MORRISON SECURITIES clears and settles all its Australian derivatives operations thanks to GL TRADE’s back-office system

10 November 2008

GL TRADE, a global provider of multi-market and multi-asset solutions for international financial institutions, has successfully implemented with the Australian Stock Exchange (ASX) Derivatives market its back-office solution, GL UBIX, for Morrison Securities. This extension will allow the Sydney-based brokerage house to manage all its Australian derivatives operations using one single system.

GL TRADE has enhanced its GL UBIX back-office system to fully cover Australian Derivatives markets. It now offers full processing capabilities for clearing members of the ASX and Sydney Futures Exchange (SFE) including ASX equity options, ASX CFDs and SFE futures and options. This allows GL UBIX customers to utilize one single platform to deal with Australian derivatives and to offer one single consolidated statement to their customers.

Morrison Securities Pty Limited is a broker participant of the ASX and SFE, offering exceptional client service from execution through to efficient back-office processing and value-added services such as web distributed client reporting. Morrison Securities also provides general financial product advice by distributing research reports to wholesale clients.

Ashish Makharia, Director for Morrison Securities, commented: “We had been using a local solution to clear our ASX equity options and felt our business had got to the point where it had outgrown the capabilities of both the system and appropriate level of service and support. The expansion of GL UBIX to ASXD was necessitated because of our requirements for client and internal reporting, single statement for multi-markets, on-line report storage and scalability. Working with GL TRADE, we greatly appreciated the opportunity to deal with a single company for all of our derivatives clearing, with all the commercial benefits that a single company solution offers.”

Franck Peltier, CEO Asia Pacific of GL TRADE, added: “We are extremely pleased that Morrison Securities has chosen GL UBIX back-office management solution to help them in their daily business. GL TRADE is a major industry reference for the entire range of derivative products as demonstrated by its revenue, markets coverage, R&D resources, support centres and number of clients worldwide. GL TRADE is the only service provider, with 45 staff located in Sydney, able to offer a production proven solution processing all Australian listed derivative products and OTC CFD’s.”

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