Patsystems to dispose of Global Dealing Direct stake
19 July 2002 | 3430 views | 0
Patsystems is to give away its 20 per cent shareholding in Global Dealing Direct Limited (GDD), under a policy to dispose of its interests in introducing brokers and clearers.
GDD operates through its 100 per cent-owned subsidiary Global Dealing Direct in Zurich where it offers full clearing services to electronic traders on a number of derivatives exchanges.
The board of patsystems says the disposal of the company's interest in GDD - for nil consideration - alongside the recent sale of shares in Chicago-based introducing broker eLocal, has ended any potential conflict of interest with its customers.
Under the agreement, GDD has signed a software licence to continue to use and distribute patsysems' products.
David Jones, CEO of patsystems, states: "The disposal completes our exit from investments in introducing brokers and clearers. Importantly it enhances our future earnings and decreases our potential cash outflows and sends a clear message to our customers and prospective customers that patsystems is focused on their needs."