GMEX, a provider of multi-asset exchange and post trade technology, has announced the restructuring of the Group in a move that separates its exchange and technology businesses, according to a company statement today.
Forum Trading Solutions which is presently a minority stakeholder in GMEX Group, has acquired 100 percent of GMEX Technologies, including all clients and GMEX name related trademarks.
The changes will allow the business to focus on expanding partnerships with exchanges and trading venues globally.
The current GMEX Tech and Forum businesses will merge operations, operating under the GMEX Group and GMEX Technologies names and will continue to provide multi-asset exchange and post trade business services and technology covering all the market infrastructure value chain.
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The GMEX Tech client-base and product coverage has grown substantially and the changes will allow the business to focus on expanding partnerships with exchanges and trading venues globally.
Clients currently include Tullett Prebon in the UK which teamed up with GMEX back in August, the Central Asian Stock Exchange in Tajikistan, Hanoi Stock Exchange and Vietnam Securities Depository in Vietnam, the Agricultural Commodity Exchange for Africa (ACE) in Malawi, ALTX in Uganda and Seed Commodities Exchange in the US.
Hirander Misra, Chairman and CEO of the new GMEX Group, commented: “We are now entering the next phase in our operational plan. As such we have reviewed the current company structure and identified how best to organise going forward. By separating the Exchange and Technology businesses, the management and staff of each new entity will be better able to focus their expertise on the distinct businesses.”
The former GMEX Exchange and GDI will become a separate, renamed entity which will be announced imminently. The key focus of the new company is to facilitate the adaption of buy-side firms to the changing regulatory environment.
Sandy Broderick, chairman of the to-be-renamed entity, added: “With this restructuring, we aim to speed up the future development of the Exchange business. The changes will allow the two companies to better grow their respective businesses and to focus on their customer needs.”