LCG set for software agreement with Algoweb
Online financial services and spread betting firm London Capital Group Holdings has announced a proposed software-as-a-service agreement between its LCG subsidiary and Algoweb.
Under the agreement, Algoweb would grant a licence to LCG to use certain software and services.
Charles-Henri Sabet, executive director of London Capital Group Holdings, and his wife own a 50% shareholding in Algoweb.
As this is the case, approval from the shareholders is required for LCG to be granted the licence.
Approval will also be required from LCG’s sole shareholder, Tradex, which is a wholly-owned subsidiary of the firm.
If approval is given, the company said that the licence will provide LCG with direct access to liquidity providers with aggregation and smart routing features, thus enabling LCG to offer better pricing, tighter spreads and greater depth for excursion.
The firm also said that the licence would provide downstream users with a unified order book facilitating trading and allowing for aggregated pricing with centralised real-time spreads, as well as full hardware and maintenance support.
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