GL TRADE Announces the Acquisition of Ubitrade Group.PARIS Paris, in Greek mythology
Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Group Now Provides Full Front-to-Back Solution for Equity, Derivative and OTC Markets
GL TRADE (Bourse bourse (brs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. de Paris:GLTD.LN), an international provider of global electronic front-to-back office trading solutions, today announced the acquisition of the Ubitrade Group, a leader in electronic trading and back office solutions.
Ubitrade Group reported turnover of EUR EUR
In currencies, this is the abbreviation for the Euro.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 17m in 2003, and expects a slight increase of growth for 2004. Ubitrade services approximately one hundred clients and employs 140 people based in Paris, London, Frankfurt, Chicago and Sydney, with a development centre in Tunisia. Prior to the acquisition, Ubitrade's founders and managers were its main shareholders.
The First Multi-Instrument Front-to-Back Solution
With this acquisition, GL TRADE becomes the first supplier to offer a fully integrated front-to-back office solution for derivatives markets, also available in ASP mode.
This solution will combine GL TRADE's front-end trading station (GL WIN) and its middle office solution (GL CLEARVISION) with Ubitrade's back office solution, UBIX.
UBIX is a real-time clearing and settlement system for derivatives markets which complements the back office product offering of GL SETTLE, a subsidiary of GL TRADE specializing in settlement solutions.
Increased Risk Management Expertise
GL TRADE's range of buy-side solutions will be strengthened with TRADIX, a complete trading and order management solution for OTC OTC
See over-the-counter market (OTC). products. This solution enables the handling of all asset classes in terms of position and risk management. This will allow GL TRADE to rapidly integrate OTC instruments within its global order management system (OMS OMS - Opportunity Management System ) for equities and derivatives.
Ubitrade is also a distributor, in some European countries, of the Fermat range of statutory risk management tools for banks. Its consolidation within the GL TRADE group should enable this partnership to be extended geographically.
"GL TRADE's global reach combined with their worldwide sales network will be very beneficial to us, in both accelerating our growth rate and cementing our global reputation," observed Yassine Brahim, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ubitrade. "The excellent fit between our product offerings and the similarities of our business cultures will be key advantages in the integration of our staff and our products."
"This acquisition will enable GL TRADE to further strengthen its position across the entire Straight Through Processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) chain and enhance its expertise in risk management for all asset types," added Pierre Gatignol, GL TRADE's CEO. "Bringing together our two technologies will open the way to an integrated front-to-back ASP solution, allowing us to offer our clients competitive, and easily implemented solutions."
GL TRADE provides the financial community with Trading & Order Management Software, Network, Market Data and Services to cover the entire order flow from the Buy Side to the Sell Side and to the back office.
Headquartered in Paris, GL TRADE has 23 offices worldwide and employs near 920 people worldwide. It has over 3,500 clients, including 500 international financial institutions. In 2003, GL TRADE's turnover was EUR 128.1m. GL TRADE is listed on the Nouveau Marche Nouveau Marche
An equity market unit of the Paris Bourse that deals solely in innovative, high-growth companies. and joined the NextEconomy segment in 2002.