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."