Global Markets Exchange Group International LLP (GMEX Group) today announced that it has taken a strategic stake, through its GMEX Technologies Limited (GMEX TECH) subsidiary, in the UK based post-trade software firm Avenir Technology Limited (Avenir).
Avenir has developed a suite of innovative and cost effective systems for post-trade processing for exchanges, clearing houses, central securities depositories (CSDs) and share registrars across multiple assets classes including securities, derivatives and physical commodities.
Avenir’s first product is a share registry platform that is currently used by firms in the UK and New Zealand. Other products include AvenirSettle, a depository solution for handling physical settlement in securities as well as warehouse receipts for commodities markets and AvenirClear, a multi-asset central counterparty clearing system. With a focus on usability and using only open source components, Avenir software is delivered via the internet to computers, tablets and smartphones.
GMEX TECH will also be the exclusive sales, distribution and delivery agent for the Avenir product set. This compliments GMEX TECH’s existing suite of products delivered to exchanges globally, which include its leading edge ForumMatch exchange trading platform, ForumDetect market surveillance system and ForumTrader workstation. All of these solutions are delivered as a managed service or locally deployed.
“This strategic investment into Avenir will add post-trade solutions to the existing GMEX Technologies product range. This enables us to deliver a complete end-to-end market infrastructure eco-system solution for exchanges, trading venues, clearing houses and depositories globally across multiple asset classes including physical commodities,” said Hirander Misra, Chief Executive Officer of GMEX Group, who has also been appointed to the Avenir Board as a Non-Executive Director.
“Through this partnership with GMEX Group, Avenir intends to challenge the status-quo through innovative thought leadership. The goal is to provide the industry with a solution that will break the mould of the legacy, expensive and difficult to maintain client/server based post-trade systems that the market currently suffers from,” said Stuart Turner, Director and Co-Founder of Avenir.