GL TRADE, integrated software solutions provider to financial institutions, has announced that Hong Kong-based broker CLSA has implemented GL TRADE Middle and Back Office to automate derivatives post-trade management. CLSA becomes the first institution in Hong Kong to choose the entire post-trade solution for derivatives from GL TRADE.
The UBIX solution CLSA acquired comprises of all UBIX margin methods for their carry business, which covers the major exchanges around the world. It also includes five full clearing member modules (Hong Kong, India, Malaysia, Singapore and South Korea).
"We had been using the solution of one of the leading providers locally," comments T. Rajah, CIO, CLSA. "We felt our business had got to the point where it had outgrown the capabilities of both the system in areas such as global margining and of our former supplier to be able to provide an appropriate level of service and support to our business expansion requirements, which includes a number of sites in Asia."
He continues, "GL TRADE, with its comprehensive regional reach in the Asia-Pacific area provides a service of genuine regional/global reach and local touch. Working with GL TRADE, we also greatly appreciate the possibility to deal with a single company for all our business requirements. We see great benefit in the commercial economies of scale that a single company solution offers."
Franck Peltier, CEO of GL TRADE Asia, says, "The synergy between UBIX and GL TRADE's native post-trade solution is obvious. We are delighted to be creating value for our clients by offering them a modern, STP solution to support their growth on the derivatives market."
The system is now live on both HFKE and carries markets since the end of September 2006.
GL TRADE was awarded 'Best Sell Side Order Management System' at the TradeTech awards ceremony in Paris last Thursday. GL TRADE's OMS was selected as best OMS of the year against a shortlist containing two highly respected finalists.
"In the last three years and since our recent acquisition of Misys Securities, a large investment was made to upgrade our product line, inspired from our acquisition and client suggestions," comments Jean Pierre Baron, managing director for trading systems. "We are very pleased to see this TradeTech return and, even more important, a growing number of users. Investment in our flagship product will obviously continue with the MiFID challenge."