Evolution Securities is now live on two European multilateral trading facilities (MTFs), Chi-X and Turquoise using GL RIMS middle and back office technology for all its post trade processing.
Evolution Securities, one of the active investment banks in the UK, has been using GL RIMS for over a year to support market making, agency business for UK, international equities and fixed income securities. GL TRADE middle and back office software offers multi-company and multi-currency features that enables Evolution Securities to separate its UK, Asia and US operations as well as to automate them.
Evolution Securities wanted to access the new MTFs, Chi-X and Turquoise in order to provide the better execution service to their customer base. Trading on the MTFs meant handling the new clearing services and netting models of European Multilateral Clearing Facility (EMCF) and EuroCCP. 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 whilst controlling post-trade processing costs through netting and high levels of automation.
GL RIMS enables us to move away from the traditional vertical model for trading, clearing and settlement, says Tim Valmas, chief operating officer at Evolution Securities. 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.
Evolution Securities has been an exciting client for GL RIMS as they always strive to be at the forefront of best practise in settlement and risk management, says Alex Walker, global head of GL TRADEs post-trade for securities business line. The settlement landscape in Europe is undergoing huge changes. Market participants will need flexible systems capable of handling the multiple venues and central counterparties if they are to control costs and manage operational risk.
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