The JSE and GL TRADE are pleased to announce that they have signed an agreement whereby GL TRADE will provide the JSE with its professional trading front-end GL WIN for use on the JSE and the Namibian Stock Exchange. The JSE will have the exclusive marketing and license distribution rights in South Africa and Namibia for the GL WIN, SLC, SLE, Selector, ARWIN and View Only suite of GL products. The products will be implemented when the JSE implements its new trading system in May next year.
Initial revenue for GL TRADE for the five-year period is expected to be US$762 500 and possible additional annual revenues of US$850 000 depending on the take-up in South Africa.GL TRADE will also in terms of the agreement set up a local office to ensure support to the local markets.
GL TRADE's Executive VP Marketing and Communication, Nicholas Levy says: "GL TRADE is committed to the JSE and will as part of the agreement open an office in South Africa in the next 3 months. This agreement reinforces GL TRADE's worldwide presence and we are planning to extend the GL Network, GL NET and other GL TRADE products into South Africa. We are proud of entering into an agreement with the largest African exchange and are highly motivated to ensuring our partnership is successful".
JSE's Director: Strategy, Leanne Parsons says: "This deal will provide the JSE and NSX markets with world-class technology that has been proven on many markets, at a competitive price. Initially the JSE will offer the solution to a wide range of customers trading equities, but it can be extended and integrated to meet their requirements for accessing multiple products off one front-end. The JSE is excited about the relationship with GL TRADE which will further assist the JSE's vision for Southern Africa to be integrated into world financial markets."
