NUMIS has now been using GL RIMS for over two years, to manage their clearing and settlement business on CREST. Earlier this year NUMIS were looking for a netting solution to reduce the cost of processing of their LCH cleared business in CREST*. They also wanted access to 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 EMCF and EuroCCP.
In GL RIMS' netting function, NUMIS found a solution to both these challenges. Transaction processing costs have been reduced while the front office has been able to enhance its offering to the market.
Simon Bailey, IT Director for NUMIS Securities said: âWe selected GL RIMS in 2006 not only for the robustness of the system but also because of its flexibility, which has enabled Numis to expand its trading capabilities and business volumes, and enable the firm to adopt new trading and settlement regimes, particularly the new MTFâs with relative ease over short timeframes. Since choosing GL RIMs we have built a great working relationship with the GL RIMS team and been able to move the platform forward to achieve a very high level of automation and meet all the needs of a growing business.â
Alex Walker, Global Head of GL TRADEâs post-trade for securities business line commented: âWe are delighted to have built a strong relationship with NUMIS over the past years. The new regulatory environment in Europe has presented market participants with a wealth of opportunities. It is important that organisations have Back Office Systems which can support business growth and innovation if they are to continue to compete effectivelyâ
*Crest, now called Euroclear UK & Ireland, provides clearing and settlement facilities on corporate and government securities as well as on money market instruments.