SunGard has announced the formation of its global trading business. This follows the completion of the acquisition of GL Trade and is the culmination of several months of integration initiatives between SunGard and GL Trade. SunGard's global trading business will deliver a number of consolidated offerings across equity trading, market data, exchange traded derivatives and trading and risk management.
The new business is headed by Yassine Brahim, formerly chief executive officer of GL Trade. It is part of SunGard's financial systems business, reporting to Harold Finders, division chief executive officer. Pierre Gatignol, co-founder of GL Trade, has been appointed strategy officer for SunGard's financial systems business.
SunGard's global trading business provides multi-asset, front-to-back trading solutions for equities, fixed income, derivatives, FX and commodities. The solutions it offers include: GL Net, one of the world's largest networks for electronic trading and market data; MarketMap, a market data, news and analysis service; and GL Clearvision, a leading platform for clearing and allocation processes. Existing SunGard solutions such as Brass, GMI and the SunGard Transaction Network will also be integrated with parts of the global trading solution suite. This integration will result in a number of new customer offerings that will be launched throughout 2009.
Harold Finders, division chief executive officer for SunGard's financial systems business, commented: "The acquisition of GL Trade and the formation of our global trading business is good news for SunGard's customers. Yassine and his team bring to SunGard a strong solution suite, complementary geographical reach and a wealth of experienced people. This new organization will help extend SunGard's leading position as a provider of global trading network and connectivity solutions for buy- and sell-side firms."