Australian Broker BBY Selects Orc Software Connectivity

Australian stockbroking, corporate advisory and asset management firm BBY has chosen Orc Software to meet customer demand for low latency, high throughput connectivity to the Australian Securities Exchange (ASX).

Glenn Rosewall, managing director and CEO of BBY, says: “Our customers explored a number of connectivity solutions, but found Orc software superior. The Orc solution is robust, flexible and easy to integrate, which is pretty important.”

BBY had been working with one customer using Orc software for some time, but has now formalised its relationship with the vendor and signed a contract for the company’s software in the second quarter of 2010. It will use Orc’s trading connectivity software to enable customers to access not only the ASX but also Iress market data and financial market solutions.

“We’re really pleased to be working with Orc Software to facilitate our mutual customers’ trading needs on the ASX. Orc’s solutions allow our customers to trade both equity and options on the exchange via BBY’s membership,” explains Rosewall. “Orc is also well known in the Australian market for providing exchange members with market making and working with them to extend the offering to direct market access for non-members, providing professional traders globally with a new option for accessing the Australian market.”

BBY, formerly Burdett, Buckeridge Young, was established in 1987, the same year as Orc Software, and plans to continue building its business on a base of Australian customers and through international partnerships that give clients exposure to Asian investment bank CIMB and US investment bank Jefferies.

Rosewall claims BBY is the fourth largest Australian domestic broker behind major banks ANZ, Commonwealth and Macquarie, and believes the company’s technology know-how will enable it to remain competitive. He concludes: “The banks are big listed organisations. BBY is a private, independent firm, but in terms of technology we are as sophisticated as any of the banks. For example, we moved into direct market access 10 years ago and were first in Australia to outsource clearing. BBY is at the forefront of concepts driven by technology.”