LONDON, ONTARIO--(Marketwire - Oct. 12, 2012) - Susan Truppe, Member of Parliament for London North Centre and Parliamentary Secretary for Status of Women, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced today a Government of Canada investment that will help Cyborg Trading Systems grow and increase the global market presence of its trading technology.
"Our government is proud to support the efforts of southern Ontario companies that want to grow and compete in the global marketplace," said MP Truppe. "Investing in innovative companies like Cyborg Trading Systems will result in high-quality jobs in the region and put southern Ontario on the map as a leader in the world's information and communications technology industry."
London-based Cyborg Trading Systems develops trading technology for global financial firms. The technology uses computerized algorithms to automate the process of trading and managing the risk of financial instruments such as stocks, bonds and options.
Through FedDev Ontario's Prosperity Initiative, Cyborg Trading Systems will receive up to $381,500 to increase its resources-both technological and human-to help the company capitalize on existing market gaps, expand its operations, and bring its products to market globally. This is expected to create 16 new highly technical jobs in the region, more than doubling the company's current workforce.
"The FedDev Ontario investment will allow us to rapidly scale our global growth strategy by allowing us to accelerate our plans to hire top Canadian talent," said James McInnes, founder and CEO of Cyborg Trading Systems. "We have a unique opportunity to be a world leader in the financial technology industry and this investment will take us one step closer to this goal."
For more information on this project and the Prosperity Initiative, please refer to the backgrounder.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
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This news release is available online at: www.actionplan.gc.ca.
Contribution to Cyborg Trading Systems
Cyborg Trading Systems develops proprietary algorithmic trading technology for global financial firms. The company has launched two algorithmic trading solutions: Cyborg Trader® for traders serving retail investors and Cloud Trader® for traders at financial institutions.
Cyborg Trading Systems, based in London, Ontario, was established in 2008. The company has developed rapidly since then and has recently opened offices in Kitchener, Ontario, and New York City's financial district.
FedDev Ontario is providing Cyborg with a repayable contribution of up to $381,500 to help it expand its operations, take advantage of existing market gaps, and further establish its global market presence. This is expected to create 16 new, high-tech jobs at its London and Kitchener offices, including developers, algorithmic engineers, network engineers, and program managers.
Cyborg is currently the only Canadian provider of a complete algorithmic trading solution that includes an algorithm development toolkit, enabling the creation, testing and execution of sophisticated proprietary strategies. This project aims to assist Cyborg to market and export their product on a global scale, while increasing the competitive advantage of southern Ontario's financial and information and communications technology (ICT) sectors.
FedDev Ontario's Prosperity Initiative is designed to encourage businesses, not-for-profit organizations, and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified, and competitive economy.
Funding is available for projects that:
- enhance productivity by accelerating the adoption of new technologies, processes, and skills that enhance the region's businesses and sectors;
- diversify the regional economy by increasing the number of new industries or opportunities with the potential to have long-term impacts on regional economic diversity; and
- build a competitive advantage in the region by creating or expanding economic clusters and enhancing their global competitiveness.
Applications for funding are being accepted and assessed on an ongoing basis. For more information, please refer to the Program Guidelines available on the FedDev Ontario website at www.FedDevOntario.gc.ca.