ODL Securities Limited

ODL Securities Limited

January 22, 2007 02:00 ET

ODL Securities Agrees Purchase of bestconnect'TM' From Dresdner Kleinwort

Acquisition of leading electronic dealing service makes ODL Securities the UK's second largest RSP'i'

LONDON, UNITED KINGDOM--(CCNMatthews - Jan. 22, 2007) - ODL Securities, the London-based equities, derivatives and FX trading house, has agreed the purchase of bestconnect™, the leading UK retail service provider (RSP) electronic dealing service, from investment bank Dresdner Kleinwort.

As part of the deal, the business will begin to transfer to ODL on a phased basis with the aim it will be fully migrated by 30 June. Initially clients' trading counterparty, connectivity routes and settlement procedures will remain unchanged. Key Dresdner Kleinwort staff, who currently manage the business, will also transfer to ODL Securities.

bestconnect is one of the UK's leading RSP platforms which ranked 2nd by volume of trades in 2006 according to LSE data. It has a strong client base comprising predominantly UK retail stockbrokers, private banks and private client investment managers. The business offers electronic deal-at-quote and limit order executions as well as traditional sales trading execution services in more than 8,000 tradable instruments including: UK, US and European Equities; Investment Trusts; ETFs; Covered Warrants and Index Certificates.

The acquisition of bestconnect means ODL Securities becomes the UK's second largest RSP and strengthens the Company's offering in equities in particular. It gives existing ODL clients access to and benefit from the deal-at-quote and limit order capability of the bestconnect platform as well as a broader product range and service offering. In addition, the acquisition gives ODL the opportunity to cross-sell its FOREX, CFD and derivatives products to bestconnect's traditional customer base.

In time ODL intends to leverage bestconnect's highly sophisticated risk management and price making technology to facilitate its entry into other new financial product areas. The bestconnect team, led by Andrew Rowland, which will join ODL, brings with them a wide range of skills required to run and grow an advanced algorithmic execution business.

Commenting on the divestment of bestconnect, Alan Yarrow, Vice Chairman of Dresdner Kleinwort, said: "bestconnect has a great track record and further potential. We believe ODL Securities is an excellent fit to be the new owner of the business and look forward to working with them over the coming months to ensure a smooth transition. As part of this agreement, Dresdner Kleinwort will continue to provide prices on the bestconnect platform for UK small and mid-cap stocks and investment trusts. "

Commenting on the acquisition, Graham Wellesley, Chief Executive of ODL Securities said: "This is a very exciting acquisition for ODL Securities. In addition to widening our product offering to our existing clients, it will allow us to gain closer working relationships with an important and active client community in the financial markets and brings us a sophisticated technology platform to help us enter new markets internationally."

'i' according to LSE data

Media enquiries:
ODL Securities Limited
Damien Francis, Marketing Director Tel: +44 (0) 20 7903 6262
Charlie Jack/Laura Riascos
(Abchurch Communications) Tel: +44 (0) 20 7398 7700

Weekend Calls
Charlie Jack Tel: +44 (0) 7717 015 754
Laura Riascos Tel: +44 (0) 7727 073 974

Dresdner Kleinwort
Louise Beeson / Michael Goodbody,
Media Relations Tel: +44 207 475 7560/3447

Notes to Editors

ODL Securities Limited is a leading, independent FOREX, derivatives, equity and commodity trading house. The Company offers Institutional, Private, and White Label clients an integrated approach to trading diverse financial products. This is done via state of the art, automated trading platforms. ODL Securities also has a corporate finance division specialising in the mining and oil sectors (in 2005 it raised Pounds Sterling 110m for clients on the AIM market).

Originally founded in 1994 as an Options House, ODL Securities received a capital injection from new shareholders in 2004 and a new senior management team was appointed. Since then, a wide range of enhancements have been implemented across all areas of the business, and new products introduced. This has resulted in strong and profitable growth (between FY 04-05 ODL Securities achieved a 348% increase in turnover and, in the same period, profit before tax increased fourteen fold). Further growth is anticipated.

ODL Securities is headquartered in London and has offices in the USA, and Japan with 155 staff globally. The company has clients from over 100 different countries.

As a market maker, ODL Securities is authorised and regulated by the Financial Services Authority and is a member firm of the London Stock Exchange and Euronext.LIFFE It is also a designated broker and a member of APCIMS. For further information please visit www.odlsecurities.com

Dresdner Kleinwort is the investment bank of Dresdner Bank AG and a member of the Allianz Group. Headquartered in London and Frankfurt, with an international network of offices, Dresdner Kleinwort provides a wide range of investment bank products and services to European and international clients through its Global Banking and Capital Markets business lines.

Dresdner Kleinwort Securities Limited. Authorised and Regulated by Financial Services Authority; Member of the London Stock Exchange; Member of the Dresdner Bank Group. Registered in England No. 551334; Registered Office: 30 Gresham Street, London EC2V 7PG

Contact Information

  • Media enquiries:
    ODL Securities Limited
    Damien Francis, Marketing Director
    +44 (0) 20 7903 6262
    ODL Securities Limited
    Charlie Jack/Laura Riascos (Abchurch Communications)
    +44 (0) 20 7398 7700
    Website: www.odlsecurities.com
    Weekend Calls
    Charlie Jack
    +44 (0) 7717 015 754
    Weekend Calls
    Laura Riascos
    +44 (0) 7727 073 974
    Dresdner Kleinwort
    Louise Beeson / Michael Goodbody
    Media Relations
    +44 207 475 7560/3447