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Arcontech inks MVCS deal with unnamed Tier 1 bank
2nd Oct 2020 08:54
(Sharecast News) - Financial markets data processing firm Arcontech has signed up a new Tier 1 bank client to its multi-vendor contribution system.
Arcontech said on Friday that while revenues from its new deal were not expected to be material initially, it stated the agreement was the start of an "important relationship" with the unnamed Tier 1 global institution.
The AIM-listed group said discussions between the two commenced after the mystery bank indicated its desire to contribute real-time prices to Factset.
Chief executive Matthew Jeffs said: "We most frequently provide our software to enable contributions to be made to Bloomberg and Refinitiv, however, we are increasingly receiving requests to send client data to other vendors and venues like Factset and Tradeweb along with a need to repurpose data internally for example into risk management systems or use by other desks."
As of 0850 BST, Arcontech shares were up 8.47% at 160.0p.
Arcontech said on Friday that while revenues from its new deal were not expected to be material initially, it stated the agreement was the start of an "important relationship" with the unnamed Tier 1 global institution.
The AIM-listed group said discussions between the two commenced after the mystery bank indicated its desire to contribute real-time prices to Factset.
Chief executive Matthew Jeffs said: "We most frequently provide our software to enable contributions to be made to Bloomberg and Refinitiv, however, we are increasingly receiving requests to send client data to other vendors and venues like Factset and Tradeweb along with a need to repurpose data internally for example into risk management systems or use by other desks."
As of 0850 BST, Arcontech shares were up 8.47% at 160.0p.