Evolution Securities, one of the leading and most active investment banks in the UK, has been using GL RIMS for over a year to support market making, agency business for UK, international equities and fixed income securities. GL TRADE middle and back office solution offers multi-company and multi-currency features that enables Evolution Securities to separate its UK, Asia and US operations as well as to automate them.
Evolution Securities wanted to access the new MTFs, Chi-X and Turquoise in order to provide the best possible execution service to their customer base. Trading on the MTFs meant handling the new clearing services and netting models of European Multilateral Clearing Facility (EMCF) and EuroCCP. GL RIMS allows clearing and settling of trades executed on Chi-X and Turquoise. This enables Evolution Securities to take advantage of liquidity opportunities for itself and its customers whilst controlling post-trade processing costs through netting and high levels of automation.
Tim Valmas, Chief Operating Officer at Evolution Securities said: âGL RIMS enables us to move away from the traditional vertical model for trading, clearing and settlement. We have implemented a solution for Chi-X and Turquoise which will also allow us to implement other trading venues and central counterparties as the need arises.â
Alex Walker, Global Head of GL TRADEâs post-trade for securities business line commented: âEvolution Securities has been an exciting client for GL RIMS as they always strive to be at the forefront of best practise in settlement and risk management. The settlement landscape in Europe is undergoing huge changes. Market participants will need flexible systems capable of handling the multiple venues and central counterparties if they are to control costs and manage operational risk.â