Stockholm, Sweden, March 6, 2012 - Neonet, the independent execution services provider, today announced that Banca Generali, an Italy-based banking group, has selected Neonet as its provider of best execution services for Italian equities. The service delivered by Neonet allows Banca Generali to trade on the domestic market through its own membership, integrated with Neonet's Smart Order Router (SOR), algorithms and connectivity, extending access to European Multilateral Trading Facilities (MTFs) and, if selected, exchange sponsored dark pools. The order was booked in Q4 2011.
Banca Generali was looking for a Smart Order Routing solution to trade on both the Italian MTA exchange, its primary execution venue, and on MTFs, thus ensuring Best Execution and MiFID compliance for its orders. The Neonet solution enables Banca Generali to continue trading in the domestic market through its own membership, offering full integration with their existing front-end and Order Management Systems.
"We are pleased to see that Banca Generali recognizes Neonet's abilities to deliver a service that seamlessly combines brokerage and technology, while allowing them to retain control of key trading parameters," said Joacim Wiklander, CEO of Neonet Securities AB. "Banca Generali's decision to expand execution beyond its primary market is significant, as it clearly displays the emergence of a new European trading landscape where Smart Order Routing is becoming a prerequisite not only for compliance, but also for competitiveness and client satisfaction."
"We identified a requirement to offer clients a comprehensive brokerage service that includes access to all sources of liquidity for Italian equities," said Carlo Talpo, Head of Trading at Banca Generali. "Neonet enables us to outsource SOR development and operations, while protecting our present technology investments and allowing us to maintain our membership and market share on the domestic exchange."
Neonet offers professional market participants flexible, independent and transparent execution services based on advanced trading software solutions. Neonet's services include a comprehensive execution management system, advanced trading algorithms, smart order routing, market data services and a trading desk operated by qualified execution specialists. Neonet does not engage in proprietary trading or any other financial activity that could result in a potential conflict of interest. Neonet serves clients in over 20 countries. Clients include banks, brokerage firms, institutional investors, hedge funds and asset managers. Neonet Securities is an Orc Group company. Orc Group is publicly traded on Nasdaq OMX Stockholm (SSE:ORC).
For further information, visit www.neonet.com.
Neonet: Joacim Wiklander, CEO, Tel. +46 (0) 8 506 47 835
Orc Group: Christine Blinke, VP Marketing and Investor relations, Tel. +46 (0) 739 01 02 01
Neonet selected as execution service provider by Banca Generali
Neonet's flexible SOR delivered as a managed service enables Banca Generali to extend market access to MTFs while retaining primary exchange membership.