GL Acquires Misys Securities Trading Systems

Financial News, November 4, 2003 | Go to article overview

GL Acquires Misys Securities Trading Systems


Byline: Frances Maguire

GL Trade, the French trading software provider, has closed a deal to acquire the equities trading solutions and operations of UK company Misys.GL has taken a 100% stake in three Misys subsidiaries: Misys Securities Trading Systems UK, Misys Securities Trading Systems Hong Kong and Misys Securities Trading Systems Japan. The businesses employed 128 staff, 95 of which were based in London, which move to GL, increasing GL's headcount to around 1,000 staff worldwide. There will be no redundancies.

Pierre Gatignol, chief executive officer of GL Trade, says: 'This acquisition will increase our market share and strengthen our global leadership position in electronic trading solutions.'

The deal enriches GL Trade's positioning in global trading solutions in Asia and Europe, bringing 60 new customers, products and new functionality such as basket trading and market making. Through this acquisition, GL Trade enters the back office solutions market ( the settlement and delivery of international securities).

Giles Newman, sales and marketing director, says: 'This is a complementary fit with what GL has. It brings the market making software for the London Stock Exchange market, but more significantly, the securities settlement engine, which when integrated with GL's trading software, will provide full straight through processing, from pre-trade to settlement. …

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