GL TRADE, a trading solutions provider, has announced that UK investment bank NUMIS Securities is using its GL RIMS middle and back-office solution to connect to the clearing providers of the Chi-X and Turquoise, two pan-European multilateral trading facilities (MTFs).
The GL RIMS netting function will handle the new clearing services and netting models of EMCF, which clears for Chi-X, and EuroCCP, which clears for Turquoise.
NUMIS started using GL RIMS two years ago to manage its clearing and settlement business on CREST, the UK’s central securities depository, now known as Euroclear UK & Ireland. Earlier this year, NUMIS started looking for a netting solution to reduce the cost of processing of its London Clearing House (LCH)-cleared business in CREST. The firm also wanted access to Chi-X and Turquoise, which meant handling the new clearing services and netting models of EMCF and EuroCCP.
“We selected GL RIMS in 2006 not only for the robustness of the system but also because of its flexibility,” said Simon Bailey, IT director for NUMIS Securities, in a statement. “This has enabled NUMIS to expand its trading capabilities and business volumes, and enabled the firm to adopt new trading and settlement regimes, particularly the new MTFs, with relative ease over short timeframes.”