Source: GL Trade
Cube Financial, the London-based execution broker, is to switch its clearing and settlement system to GL TRADE's Ubix solution as business continues to boom.
The move was driven by Cube's three-fold growth in business, in as many years, which was putting significant strain on its legacy system and limiting further growth.
Ubix will replace Cube's ageing settlement and invoicing system, and a corporate FX system later this quarter. The new Ubix system from GL TRADE will allow Cube to reconcile its trades against exchanges and provide customers with emailed statements.
"Our old system was falling apart, and we didn't feel we had the support of the supplier," commented Gregor Schnuppe, Financial Controller at Cube. "We purchased the software and in the three years I have been here there wasn't a single upgrade or improvement. For any new products we were paying through the nose, even for minor upgrades and this for a system that would regularly hang - clearly we couldn't continue with them."
"Ubitrade, as GL TRADE's Ubix Group was known then, was really the only supplier who really listened to us and were able to provide a clear working solution - at an affordable price. We asked three suppliers to tender for the business and gave each a sample database and static data to test. Ubitrade was the only one to demonstrate a viable solution with the data provided," added Schnuppe.
"Cube is a classic case of listening to a customer's needs, and taking time to understand their business, then provide the right technology and applications for the job," commented Andrew Hobbs, Business Development Director at GL TRADE's Ubix Group. "We are extremely pleased to have been able to provide a solution that enables Cube to introduce its desired next level of scaleable platform, with other tangible business benefits."