Business success depends on seeing the right information in the right context to take effective action, and nowhere is this more true than in the control of pre-trade risk. Clearly there have to be tight boundaries, but it is equally important that these boundaries are defined in such a way that they do not restrict the activities of trading desks or their clients for DMA, algorithmic trading or care order services.

Multi Asset and Multi-Currency Risk Management

GL TRADE has developed a comprehensive pre-trade risk management architecture via GL Selector, designed to optimize your ability to manage and make full use of available trading limits. GL Selector allows a particularly fine control of limits on a variety of dimensions and levels – market, department, desk and individual trader or client – and offers full multi-asset and multi-currency capability.

Market-specific parameters enable compliance with the regulatory requirements of all supported markets.

All information is consolidated in one screen, so that every user – broker, proprietary trader or buy-side client – is able to assess current overall position at a glance. Global and detailed position information is available as appropriate and required.

In the derivatives markets, where margin calculations in full detail are not possible in real-time for high-volume trading operations, two-stage calculations can be performed – a quick and cautious pre-trade calculation, followed by the ‘pass back’ of additional available margin from mid-office systems where the full calculation is carried out. Similarly, risk limits distributed across different markets can be used in support of one another.

Structured products instruments are evolving and becoming more and more complex. At the sometime you have to consolidate manual, spreadsheet-intensive operations and multiple legacy systems and you are looking for a single, global platform.

As your needs for STP and scalability is increasing, you also want to gain in flexibility to meet all your specific business needs.

TRADIX enables you to trade, manage risk and process a broad range of products, from repos, interest rate derivatives, interest rate exotics, OTC vanilla stock options, OTC vanilla Equity index options, and Credit Derivatives.

TRADIX is an integrated trading, risk and operations management system that meets your specific requirements in term of pricing, portfolio management, risk management, and back office and accounting (including IAS 39).

Thanks to a dedicated module, TRADIX allows you to enter any structured product based on valuation models or on your own proprietary models. The suite is fully interconnected with main feed providers and is easily nterfaced with your own legacy platform.

Maximize capital market transactions efficiency, improve and generate liquidity, manage risk and increase FX volumes while lowering margins are just some of the challenges your FX & Money Markets business is probably facing. Increasing competition is forcing you to provide fast, reliable and cost effective services to your clients as well as innovative products to meet their specific needs.
The need to consolidate disparate systems, adopt comprehensive risk controls, automate manual processes and achieve centralized STP management for your trading operation requires a proven solution.

FX Market Connectivity

GL TRADE offers trading connectivity to several major FX Electronic Communication Networks (ECNs): FX MarketSpace, HotspotFX, BAXTER-FX and FXCM. We provide an FX Trading Window within the GL WIN workstation that aggregates price data from the ECNs in order to provide high visibility for the best Bid and Offer as well as the market depth, and trades can be triggered directly from there.

Our FX trading offering is fully integrated within our GL STREAMTM architecture, allowing you to leverage your current platform for support of trading strategies across asset classes.

SIERRA, your STP solution for FX and Money Markets

SIERRA offers you a proven industry leading 3D-STP technology for FX and Money Markets featuring front-to-back solutions, single and multi-subsidiary solutions and multiple product solutions.

Our SIERRA solution is designed to help you make fast, informed decisions and provide the high performance and personal flexibility you need to manage your FX and Money Markets business.

SIERRA allows you to manage the most demanding, high volume, global trading operations on a 24×7 basis. The System’s high performance, complete back office capabilities and its risk management controls provide all the functionality you need to achieve a truly STP trading operation.

We also offer our FX solutions as ASP services thanks to our dedicated ASPEN offering, so you can receive all the benefits of the SIERRA sophisticated trading platform without the need of developing, hosting, or managing the solution.

The commodities markets have of course seen massive growth in recent years, based partly on real increases in demand for the underlying physical goods, and partly on their emergence as a popular asset class for financial investment and speculation. Price volatility has surged along with volumes, leading in turn to increased demand for real-time information and improved risk management.

While the majority of commodity futures and options trading takes place on exchanges, this is of course not the case for the underlyings, and the requirement to account for often complex OTC trades alongside exchange business is a significant factor, for industrial market participants in particular.

The exchange-traded markets have moved inexorably towards electronic trading, in a necessary quest for greater efficiency and precision in handling growing volumes and levels of risk. GL TRADE has developed global connectivity to all of the major electronic markets as they have emerged, as well as specialist functionality to handle OTC trading alongside the exchange business.

Trading Functionality

The GL STREAM^TM for Derivatives product family supports trading of commodity futures and options with a wide range of market-tailored functionality:

• Spread trading, including butterfly and condor strategies, is enabled via the
  GL SpreadMatrix module
• GL QuickTrade allows market depth trading so that opportunities can be seized rapidly
• GL Combo Trader extends scope to cover complex combined strategies, potentially with many legs and across multiple markets
• OTC and non-electronic orders can be captured in parallel
• Basket trading and arbitrage against index futures are supported via
  GL Program Trader Plus
• User-defined pricers and automated trading strategies can be built on the interfaces provided by GL Automate
• The GL Tactics suite provides an extensive library of synthetic order types and standard algorithms, as well as a development workbench for more complex algo strategies
• FIX standards for interfaces to applications and client order flows are fully supported
• Allocations can be handled in the front office if required.

You can manage order flow across sales and trading functions and/or multiple offices as required, based on the GL STREAM^TM Order Management architecture. And we offer a range of solutions for the collection of client orders, via GL NET or your own network, using either the popular GL Winway windows workstation or GL Tr@der, our thin-client solution (meaning that no software has to be installed at clients’ premises).

Interfacing from GL STREAM^TM to mid-and back office systems is straightforward, where GL TRADE’s Clearvision and UBIX suites provide full support for matching, clearing, risk monitoring, settlement and reporting.

Market Connectivity and Risk Management

GL TRADE offers an unrivalled range of access to over 20 electronic commodity derivatives markets, via gateway software installed on client premises or exchange co-location facilities. As shown on the list, you can also access many of these markets via our fully managed ASP service offering.

Further, from the same station you can trade on several major FX ECNs in order to hedge currency risk.

Trading risk on all markets can be managed via GL Selector, which is designed to optimise your ability to make full use of available trading limits. GL Selector allows particularly fine control of limits and exchange margin requirements on a variety of dimensions and levels – market, department, desk and individual trader or client – and offers full multi-asset and multi-currency capability.

Further details are available here.

Market Making and Position Keeping

We provide a range of solutions for market making and proprietary trading, enabling full control of P&L and optimized price-quoting.

Further details are available here.

Fixed Income Electronic trading is now a reality with a real need from your users to consolidate manual, spreadsheet-intensive operations and multiple legacy systems.

BondOne Suite, your Fixed Income Trading and Distribution solution

Our BondOne Suite provides institutional and retail fixed income dealers with sophisticated electronic trading and order management capabilities that are second to none.

Our solution provides financial firms with a cost effective solution to automate the trading and distribution of fixed income securities. In addition to trading and order management modules, our BondOne suite allows financial firms to publish their offerings to multiple distribution channels and to import offerings from external fixed income dealers and re-offer them to their sales force and customers.

BondOne Trading
BondOne Trading is a real-time fixed income sales and trading system specifically designed for high performance pricing and transaction processing. It allows financial firms to electronically offer fixed income securities to multiple distribution channels and auto-execute orders automatically.

Traders can enter trades, matrix price their inventory, view positions and P&L, manage their risk, set auto-execution rules, publish offerings, and respond to Request for Quote (RFQ) orders. The specialized requirements of traders, trading assistants, salespeople, middle office personnel, risk managers, retail brokers, and trading management are all supported through customized workstations. BondOne Trading allows each user to easily access all trading and risk management functions from a single, user-configurable screen.

BondOne Trading has real-time connectivity to ECNs such as Bloomberg, TradeWeb, e-Speed, BrokerTec, BondDesk, CollectiveBid, Knight BondPoint, and TheMuniCenter

BondOne Web, the leading solution for distribution
BondOne Web is a browser-based sales, order management, and order execution system specifically designed to support both institutional and retail fixed income sales activities.It was tailored to support sales and trading organizations with remote sales offices. BondOne Web can import offered securities from an internal trading desk or from third party dealers and offer them to their sales force or customers directly.

The pressure on equity trading desks to add new value for more demanding clients, while staying profitable, goes on increasing. In many instances, given high levels of DMA trading activity on the part of buy-side clients, it is primarily advice on strategy and execution that is sought, alongside access to trading algorithms. But for agency and proprietary traders, and for market makers, success also depends on having the right set of tools and techniques available in order to access and exploit market opportunities, often in environments where liquidity is fragmenting and becoming more difficult to locate.

The GL STREAM^TM suite of products addresses these challenges comprehensively, building on our 20+ years of experience in the development of global electronic trading.

Further details are available here.

Workstations and APIs for Advanced Execution

The GL WIN family of trading workstations is an industry standard worldwide, providing a rich combination of functionality. Combined trading strategies, program trading, automated and algorithmic trading functions are supported via a comprehensive range of application tools and interfaces. FIX standards for interfaces to applications and client order flows are fully supported.

Further details are available here.

GL STREAM^TM Order Management

Orders may be collected from institutional clients in the GL NET community, from any third-party order outing network in any format, or via the Internet. The internal sales-to-dealer relationship is fully automated on the basis of flexible rule sets (including multi-site), enabling the efficient processing of large volumes of transactions, on the scale of thousands of orders per second with millisecond latency, and load balancing across multiple market gateways.

We also provide a suite of smart order routing capabilities developed for markets where liquidity is fragmented across multiple venues.

Market Connectivity and Risk Management

GL TRADE offers an unrivalled range of market access, via gateway software installed on client premises or exchange co-location facilities. Over 30 equities markets can also be accessed via our fully managed ASP service offering.

Trading risk on all markets can be managed via GL Selector, which is designed to optimise your ability to make full use of available trading limits. GL Selector allows particularly fine control of limits on a variety of dimensions and levels – market, department, desk and individual trader or client – and offers full multi-asset and multi-currency capability.

Further details are available here.

Market Making and Position Keeping

We provide a range of solutions for market making and proprietary trading, enabling full control of P&L and optimized price-quoting.

Further details are available here.

The exchange-traded derivatives markets continue their explosive growth, providing many new trading opportunities but also constantly raising the bar for trading organizations on both the buy- and sell sides of the markets, in terms of the complexity and volumes of business that they need to handle on a daily basis.

As the derivatives markets have moved inexorably towards electronic trading, in a necessary quest for greater efficiency and precision in handling growing volumes and levels of risk, GL TRADE has been at the forefront of the push into new markets, on a global basis. As a result of our work with many leading trading firms we have evolved a comprehensive response to the main market requirements.

Trading Functionality

The GL STREAM^TM for Derivatives product family provides solutions for trading all types of listed futures & options, for both proprietary and agency trading firms, with a range of functionalities to suit all types of trading activities: from simple buy and sell needs to complex automated F&O strategies:

• Spread trading, including butterfly and condor strategies, is enabled via the GL SpreadMatrix module
• GL QuickTrade allows market depth trading so that opportunities can be seized rapidly
• GL Combo Trader extends scope to cover complex combined strategies, potentially with many legs and across multiple markets
• Basket trading and arbitrage against index futures are supported via GL Program Trader Plus
• GL Rubyx provides advanced functionality for trading and market making in options and warrants
• User-defined pricers and automated trading strategies can be built on the interfaces provided by GL Automate
• The GL Tactics suite provides an extensive library of synthetic order types and standard algorithms, as well as a development workbench for more complex algo strategies
• FIX standards for interfaces to applications and client order flows are fully supported
• Allocations can be handled in the front office if required.

You can manage order flow across sales and trading functions and/or multiple offices as required, based on the GL STREAM^TM Order Management architecture. And we offer a range of solutions for the collection of client orders, via GL NET or your own network, using either the popular GL Winway windows workstation or GL Tr@der, our thin-client solution (meaning that no software has to be installed at clients’ premises).

Interfacing from GL STREAM^TM to mid-and back office systems is straightforward, where GL TRADE’s Clearvision and Ubix suites provide full support for matching, clearing, risk monitoring, settlement and reporting.

Market Connectivity and Risk Management

GL TRADE offers an unrivalled range of derivatives market access, via gateway software installed on client premises or exchange co-location facilities: you can see the list here. You can also access over 30 derivatives markets via our fully managed ASP service offering. Further, from the same station you can trade on several major FX ECNs in order to hedge currency risk.

Trading risk on all markets can be managed via GL Selector, which is designed to optimise your ability to make full use of available trading limits. Selector allows particularly fine control of limits and exchange margin requirements on a variety of dimensions and levels – market, department, desk and individual trader or client – and offers full multi-asset and multi-currency capability.

Further details are available here.

Market Making and Position Keeping

We provide a range of solutions for market making and proprietary trading, enabling full control of P&L and optimized price-quoting.

Further details are available here.

Many factors have led financial institutions to look increasingly beyond their national boundaries for investment opportunities, as well as across asset classes. These factors of course include business globalization, investors’ desire for diversification, decreasing regulatory barriers, easier access to relevant information and also the growth of electronic trading as an enabler. Meanwhile many institutions, on both buy- and sell-sides of the markets, are themselves increasingly global businesses, with well developed worldwide operations.

Connectivity to electronic markets, both regulated exchanges and also over-the-counter market trading systems, wherever in the world they may be located, has therefore become a key requirement of the financial industry as a whole.

Market Gateways

Since 1987, GL TRADE has been a consistent leader in enabling trading access to new electronic markets. Today we provide high-performance trading and market data gateways for over 140 world-wide markets, and we continue to develop access to emerging electronic markets as a core element of our business strategy. We connect to all global equities and derivatives exchanges where we see a community of interest among international investors and their brokers, and in recent years we have also built gateways for numerous MTFs, ECNs and Dark Pools operating in world-wide equity, bond and foreign exchange markets.

Installation Options and Facilities Management

We can provide all of these market gateways for installation at clients’ trading premises or in co-location facilities at exchanges. We also provide Facilities Management services under which we can manage gateways, exchange connections and other GL TRADE applications for you at our premises.

GL NET and ASP Services

The GL NET community includes 300 brokers who offer DMA and EDA links to over 120 markets. For many clients, making use of these services can be the most cost-effective way to trade on some or all markets.

Last but not least, we offer access to over 60 equity and derivatives markets via our fully managed and secure ASP offering. This enables exchange members and their DMA clients to trade on all these markets from any workstation or application connected to the GL NET network, free of concerns about technical infrastructure or connectivity. Over 400 market gateways accommodate 150+ clients on this service, which uses state-of-the-art Linux servers and fast exchange connections to ensure low latency.

The pace of today’s markets places heavy demands of functionality and performance on the enabling software that supports market-making. Tailored automation of the quotation function, in particular, is often a key business requirement.

GL TRADE takes full account of these demands in all aspects of our architecture: workstation front ends, application interfaces, position servers and market gateways. We offer a full range of market-making solutions for the equities, options and warrants markets.

Equities

GL Position Keeper forms the core of our architecture for equity markets, providing full historical P&L monitoring with a global view of trading activity. The structure of position monitoring is customizable in line with your organization.

GL Market Maker provides a complementary front-end for GL Position Keeper, as a component of the GL STREAM^TM workstation, with a central Navigation Window that provides access to a set of market-making functional windows to view market depth, publish price quotes and enter trade reports.

GL Automate is a more general purpose automated trading enabler, which allows users to build strategies in MS Excel thanks to the extensive scripting capabilities. Via Excel it is also possible to link other application environments, such as an external pricer. Market makers are one major user group: the strategy possibilities are effectively unlimited, ranging from mass orders to quote sending and replies, with the ability to make instant responses to changes in market conditions.

Options and Warrants

GL Rubyx was conceived to meet the specific needs of traders, hedgers and market-makers for automated trading and quoting on a number of option classes – simultaneously on multiple exchanges – and has since been extended to provide parallel functionality for warrants markets.

This reliable and mature product is renowned in an environment where success demands a fast and automated trading system to get even the smallest time & price advantage.

GL Rubyx allows you to trade options on all major derivatives markets including ISE, CBOE, AMEX, Euronext, LIFFE, Eurex, KOSPI, NSE and more.

Trading on electronic markets gives a range of opportunities to use technology for more than the sending of orders and receipt of confirmations. The right software and market data can provide significant levels of support to achieve effective trading decisions and order execution. In fact, to efficiently handle the large order volumes and lot sizes that are often today’s market standards, this support becomes a necessity.

At GL TRADE, we group the range of tools and techniques that can provide support for sophisticated high-volume/high-frequency trading under the heading Advanced Execution.

A Range of Solutions

GL TRADE has been a pioneer across the field of electronic trading techniques since the earliest days of screen trading, and over the years we have developed a wide range of products and interfaces to support advanced execution techniques.

Automated Trading

Available as an application on all trading workstations, GL Automate allows users to build automated trading strategies in MS Excel or other application environments. These strategies may be triggered by market events and movements, and may of course also include a wide range of algorithmic techniques.

Synthetic Orders and Algorithmic Trading

GL Tactics provides a widely deployed, comprehensive library of synthetic order types (Iceberg, Peg etc.) and simple trading algorithms that can be applied to orders sent from any GL TRADE workstation or interfaced application. The companion development workbench, GL Tactics Studio, allows users to develop more sophisticated, tailored algorithms with a minimum of programming knowledge, potentially using the base set provided in  GL Tactics as building blocks.

Program Trading and TCR

Program Trader Plus provides a full range of capability to support program trading activities: multi-level basket management, waving and scheduling, together with in-depth Transaction Cost Research (TCR) functionality.

The basket trading capability is often used to support index arbitrage strategies.

Combined Strategies

GL Combo Trader enables brokers and proprietary traders to optimize their execution capability by creating tailored multi-instrument trading strategies. GL Combo Trader supports multi-asset trading across multiple markets. Typical applications are for spread and strip trading in the futures markets, and for equity pairs trading.

Smart Order Routing

We have developed sophisticated Smart Order Routing solutions for several different markets, across equities, bonds and options in the US, Europe and Asia. To maximise execution quality and speed, orders may be split across several markets, and a passive order waiting for execution on one market may be modified or cancelled if all or part subsequently becomes profitably executable on another market (via the ‘Sweep’ process).

GL WIN Advanced Execution

The Advanced Execution version of the market-standard GL WIN trading workstation, GL WIN AE, provides the platform for the workstation-based AE tools described above: Program Trader Plus, Combo Trader, Automate and Rubyx.

APIs and FIX

Many clients have developed their own automated trading strategies in workstation- or server-based applications outside the GL TRADE product environment. We offer a range of Application Program Interfaces to allow these applications to drive trading through GL TRADE infrastructure, including full, high-performance support for the FIX standards.