Back in December, GMEX entered into a licensing agreement with derivatives market Eurex, enabling GMEX’s euro-denominated CMF offering on Eurex’s platform. This occurred on the heels of an earlier partnership with Tradition Financière and Trad-X for derivatives index pricing.
In its latest move, GMEX Tech has acquired a stake in the UK based post-trade software firm Avenir, following its development of post-trade capabilities. These include processing for exchanges, clearing houses and central securities depositories (CSDs) via multiple asset classes including securities, derivatives and physical commodities.
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Following the acquisition of its stake in Avenir, Gmex Tech will manage exclusive sales, distribution and the delivery agent for the Avenir product set. The paramount product in Avenir’s arsenal is its share registry platform for clients in the UK and New Zealand.
Additionally, Avenir will rely on its depository solution, AvenirSettle, along with AvenirClear, a multi-asset central counterparty clearing system. These will fortify an existing offering of GMEX Tech’s ForumMatch, ForumDetect and ForumTrader platforms.
According to Hirander Misra, CEO of GMEX Group, in a recent statement, “This strategic investment into Avenir will add post-trade solutions to the existing GMEX Technologies product range. This enables us to deliver a complete end-to-end market infrastructure eco-system solution for exchanges, trading venues, clearing houses and depositories globally across multiple asset classes including physical commodities.”
“Through this partnership with GMEX Group, Avenir intends to challenge the status-quo through innovative thought leadership. The goal is to provide the industry with a solution that will break the mold of the legacy, expensive and difficult to maintain client/server based post-trade systems that the market currently suffers from,” added Stuart Turner, director and co-founder of Avenir, in an accompanying statement.