Repo trading platform GLMX Technologies has completed its integration with LCH SA to support classic and sponsored clearing for the benefit of mutual clients in Europe.
Founded in 2010, GLMX facilitates dealer to buy-side securities finance trading with over $1.7 trillion in daily balances.
The firm has a network consisting of over 115 global clients as well as more than 20 third part OMS/EMS and industry utility, including Triparty agent and central clearing counterparty connections.
“Central clearing reduces capital costs, mitigates credit risk and generates liquidity, which are essential characteristics for securities finance participants. The importance of central clearing will continue to grow in light of the current global regulatory landscape,” said Glenn Havlicek, chief executive of GLMX.
“Our connection to LCH SA’s powerful central clearing capability is an important step as GLMX establishes itself as the nexus of deep liquidity pools for our rapidly growing European buy- and sell-side network.”
Earlier this year, Euronext entered into a definitive agreement to sell its 11% stake in LCH SA back to LCH Group for €111 million. The move contributed towards Euronext’s ongoing migration of its clearing business back into the Bloc and onto its own clearing house, Euronext Clearing.
Elsewhere, LCH SA entered into a strategic partnership with Institutional-grade digital assets trading venue GFO-X to launch the UK’s first centrally cleared trading venue for derivatives in this space.
“We are pleased to establish a partnership with GLMX Technologies as we look to support mutual members’ and clients’ access to both classic and sponsored clearing,” said Olivier Nin, head of RepoClear and Calm Risk.
“Through this integration, buy-side members can enjoy the benefits and gain greater access to the world’s largest Euro liquidity pool whilst banks can leverage enhanced netting opportunities, operational efficiencies, and alleviate balance sheet pressures.”