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Patsystems to dispose of Global Dealing Direct stake

19 July 2002  |  3430 views  |  0 Patsystems to dispose of Global Dealing Direct stake

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."
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