Newedge Expands Brokerage Processing with GL Trade's Instant Brokerage

It seems everyone these days knows a little something about financial markets. The pages of daily newspapers are so stuffed with reports about the economy, banking practices, and financial reporting regulations, that it seems the sports pages are shrinking daily.

 

In an effort to stay on top of today's market conditions, market participants are streamlining their organizations, looking for maximum operational efficiency to avoid being just another news story. That is why accurate and flexible invoicing is important, but powerful aged debtor and payments tracking features are even more demanded.

 

Paris-based GL TRADE, a global provider of multi-market and multi-asset solutions for international financial institutions, has closed at a deal with Newedge Group with those aims in mind.  

 

Newedge Group, a multi-asset brokerage firm, first implemented the GL Instant Brokerage solution in fr the U.K. operations business, and has now expanded it globally to cover its brokerage operations in Paris, New York and Hong Kong.

 

“In this context, Newedge's decision to significantly expand the reach of our GL Instant Brokerage business component within their organization is a strong indication of the value and efficiency that it delivers,” said Laurent Jacquemin, head of post trade derivatives business line at GL TRADE.

 

The GL Instant Brokerage allows Newedge to manage and automate the listed derivatives' brokerage process and will provide Newedge with comprehensive and customizable invoicing features, aged debtor tracking functions and is interfaced with GAINS/GPS (system of invoicing centralization of give ins and give ups on the U.S. financial markets).

 

"Newedge's execution business is growing and we needed a solution to handle our invoicing and payment recovery processes that could offer specific powerful features while being fully integrated with our books and records allowing a higher degree of STP,” said Alan Dee, chief financial officer for Newedge Europe Middle-East.

 

In addition, in order to facilitate static data maintenance, GL Instant Brokerage is fully integrated with Newedge's global back-office solution.

 

Newedge has decided to deploy the solution worldwide using GL TRADE's hosting services, eliminating any technical barriers as all hardware and software will be deployed across a facilities managed solution.

 

GL Instant Brokerage is a dedicated solution aimed at futures and options firms offering brokerage services, execution and/or clearing. GL Instant Brokerage offers a complete solution including capturing trades, managing brokerage fees and commissions, generating invoices and issuing accounting entries.