GL Trade has secured the first customer for its Ubix bureau service in FuturesBetting, an online gambling portal for experienced futures traders.
Gibraltar-based FuturesBetting is due to go live on 7 March and is forecasting up to five million trades a year at its Internet gambling operation.
The firm will use the Ubix service to access four futures markets - Liffe, Eurex, CME and Cbot.
Steve Cook, operations director, FuturesBetting.com, says: "Choosing the Ubix Bureau service has reduced our start-up capital requirements, yet gives us the very latest clearing and settlement solution."
GL Trade's Ubix group has agreed a price-per-deal fee structure with FuturesBetting and will provide day-to-day management of the firm's clearing and settlement system which is hosted at the Easynet data centre in London.
Paris-based GL Trade launched the online Ubix bureau service in January. The vendor acquired the Ubix package when it bought Ubitrade in December 2004.