19 August 2017
visit www.avoka.com

GL Trade buys Ubitrade

02 December 2004  |  7467 views  |  0 GL Trade

French dealing systems vendor GL Trade has acquired Ubitrade Group, a Paris-based provider of derivatives trading and back office technology, for an undisclosed sum.

Privately-held Ubitrade reported turnover of EUR17m in 2003, and expects a slight increase of growth for 2004. The firm employs 140 staff in Paris, London, Frankfurt, Chicago and Sydney and has a development centre in Tunisia.

GL Trade says it will combine Ubitrade's clearing and settlement product Ubix with its own GL Win front-end software and middle office application GL Clearvision to provide clients with an integrated front-to-back office system for derivatives trading, which will also be available as a hosted service.

Ubitrade also provides Tradix, a trading and order management system (OMS) for OTC products. GL Trade says the Tradix product will enable it to integrate OTC instruments within its own OMS 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 is expected to result in an extension of the geographic reach of the partnership.

Commenting on the acquisition, Yassine Brahim, CEO of Ubitrade, says: "GL Trade's global reach combined with their worldwide sales network will be very beneficial to us."

The acquisition is the latest in a spending spree by Paris-based GL Trade which has bought a number of business in both the US and Europe in a bid to reinforce its position as a global supplier to the wholesale financial markets.

GL Trade recently acquired Davidge Data Systems, a US equities and options order routing specialist, from S1 Corporation; and Iris Group, a Dutch provider of screen-based trading and decision support software.

Last year the vendor bought Misys Securities Trading Systems' businesses in the UK, Japan and Hong Kong.

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

GL Trade to acquire US order routing firm Davidge Data Systems

GL Trade to acquire US order routing firm Davidge Data Systems

21 October 2004  |  8773 views  |  0 comments
GL Trade eyes acquisitions in US

GL Trade eyes acquisitions in US

26 August 2004  |  8459 views  |  0 comments
Reuters to sell stake in GL Trade

Reuters to sell stake in GL Trade

11 June 2004  |  9026 views  |  0 comments
GL Trade profits down as sales remain flat

GL Trade profits down as sales remain flat

10 March 2004  |  3768 views  |  0 comments
GL Trade and SIA form Italian joint venture company

GL Trade and SIA form Italian joint venture company

12 February 2004  |  3868 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  |  7754 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8519 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7612 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6769 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6296 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6133 views comments | 11 tweets | 9 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job