Quotron Systems Inc., a subsidiary of Citicorp, said it has won a six-year contract to deliver market data to Fahnestock & Co., a New York-based brokerage.
Fahnestock will use Quotron's Advantage AE system to replace Automatic Data Processing Inc.'s Financial System Partner market information terminals on 500 desks. The Quotron system delivers market data to personal computers and so-called serial terminals.
Robert M. Neuhoff, a Fahnestock executive vice president, said that "Quotron offered an extremely cost-effective way to provide state-of-the-art information services to our investment consultants and clients."
Installation of the Quotron system is to be completed in November. The deal's value wasn't disclosed.
Despite losing one brokerage customer, Automatic Data Processing gained another: Ferris Baker Watts Inc. The system has been installed in about half of Washington-based Ferris Baker's 19-office network so far.