Iris specialises in Options Market Making and has 15 clients. It had a turnover of €1.3m in 2003, with margins in line with those of the GL TRADE Group. This move comes six months after the acquisition by GL TRADE of Misys’ trading businesses, notably that on SETS and SEAQ in London. GL TRADE continues its investment in the Market Making segment, taking on the challenge from a number of competitors which already have a presence in this market.
All Iris staff will join GL TRADE once the agreement is finalized. Vincent Burzynski, GL TRADE’s Product Director, noted, “This acquisition confirms our ambitions in the Market Making field. Iris’ derivatives products, which so far have been limited to the local Dutch market, will now benefit from the full range of market access and the international sales force offered by the GL TRADE Group.”
Herbert Robijn, Iris’ founder, added, “We are very pleased to have the opportunity to distribute our products worldwide, and, thanks to these new resources, to continue to enhance the functionality of our products. In doing so, we will be able to draw on GL TRADE’s new technologies such as Open GL WIN and GL GENIE.”
