J.P. Morgan and a Citicorp unit announced last week they have signed contracts to install an automated order-routing system for their futures and options trading operations in London.
The two money-centers contracted with Trinitech Systems Inc., Stamford, Conn., to install its Order Book Management System.
The software is designed to run on Trinitech's line of computer hardware, which has touch-sensitive display screens that traders use to enter "buy" or "sell" orders. That information is then routed to exchanges and the investment firm's back office.
The automated dealing system is designed to replace the avalanche of order tickets that flow between financial firms' trading rooms and back offices every day.
Trinitech officials said the contracts with J.P. Morgan, Citicorp's Citifutures trading unit, and a third customer they declined to identify were collectively worth about $650,000. Citifutures and J.P. Morgan will each initially install Trinitech's systems on 10 to 15 traders' desks in London, although the agreement allows the banks to install unlimited copies of the software anywhere in the world.