Screen dealing vendor Patsystems has won a $6 million contract to provide exchange, trading and risk management technology to the Turkish Derivatives Exchange (TurkDex).
TurkDex is spending $4 million to license the Patsystems' package, and an additional $2 million for a 10-year support and maintenance agreement.
Under the terms, Patsystems will supply TurkDex with its matching engine, front-end trading systems and risk management functionality, with a view to live futures and options trading commencing in November 2010.
Cetin All Donmez, TurkDex CEO says: "The Board selected Patsystems after a thorough and extensive review of all the products on the market. 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."
Patsystesm says 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.
David Webber, Patsystems CEO, comments: "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."