GL TRADE, a provider of integrated multi-market and multi-asset applications for financial institutions, has signed an agreement with the Warsaw Stock Exchange (WSE).
This agreement will allow GL TRADEs clients to trade on the WSE thanks to the GL CONNECT ASP (Application Service Provider) service, through which GL TRADE hosts exchange connectivity on behalf of its clients. GL TRADE will also be opening a GL NET Hub in Warsaw, the first one in Central Europe – the 17th in Europe and 30th worldwide.
GL TRADE enables clients to benefit from high performance gateways and ultra low latency market data on Polish and international markets. The groups DMA Execution Services offering will allow Polish and Central European institutions to get access to almost 100 financial markets worldwide – Equities, Commodities, Derivatives, Fixed Income and Forex – via GL NET, the proprietary international market data and order routing network it owns and operates.
The WSE gateway was one of the first developed by GL TRADE for Central European Exchanges; extending the Pan-European ASP platform to include access to Polish financial markets reaffirms the long-standing partnership of GL TRADE with the WSE and its leadership in the region. By adding ASP connectivity to the WSE GL TRADE also continues enhancing its Central European exchange connectivity, with access to Budapest, Prague and Vienna live and Bucharest planned for delivery later in 2008.
The WSE is a fast-moving exchange, and one of the most dynamic IPO markets in Europe. In 2007 – with 81 new entrants onto the WSE Main List – it ranked second among the European exchanges. Today there are over 350 companies on the WSE Main List, including 24 foreign corporations; WSE annual equity turnover value exceeded PLN 482 billion in 2007, while its derivatives turnover totalled 9.9 million contracts. The WSE has 45 members, including 19 foreign members.
“We are proud to participate in the development of the Warsaw Stock Exchanges international activities. Since its creation GL TRADE has focused on enabling the members of its community to connect to new exchanges. The opening of the first GL NET hub in CEE countries is a good example of our commitment to the financial community, to continue expanding their trading opportunities,” says Philippe Carr, global head of the Client Connectivity business line at GL TRADE.
“We are glad that Warsaw will host the very first GL NET Hub in CEE countries. This serves recognition of our market and its potential to become a truly international financial centre in the region. This solution offers our clients the additional possibility of optimising their trading activities in Warsaw. Today the WSE has 19 foreign remote members – now we look forward to welcoming new members and new investors,” adds Izabela Olszewska, director of Business Network Development Department, WSE .