GL TRADE Announces The Acquisition Of Nyfix Overseas

GL TRADE, global provider of Front to Back office solutions for international financial institutions, announces the acquisition of Nyfix Overseas, a subsidiary of the US group Nyfix Inc.

GL TRADE is the only ISV to provide a fully integrated Front to Back office solution for derivatives. The acquisition of a 100% stake in Nyfix Overseas strengthens the group’s position in Front Office solutions for derivatives.

Nyfix Overseas, which specializes in electronic trading and order management systems for derivatives markets, anticipates a turnover of around $7.5m in 2006. GL TRADE expects Nyfix Overseas profitability margins to increase to GL TRADE levels over the coming 18 months. Around 20 clients, including some significant tier one firms, already use Nyfix Overseas technology for their order management.

Nyfix Overseas employs 45 staff, mainly based in London. Jon Steward, previously CEO of Nyfix Overseas, is appointed Deputy to GL TRADE’s London Northern Europe CEO, Patrick Tessier. He will be in charge of the derivatives business development with a special focus on UK customers. Mike Hughes SVP Products & Technology and John Fretwell, SVP Operations, will continue to report to Jon Steward.

“Nyfix Inc has decided to focus on its core business – FIX Order routing within the Global Equities markets and associated transaction offerings. We therefore sold Nyfix Overseas’s business to an ISV that is very active on derivatives markets and able to ensure the further development of the company.” says Peter Hansen, Chairman of Nyfix Inc.

“GL TRADE already occupies a leading position in the financial industry and has reached a critical mass, pushing the group to the forefront of market consolidation” comments Pierre Gatignol, CEO of GL TRADE. “The strong product synergies and the compatibility between Nyfix Overseas and GL TRADE architectures will very quickly result in significant functional enhancements.”