The Tokyo Financial Exchange (TFX) has struck a deal with software vendor GL TRADE to provide remote clients with an application service provider (ASP) platform for order execution.
TFX announced its intention to introduce remote membership in January and will use GL NET as its first platform. This will allow overseas TFX clients to access the exchange directly.
GL NET, a low latency market data and order routing network, is currently connected to 140 markets across asset classes with ASP connectivity to 60 exchanges worldwide for over 150 institutions.
TFX is a financial futures exchange focusing on three-month Euroyen futures and options. Since December 2007, the exchange introduced over-night call rate futures and spot-next repo rate futures.
“We have developed a strong relationship with TFX over the past eight years, not only in market connectivity, but also connectivity to their clearing system,” said Michael Ross, business development director for GL TRADE Japan, in statement.
“The track record of GL TRADE as a successful independent software vendor gives us confidence in this relationship,” added TFX president and CEO Jiro Saito. “We expect not only technical excellence but also strong business assistance. We fully believe the new remote membership program combined with this platform will bring a new dimension to our exchange.”