Orc Software Achieves Record 70% Growth in North America

New York - 24 April 2007

Increased product adoption by leading Sellside & Hedge Fund institutions for electronic derivatives trading propels Q1 revenues

Orc Software (SSE: ORC), the leading global provider of technology for advanced trading, market making and brokerage, today announced significantly greater market demand in North America for Orc Software’s advanced futures and options trading applications, and the CameronFIX connectivity products. The latest Q1 interim results demonstrate revenues up 70% in the North American region.

“Orc Software has over 200 customers in North America, connectivity to all major US futures and options markets, a suite of advanced click and algorithmic trading applications that are ideally suited for the complex nature of the North American market, and the CameronFIX set of products,” said Martin Koopman, President of Orc Software North America. “We have a strong team in our three offices in Chicago, New York and Toronto and are well positioned for rapid growth this year and beyond.”

“As custom algorithms continue to proliferate for the use of futures and options trading, Orc will continue to build upon its rich history and experience in derivatives trading and technology to offer traders the most advanced tools to trade - limited only by their talent - not the technology,” added Mr. Koopman.

Orc Liquidator has seen the largest increase in sales in the last twelve months, as algorithmic trading in futures and options rapidly increases. Orc Liquidator is an event driven / black box trading system that allows the rapid deployment of custom trading strategies at a processing speed of over 5,000 orders per second with sub- millisecond latency. Among the custom strategies which have been quickly deployed on Liquidator are cross market futures strategies and multiple leg spread strategies, pairs trading, volatility trades, currency cash and futures arbitrage, local exchange vs. ADR with currency hedge, and warrants market making.

Orc Trader is a comprehensive front-end trading application for advanced derivatives traders. It includes the US Equity Options Montage, which allows a trader to sweep all six US equity options markets simultaneously. One screen shows real- time consolidated quotes for all US options markets, and allows a trader to sweep multiple strikes and exchanges with simultaneous orders to all markets.

Orc Liquidator and Trader both have native connectivity to more than 120 global exchanges, facilitating the use of advanced order types. North American markets connected to include CME, CBOE, CBOT, AMEX, BOX, ISE, NYSE ARCA Options, PHLX, ICE, TSX, BDM, BrokerTec, HedgeStreet and FXall.

Orc Connectivity Solutions offers market gateways to 120+ markets which can be deployed using FIX with any third party trading application, and the CameronFIX set of products. The CameronFIX set of products include the industry leading CameronFIX engine, and the CameronFIX market data server which can be used to send and receive market data using the new FAST (FIX Adapted for STreaming) protocol. CME is currently beta testing FAST for disseminating market data.

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