GL Trade, global provider of multi-market and multi-asset solutions for international financial institutions, announces that the first clients on its new application service provider (ASP) service to the Australian Securities Exchange (ASX) have now gone live.
ASX members and their clients can now leverage the connectivity to this new ASP offering. Connectivity in ASP, a hosted exchange trading service offered by GL TRADE, covers access to the equities, options on equity, CFDs* and commodity futures markets of ASX.
The major benefits of rolling out an ASP service include reduced costs, outsourcing of implementation and reliability of a platform monitored 24/24 by GL TRADE technical experts. In the ASP model, GL TRADE fully manages the technology, allowing the users to focus on their activities without distraction. The ASP platform allows Australian and international investors to trade on ASX.
Created through the merger of the Australian Stock Exchange and the Sydney Futures Exchange the ASX Group operates under the brand Australian Securities Exchange. As a multi-asset class vertically integrated exchange group, the ASX offers a broad array of products and services. ASX operates two trading, clearing and settlement platforms, one for equity and related equity derivative products traded on an integrated trading platform; and one for a suite of interest rate, equity index and commodity futures (and options on futures) products as well as CFDs. Accordingly, the ASX Group offers two distinct levels of participation based on these two trading platforms. 2,233 companies are listed on the ASX.
"The addition of GL TRADE to the vendors distributing ASX Cash Equities is an exciting development," said Jeremy Johnston, General Manager of International Sales at ASX. "GL TRADE has a long a proven track record with ASX in the derivatives space and the merger of ASX Futures and Cash products on the one platform will provide opportunities for traders and increased scope for distribution by ASX Participants."
Philippe Carré, Global Head of Client Connectivity at GL TRADE, commented: "We are extremely honoured by our clients' confidence. Our global expertise on fully hosted market connectivity offering help reinforce and expand our presence within Asia Pacific. There is great appetite now for such turnkey solutions to improve competitiveness, because of narrowing margins and ever-more sophisticated users," adding that, "The strong demand for ASP services overall and especially on market connectivity is also a catalyst for launching new services. Asia Pacific is a region where we are seeing growing changes and our ASP connectivity services should allow us to benefit from changes in the marketplace."
* CFDs: Contracts for difference