23 October 2017
Register now

GL Trade and SIA form Italian joint venture company

12 February 2004  |  3911 views  |  0 GL Trade and SIA form Italian joint venture company

Parisian trading systems vendor GL Trade and Italy's Società Interbancaria per l'Automazione (SIA) are forming a joint venture company to provide ASP-based dealing systems to financial services firms in the Italian market.

The new company, called Glesia, will be 51% owned by GL Trade and 49% by SIA and is expected to be operational this month. Glesia will employ 35 staff - 18 from GL Trade's existing subsidiary in Italy and 17 from SIA. The company has set a target of EUR20 million in turnover for 2004.

The firm will provide hosted STP trading systems and services, including order routing, market connectivity, order management, trading, confirmation and clearing, for both Italian and global cash and derivatives markets.

Pierre Gatignol, CEO of GL Trade, says: "Customers' needs are clearly evolving towards global solutions that integrate the entire process of trading (front, middle and back office). This joint venture between GL Trade and SIA will perfectly suit what the market is asking for in Italy."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Julius Baer Brokerage selects GL Stream for order management

Julius Baer Brokerage selects GL Stream for order management

30 January 2004  |  5369 views  |  0 comments
GL Trade ports to Linux

GL Trade ports to Linux

20 November 2003  |  3837 views  |  0 comments
GL Trade buys Misys Securities' UK, Japan and Hong Kong businesses

GL Trade buys Misys Securities' UK, Japan and Hong Kong businesses

04 November 2003  |  7803 views  |  0 comments
Euro Banking Association appoints SIA to build cross-border ACH

Euro Banking Association appoints SIA to build cross-border ACH

28 May 2002  |  4174 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.vasco.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
16820 views comments | 20 tweets | 34 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14187 views comments | 22 tweets | 30 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10427 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10101 views comments | 13 tweets | 10 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job