Gmex restructures; spins off technology business
20 October 2016 | 4818 views | 0
Gmex Group, the London-based derivatives venue set up by Chi-X Europe co-founder and one-time COO Hirander Misra, has restructured, spinning off its technology business and re-focusing its exchange-trading division.
Forum Trading Solutions (Forum), currently a minority stakeholder in Gmex Group, has acquired 100% of Gmex Technologies Limited, including clients and the Gmex name related trademarks. The current Gmex Tech and Forum businesses will merge to provide multi-asset exchange and post trade business services and technology.
Clients currently include Tullett Prebon in the UK, the Central Asian Stock Exchange in Tajikistan, Hanoi Stock Exchange and Vietnam Securities Depository in Vietnam, the Agricultural Commodity Exchange for Africa (ACE) in Malawi, ALTX in Uganda and Seed Commodities Exchange in the US.
The former Gmex Exchange and GDI will become a separate, renamed entity. The new name of the company, the members of the management team and board will be announced in the coming days.
Hirander Misra, chairman and CEO, comments: “We are now entering the next phase in our operational plan. By separating the Exchange and Technology businesses, the management and staff of each new entity will be better able to focus their expertise on the distinct businesses.”
He says the prime focus of the new company is to facilitate the adaption of buy-side firms to the changing regulatory environment.
Sandy Broderick, chairman of the new entity, adds: “With this restructuring, we aim to speed up the future development of the Exchange business. The changes will allow the two companies to better grow their respective businesses and to focus on their customer needs.”