has commenced and will continue throughout 2010 and 2011. With a planned launch date for futures and options trading of November 2010 and with the extended functionality live in 2011.
David Webber, Chief Executive Officer, Patsystems, said: “Our selection by TurkDEX fully illustrates the breadth of Patsystems’ capabilities with the provision of exchange, trading, and risk management technology. Our systems are flexible enough to be used independently, or in this case, integrated into one comprehensive STP system. This opportunity demonstrates the pedigree of the Patsystems technology stack and, combined with our work in 2009 for the Indonesian Commodity & Derivative Exchange, demonstrates the growth potential in our business as a technology provider to commodity future exchanges.”
Cetin All Donmez, Chief Executive Officer, TurkDEX, said: “The Board selected Patsystems after a thorough and extensive review of all the products on the market. The full support of our chairlady Mrs. Isinsu Kestelli was also a very important factor in signing this contract with Patsystems. Patsystems was able to provide the exchange, risk and trading software systems required by TurkDEX as an integrated package within a relatively short time span. We believe that this project will be a candidate for innovation awards within the derivatives exchange industry. The new technology platform in terms of derivative products range and low latency is an important foundation of TurkDEX future growth plans.”