NUMIS to clear and settle trades on Chi-X and Turquoise thanks to GL RIMS

25 September 2008

GL TRADE, global provider of multi-asset and multi-market solutions for financial institutions, today announced that NUMIS Securities is now live on the Chi-X and Turquoise markets using the GL RIMS middle and back office solution for all the post trade processing. NUMIS Securities is a leading independent investment banking and broking group focusing on high quality London-quoted mid and small cap companies.

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: “We 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 MTF’s 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.”

Alex Walker, Global Head of GL TRADE’s post-trade for securities business line commented: “We 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 effectively”

*Crest, now called Euroclear UK & Ireland, provides clearing and settlement facilities on corporate and government securities as well as on money market instruments.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development