Source selects Colt to provide managed IT infrastructure
New infrastructure to help Source drive growth of ETF/ETP market in Europe
13 April, 2011
Colt, Europe’s leading information delivery platform, today announced that it has been selected to build and manage a hosted application infrastructure for Source, a specialist provider of exchange traded products (ETPs).
Following an extended period of consultation, Colt and Source have developed a solution which enables one of Europe’s leading ETP providers to bring new enhancements and functionality to market, creating more opportunities for investors in this high growth sector.
Colt’s managed infrastructure provides a resilient environment for Source to scale rapidly. It runs across two European data centres and features industry leading security and infrastructure capabilities. With a failsafe system approach and performance guarantees, Source can focus its attention on driving the growth of the ETP market in Europe.
Jaap Zuiderveld, Vice President, Colt Enterprise Services, said, “Both Colt and Source deliver enterprise class technology solutions to the European market in their respective areas of expertise. The environment we have designed in close consultation with them is a highly bespoke and resilient configuration of Colt’s established and trusted services, which enables Source to scale rapidly with absolute confidence.”
Ted Hood, Chief Executive Officer of Source, said, “We selected Colt because they demonstrated the agility and responsiveness to meet our evolving technical, operational and business needs. Source has developed unparalleled trading activity in its ETFs. Scaling the business demands an advanced and robust execution solution built on an extremely stable technology base, Colt has an outstanding track record in our sector delivering the services, infrastructure and integrated expertise we need to facilitate our rapid growth and leadership in the European ETF market.”
Colt is Europe’s leading information delivery platform, enabling its customers to deliver, share, process and store their vital business information. An established leader in delivering integrated computing and network services to major organisations, midsized businesses and wholesale customers, Colt operates a 21-country, 33,000km network that includes metropolitan area networks in 38 major European cities with direct fibre connections into 17,000 buildings and 19 Colt data centres.
In 2010, the Colt Data Centre Services business was launched to deliver innovative high quality modular data centres which are rapid to deploy and power efficient.
Colt is listed on the London Stock Exchange (COLT). Information about Colt and its services can be found at www.colt.net.
Source is a specialist provider of exchange traded products (ETPs) for European investors. Source’s open architecture approach is designed to enhance the performance and trading environment. Source’s products offer investors improved liquidity, reduced counterparty risk and increased transparency. Source has over US$7.5 BN in assets under management across equities, commodities, fixed income and alternative assets. Source’s exchange traded products are some of the most actively traded in Europe with over US$170 BN of secondary trading since launch in April 2009.
Source believes that the market for ETFs and similar products will continue to expand rapidly, but that improved products and greater liquidity are critical to accelerating growth. By working with its key partners1 , Source has taken steps to maximise the liquidity of its products: allowing multiple brokers to participate on an equal footing; creating a concentration of flows by focusing trading on a single stock exchange, currently Deutsche Börse, SIX Swiss Exchange or the London Stock Exchange; and creating an efficient lending market for its ETFs, thereby enabling investors to take both long and short positions. This is an evolutionary step in the European market as, to date, the lack of an efficient lending market has hampered the growth of trading volumes and has been a major factor in the significant shortfall in liquidity between the US and European ETF markets. These and other initiatives allow Source’s unique approach to ETPs to deliver a superior investor experience and rapid growth in assets.
Further information about Source is available at www.source.info
For more information, please contact:
Colt press contacts
Thomas Andrews, Weber Shandwick
DDI: +44 (0) 207 067 0712
Mobile: +44 (0) 7806 558 245
François d’Essertaux, Colt
DDI: +44 (0) 207 039 2953
Mobile: +44 (0) 7592 870 489
Name Michael John Lytle
DDI: +44 (0)20 3370 1102
Mobile: +44 (0)78 6755 0207