GL Trade has closed a deal with Newedge Group, the global multi-asset brokerage firm, to extend the use of GL Instant Brokerage globally from its UK business to also cover its brokerage operations in Paris, New-York and Hong Kong.
GL Instant Brokerage allows Newedge to manage and automate listed derivatives’ brokerage processes. The business component provides Newedge with invoicing features, aged debtor tracking functions and is interfaced with GAINS/GPS - the system for invoicing centralisation of give-ins and give-ups on the US financial markets. To facilitate static data maintenance, GL Instant Brokerage is also integrated with Newedge’s global back-office solution.
Newedge has decided to deploy the solution worldwide using GL Trade’s hosting services, eliminating any technical barriers as all hardware and software will be deployed across a facilities managed solution.
“Newedge’s execution business is growing and we needed a solution to handle our invoicing and payment recovery processes that could offer powerful specific features while being fully integrated with our books and records, allowing a higher degree of STP,” said Alan Dee, Chief Financial Officer for Newedge Europe Middle-East.
GL Instant Brokerage is aimed at futures and options firms offering brokerage services, execution and/or clearing. It's functionality includes capturing trades, managing brokerage fees and commissions, generating invoices and issuing accounting entries.