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GL Trade Buys FNX

GL Trade, a provider of front to back office trading systems and market data, has moved to strengthen its position in the US by acquiring FNX Solutions, which specialises in the management and processing of OTC products for capital markets and hedge funds and is mainly based in the US and Japan. The deal, terms of which were not disclosed, is expected to close next month.

GL says the acquisition of FNX will significantly enhance Tradix, its capital markets offering.

Farid Naib, CEO and founder of FNX, has been appointed global head of the capital markets front to back business line. “FNX Solutions’ products are used by more than 40 clients,” he says. “Joining GL Trade will enable us to draw on the business network of one of the leading independent software vendors, with an excellent presence in continental Europe where FNX Solutions has not made deep inroads. FNX Solutions will benefit from GL Trade’s international coverage, size and reputation, which will allow us access to more ambitious client projects.”

GL Trade, which is headquartered in Paris and has offices across Europe, says the deal forms part of its strategy to speed up the development of its multi-instrument positioning and reinforces its establishment within the capital markets, as well as for hedge funds and buy side users in general.

The combined business will generate a turnover of about EUR 20 million in 2007, which will represent about 10% of the turnover of the GL Trade group.

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