GL Trade, a provider of financial software services, has announced that UK-based investment bank Evolution Securities is now live on two European multilateral trading facilities, Chi-X and Turquoise, using GL RIMS middle and back office system for all its post-trade processing.
Evolution Securities has been using GL RIMS for over 12 months to support market making, agency business for UK, international equities and fixed income securities. GL Trade middle and back office system offers multi-company and multi-currency features that enable Evolution Securities to separate its UK, Asia and US operations as well as to automate them, said GL Trade.
GL RIMS allows clearing and settling of trades executed on Chi-X and Turquoise. This enables Evolution Securities to take advantage of liquidity opportunities for itself and its customers while controlling post-trade processing costs through netting and high levels of automation, added GL Trade.
Tim Valmas, COO of Evolution Securities, said: GL RIMS enables us to move away from the traditional vertical model for trading, clearing and settlement. We have implemented a solution for Chi-X and Turquoise which will also allow us to implement other trading venues and central counterparties as the need arises.