OASIS is a software and services company specializing in high performance Straight Through Processing applications and has been operating in the back office area for the last 12 years. Turnover between June 2004 and June 2005 is expected to approach $4m. OASIS exclusively US based clients include some of the most prestigious financial institutions. OASIS employs 20 people.
Through this acquisition, GL TRADE will complete its global fixed-income settlement & back office solutions. The OASIS entity will directly report to Nicolas LEVY, Head of GL TRADEâs settlement and back office business line, based in London.
OASIS products, TXpress and FlashLink are state of the art high performance back office clearance and settlement systems designed to facilitate both securities and funds processing directly with the Federal Reserve Bank, in addition to securities processing with the major clearing banks, FICC and DTC among other depository institutions. TXpress, currently dedicated to Fixed Income, will be adapted to encompass US equities processing and both products will be embedded with GL TRADE Settlement & Back office solutions (GL RIMS) to provide a seamless global equities platform.
Nicolas Levy, Head of GL TRADEâs settlement & back office securities business line comments: âWe had already established a commercial partnership with OASIS to respond to RFPâs and specific client initiatives together which had already achieved a common client deal. We foresee a need for global settlement and stock record infrastructure: Firmly established in the UK, Europe and Asia, GL RIMS now leaps toward becoming the global system our clients are expecting. I am confident that this alliance will allow us to take our business further.â
Michael Caggiano, Head of OASIS, says: Â«GL RIMS is well known as a powerful equities and fixed income platform. This deal will enable us to upgrade our offer to cover US equities, something we have already been preparing for in recent months. Being part of a global international infrastructure and being backed with the support of the GL TRADE group makes our future extremely excitingâ.