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LONDON (Alliance News) - First Derivatives PLC, the AIM-listed financial software provider, on Wednesday said it agreed a strategic partnership for the use of its Kx technology with news and information company Thomson Reuters to power the Velocity Analytics platform.
The agreement follows a "comprehensive review" of real-time and in-memory technologies by Thomson Reuters, First Derivatives said in a statement.
Velocity Analytics provides Thomson Reuters clients with market data for use by quantitative analysts, traders and compliance departments in the financial services industry.
"Given Thomson Reuters' global customer footprint and the demand across the industry for streaming analytics and market insight driven by increasingly quantitative trading strategies and regulatory reporting requirements, demand should be strong for this solution," Mike Powell, managing director for enterprise capabilities, Financial & Risk, at Thomson Reuters, said in a statement.
Brian Conlon, chief executive officer of First Derivatives, said: "This agreement significantly increases our channel to market and the service will be rapidly deployed to customers through Thomson Reuters Elektron, which will accelerate our growth in this market."
Elektron is a private cloud network for financial markets.
Shares in First Derivatives were up 4.6% at 1,747.50 pence Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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