On a like-for-like basis and at constant exchange rates, turnover was 2.6% higher than in the same period in 2006.
Turnover from Front Office solutions, the group's traditional core business, was up by more than 8% in the first quarter of 2007 compared to the same period in 2006. This figure included €2.4m from OBMS (Nyfix Overseas), acquired in September 2006, which has significantly strengthened the group's presence in derivative products in the London market.
GL TRADE is working actively to develop synergies with this product offering and to integrate it with other GL TRADE systems. Successes for this product line during the first quarter, and in particular for the Order Management System (OMS) offering, included a major contract with the Singapore Exchange and its members (for 5 years, starting in the fourth quarter), and the Best Sell Side OMS Award at the recent Tradetech exhibition in Paris.
The group's integrated Post Trade Derivatives solution was adopted by several major clients. This product line, which was enhanced by the addition of EMOS tools in 2006, saw turnover grow by more than 10% in the first quarter of 2007. The Post Trade Securities business line reported growth of 4.2% for the quarter. Having enjoyed strong growth in 2006, Tradix, the dedicated range of OTC and cash management tools, saw a slight dip in turnover compared to the first quarter of 2006.