GL TRADE, global provider of multi-market and multi-asset solutions for international financial institutions, is pleased to announce the signing of a partnership agreement with the Tokyo Financial Exchange (TFX).
This partnership will allow the delivery of a complete, robust application service provider (ASP) platform enabling TFX remote members to execute orders on Japan's largest financial futures exchange.
TFX saw the volume for its main product, Euroyen Three Month Futures, grow by 23.7% between 2006 and 2007. In September 2007, TFX transformed from a financial futures exchange into a more comprehensive exchange that can handle various financial products.
In January 2008, TFX announced its intention to introduce a Remote Membership program. TFX is the first Japanese exchange to implement such a program. TFX has selected GL TRADE and GL NET as its first platform for Remote Membership. The decision was based on the commitment that GL TRADE has demonstrated in Japan and the firm's proven capabilities to attract business to TFX. GL TRADE's ASP platform will provide TFX with a combined execution and low-latency data feed service.
Through GL NET, its low latency market data and order routing network, GL TRADE currently provides connectivity to more than 140 equities, derivatives, commodities, fixed income and FX markets, with ASP connectivity already providing access to 60 exchanges worldwide for more than 150 institutions.
President and CEO Jiro Saito at Tokyo Financial Exchange, declares: "The track record of GL TRADE as a successful ISV gives us confidence in this relationship. We expect not only technical excellence but strong business assistance. We fully believe the new remote membership program combined with this platform will bring a new dimension to our exchange."
Michael Ross, Business Development Director for GL TRADE Japan comments: "We have developed a strong relationship with TFX over the past eight years, not only in the market connectivity, but also connectivity to their clearing system. We are delighted that our commitment to our relationship and GL TRADE's longstanding leading presence in the Japanese market has led TFX to choose GL TRADE andd GL NET as the vehicle for their new remote membership system."
Philippe Carré, Global Head of GL TRADE's Client Connectivity business line, comments: "We are proud to participate in the development of the Tokyo Financial Exchange. This agreement is a perfect example of GL TRADE's focus on enabling the members of the financial community to connect to new pools of liquidity and expand their trading opportunities."