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GL TRADE announces the acquisition of EMOS SYSTEMS to reinforce its positioning on derivatives instruments

Paris, June 20th 2006

GL TRADE, the global provider of front to back solutions for international financial institutions, has announced the acquisition of EMOS, a key actor in middle office derivatives solutions. EMOS’ solutions and teams integrate the Post Trade Derivatives business line (PTD) managing GL CLEARVISION and UBIX.

An accretive acquisition

French company EMOS has experienced regular growth since being launched in 1998. The company currently reports turnover of over €2M. EMOS has fifteen clients, of which 1/3 are international corporate accounts and 2/3 Tier 2. EMOS employs fifteen staff, based mainly in Paris and London, and also has local presences in New York, Singapore and Sydney.

Effective on July 3rd 2006, GL TRADE is completing a 100% buyout of EMOS, which was up to now majority-owned by its founding directors, David Duval and Frederic Darbel, and ALVEN, an investment fund.

The Middle Office derivatives product of the future

Given the constant growth in volumes on derivatives markets over the last few years, EMOS's products will reinforce GL CLEARVISION's leadership, GL TRADE's middle office derivatives module.

David Duval will take over global responsibility for the development and strategy of Middle Office products. His main mission will be to offer a common product combining the best of both existing solutions and to work closely with the UBIX development teams to create synergies among middle and back office solutions.

Since the acquisition of Ubitrade in December 2004, GL TRADE is the only ISV to provide a fully integrated Front to Back office solution on derivatives markets.

“Our two companies know each other well,” says Frederic Darbel, EMOS’ Sales Director, who joins the PTD London team. “This operation allows us to integrate one of the first ISVs in the financial community to combine human and technological forces to offer a leading product.”

“We are continuing to play a major role in our sector’s consolidation to offer our clients higher performance solutions in accordance with market trends," adds Pierre Gatignol, CEO of GL TRADE. “This acquisition reinforces our Post Trade for Derivatives business line, for which we have great ambitions.”