Broker JB Drax Honoré chooses GL TRADE’s UBIX brokerage and billing system to process their derivatives activity on line

UBIX will be used in addition to GL CLEARVISION, the automated matching and clearing system for cash and derivatives, which JB Drax Honoré has been using since their creation.

GL TRADE, global provider of electronic trading, clearing and settlement solutions, today announces that French broker JB Drax Honoré has chosen the UBIX Brokerage System to manage their complex and growing trading activity. UBIX Brokerage System is a module of UBIX, dedicated to brokerage business and includes specific functionality (such as billing process management, brokerage fees calculation for clients and counterparties, …).

The solution will be based on the UBIX service bureau in the UK.

JB Drax Honoré will use the service to manage their activity as General Clearing Member on the Euronext, Eurex and Liffe exchanges plus the CME and CBoT markets in the US. In addition to the comprehensive functionality of the module, JB Drax Honoré will allow their customers to access web based reports and enquiries using Ubix Net@ccess.

Benn Shepherd, JB Drax Honoré’s CEO, comments: "Our Company is experiencing rapid growth and it was necessary that we had a reliable and highly scalable solution to increase processing automation in our derivatives brokerage activity. The UBIX Brokerage module appeared to be the perfect match to our needs.

Utilising the interface between UBIX and GL CLEARVISION, GL TRADE’s middle office matching and dynamic reconciliation utility, we have a fully integrated management system, which offers highly scalable STP rates. Thanks to the system’s quick time-to-market and the support provided by GL TRADE’s experienced staff, we could switch from a hand-billing process to a fully automated billing system within a short period of time."

Andrew Hobbs, Head of UBIX Sales and Marketing, adds: "In this solution, our Brokerage module has delivered the required combination of leading edge functionality and advanced modern technology, and at a cost that is reasonable and suited to our customer’s business profile. Also, it is very encouraging to see our first new mainland European customer choose the Service Bureau method of delivery for one of our component solutions."

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