GL TRADE, global provider of electronic trading, clearing and settlement solutions, is to provide service bureau connectivity to the International Petroleum Exchange (IPE).
The news comes on the heels of IPE’s announced that it will be closing its futures and options pits on April 7 to become a fully electronic market place.
GL TRADE is able to offer brokers a low cost entry opportunity to trade directly on the IPE through the Internet or via the GL NET, the dedicated order routing network operated by GL TRADE. GL TRADE will also provide its clients with IPE market data.
This extended service offering means that GL TRADE hosts and maintains all trading and market data feed hardware and software, allowing brokers to benefit from a rapid deployment, involving minimum financial or technical investment. Dedicated GL TRADE support teams provide updates and software releases when necessary. Brokers using the service bureau solution can download the trading application software directly onto their desktop and trade immediately.
Philippe Carr, Head of Global Client Services for GL TRADE observed, ‘This development is part of our overall strategy to offer efficient, cost-effective solutions that suit companies requiring scaleable and flexible systems. The availability of such market access solutions also allows us to meet their need at every stage in their growth. A fully electronic IPE should translate into increased volumes, on an important level; our clients could in the future expand globally accordingly to order flow increase and demands.’