Societ Interbancaria per l’Automazione (SIA) – the Italian software and technology firm behind the MTS bond trading platforms and the EBA payments systems in Europe -has formed a joint venture with GL TRADE, a provider of electronic trading and clearing solutions. The joint venture, called GLESIA, will “commercialise” GL TRADE and SIA products in the Italian market.
The company, which will be operational this month, is 51% owned by GL TRADE, and 49% by SIA CED BORSA SPA. The new company will have 35 qualified and specialized staff, including 18 from GL TRADE Italy and 17 from SIA. The company expects to turn over Euros 20 million this year.
In particular, GLESIA aims to provide a global STP solution covering the entire process of electronic trading, including local and worldwide order routing, market connectivity, order management, trading, confirmation and clearing for Italian and 95 other cash and derivatives Markets worldwide. GLESIA will rely on the experience of SIA to offer all of these services on an ASP (Service Mode) basis.
“Over the past 2 years, financial institutions have focused on cost saving and the reduction of IT investments leading to the outsourcing of services,” says Pierre Gatignol, CEO of GL TRADE Group. “Customers’ needs are clearly evolving towards global solutions that integrate the entire process of trading – front, middle and back office). This joint venture between GL TRADE and SIA will perfectly suit what the market is asking for in Italy.”
“We have decided to profit from the combination of GL TRADE and SIA’s know-how and to offer our Italian customers complete technological solutions covering all the financial markets worldwide”, adds Renzo Vanetti, CEO of SIA. “GLESIA is the logical step in an ongoing partnership that has been in existence for many years and to the constant evolution of trading solutions”.