ISTANBUL STOCK EXCHANGE SELECTS COMPUTERIZED TRADING SYSTEM DEVELOPED BY THE VANCOUVER STOCK EXCHANGE AND TCAM SYSTEMS INC.
ISTANBUL STOCK EXCHANGE SELECTS COMPUTERIZED TRADING SYSTEM
DEVELOPED BY THE VANCOUVER STOCK EXCHANGE AND TCAM SYSTEMS INC.
VANCOUVER, British Columbia, July 8 /PRNewswire/ -- The Istanbul Stock Exchange in Turkey has become the fifth international market in 15 months to select the computerized trading system in use by the Vancouver Stock Exchange (VSE) as the basis for automating its operations.
Sales to exchanges in Caracas, Venezuela and Mexico City were made in the past year and two others are due to be announced shortly.
The Vancouver Computerized Trading (VCT) system, developed and owned jointly by the VSE and New York-based software house TCAM Systems Inc., was selected by the Istanbul exchange in competition with a number of other systems worldwide.
Amount of the sale, including hardware, software and customization, will be approximately US $5.5 million. TCAM will install and customize the Istanbul system over the next year and the VSE will conduct installation consulting and training.
"The sale to Istanbul is continuing evidence of the international acclaim VCT has received," said VSE Vice President of Trading Operations Marc Foreman. "In developing the world-class system now in use at the VSE, the Exchange and TCAM took a leadership role in computerized trading and are now extending their influence into world markets."
VCT was recently rated first in comparison to several world trading systems in a report prepared by New York-based McKinsey and Company Management Consultants commissioned by Germany's stock exchanges. VCT was also awarded the Canadian Information Processing Society's highest honor for Canadian-developed software in May of 1990.
Foreman said the Vancouver system, which utilizes on-line, fault tolerant technology, was chosen because of its speed of execution, accuracy and its ability to improve market information. Istanbul also plans to connect the system with its clearing and settlement system.
Foreman acknowledged TCAM's industry expertise and the VSE's hands-on experience in the implementation of the system as significant factors in the sale. Negotiations involved several visits to Istanbul and a delegation of 20 senior staff from the Istanbul Exchange visited Vancouver last November to see VCT in operation.
Sales to other exchanges are in the final stages of being completed. TCAM and the VSE are pursuing additional sales with exchanges in Europe and Southeast Asia.
/CONTACT: David A. Laundy of Vancouver Stock Exchange, 604-689-3334, or Martin Hakker of TCAM Systems Inc., 212-269-0200/ CO: Vancouver Stock Exchange ST: British Columbia IN: SU: AL -- LA022 -- 7519 07/08/92 15:17 EDT