Global Banking and Securities Transactions (GBST) will launch into the Asian market following a deal to provide GBST Sharesä, its securities transaction system, to leading international broker, ITG.
ITG has selected Shares as the back office settlement system for their new Hong Kong operation, due to commence in early 2002.
GBST Executive Chairman John Puttick said securing ITG’s business in Hong Kong was the next step for the Australian company into the international market.
"GBST has been extremely successful in the Australian market since it launched Shares eight years ago, with nearly half of the Australian stockbroking community currently using our products," he said.
"However, our move into Hong Kong with ITG signals the start of an exciting new phase for the company and its products.
"ITG’s belief that our product is best for their business is a testament to GBST’s achievements over recent years to make our products truly global.
"We value the chance to work with global parties like ITG which expose GBST to global coverage opportunities."
ITG Australia Chief Operating Officer Alasdair Thompson said the company had carefully considered all the options before selecting Shares to service its new Hong Kong operation.
"We looked at various products, including some already deployed in the Hong Kong market, however we feel confident with GBST and comfortable with Shares and the benefits its brings to ITG," he said.
Mr Puttick said the deal was consistent with the company’s long-term strategic goal to enter the Asian market and resulted from a dedicated effort to secure Asian market engagement for GBST products.
"We have been analysing and researching a number of Asian markets over recent years with an eye to market entry and expansion," he said.
"In the case of Hong Kong, we have undertaken extensive work on Shares to ensure it was able to support Chinese language, and cope with increased trading volumes and other characteristics unique to the market.
"This demonstrates the seriousness with which we treat opportunities for international expansion."
In addition to the market-specific modifications to Shares, GBST has enhanced its other products, including GBST Advisor, its front office order entry and portfolio tool, and GBST Online, its internet trading engine, in readiness for their introduction to Asian markets.
GBST is a leading provider of transaction technology to the financial services industry and the supplier of first choice to many of Australia’s leading stockbrokers, institutions and banks.
GBST Holdings and Shares
GBST (Global Banking and Securities Transactions) is a leading provider of transaction technology to the financial services industry, and the supplier of first choice to many of the world's leading stockbrokers, institutions and banks
Its equities processing system GBST Shares™, is used by half of all stockbrokers in Australia and New Zealand. It processes and settles around $AUD 1.2 billion on the Australian Stock Exchange every day.
A proven provider of robust and innovative solutions for capital market participants, GBST was first to provide cross border trading, online trading and third party clearing systems in the Australian region. Its cross border trading system, Shares Global™ enables the ASX World Link Service in Australia. This allows Australian investors to trade-listed securities on NASDAQ and the Singapore Stock Exchange through their local broker.
ITG is headquartered in New York with offices in Boston, Los Angeles, Dublin, London Melbourne, Sydney, Tel Aviv, Toronto and Hong Kong.
As a leading provider of technology-based equity-trading services and transaction research to institutional investors and brokers, ITG services help clients to access liquidity, execute trades more efficiently, and make better trading decisions.
ITG generates superior trading results for its clients through three lines of business. POSIT, the world’s largest equity matching system, allows clients to trade confidentially. The Electronic Trading Desk is recognised as one of the leafing program trading operations in the US. ITG’s leafing-edge client site products allow users to implement their own trading strategies by providing direct electronic access to most sources of market liquidity.