Expected to go live on 7 March, Gibraltar-based FuturesBetting.com is forecasting up to five million trades a year through its online service, offering extremely tight spreads and tax-free gains.
FuturesBetting.com chose GL TRADE’s Ubix Bureau service because of its extremely low start-up costs and the ultimate scalability of the solution. The service will give FuturesBetting.com access into the four key futures markets – LIFFE, Eurex, CME and CBOT.
"Choosing the Ubix Bureau service has reduced our start-up capital requirements, yet gives us the very latest clearing and settlement solution based on the proven functionality of Ubix,” said Steve Cook, Operations Director of FuturesBetting.com "We have been very demanding of Ubix and are extremely pleased to be working with them toward our 7 March launch."
"Having only launched our Ubix bureau service in January, we are pleased to be announcing our first customer already," said Andrew Hobbs, Business Development Director for Ubix. "For an innovative, online operation such as FuturesBetting.com an online clearing and settlement system was the obvious choice."
In addition to a low start-up cost, GL TRADE’s Ubix Group has agreed a price-per-deal fee structure with FuturesBetting.com. GL TRADE’s Ubix group will provide day-to-day management of the FuturesBetting.com clearing and settlement system, hosted at the Easynet data centre, in London.
The bureau service is based on the innovative Ubix system, which does away with traditional, end-of-day processing to provide a highly flexible and responsive service that is available 24/7. Ubix offers a unique, by market, end-of-trading process that runs as each market closes, without the need to take the system down.
