“The relentless push for efficiency and the demands of global regulatory reporting have reached a tipping point in the securities financing markets. As such, an electronic trading solution for these markets seems inevitable. Becoming a registered ATS and broker-dealer is the next major step in our company’s evolution and in helping to drive forward this structural shift in the market.”
GLMX Technologies, an independent financial technology company founded in 2010, had its comprehensive technology solution for the trading of repurchase agreements (“repo”) and securities lending approved by the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) as a registered alternative trading system (ATS) and broker-dealer.
Financed by Sutter Hill Ventures, Otter Capital and Tippet Venture Partners, GLMX’s proprietary technology was developed by Wall Street veterans who partnered with Silicon Valley technologists. GLMX has recently surpassed $3 trillion in aggregate system volume since its repo trading technology was launched in 2016.
The integrated global money market trading solution for institutional participants is now an SEC-registered broker-
dealer and ATS and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
This crucial step allows the company to provide more streamlined interaction and reporting between existing counterparties on both the buy and sell sides in order to maximize their trade lifecycle efficiency and reporting and to improve client access to market liquidity. Weekly trading volume for GLMX has recently surpassed $100 billion, an all-time high that represents an increase of over 900% year over year.
Glenn Havlicek, Co-Founder and Chief Executive Officer of GLMX, commented:
GLMX completed a $20 million capital raise in January 2018, by the same time it relaunched its ground-up redesigned technology characterized by a customizable platform that intuitively and electronically replicates the manual workflows that are widely used in repo trading.
The updated technology automates the collection of pre- and post-trade data required under new rules, which otherwise must be keyed in manually.
The high-tech platform for trading repurchase agreements and secured lending was designed to help clients comply with new regulatory reporting requirements and to address fragmentation and inefficiency in the front end of the markets.