Repo trading platform GLMX Technologies has completed its integration with LCH SA to support classical and sponsored clearing to benefit mutual customers in Europe.
Founded in 2010, GLMX facilitates securities finance trading from traders to buyers with daily balances of over $1.7 trillion.
The company has a network consisting of over 115 global customers and more than 20 third-party OMS/EMS and industry service providers, including connections to tri-party agents and central clearing counterparties.
“Central clearing lowers the cost of capital, mitigates credit risk and generates liquidity – essential features for securities financing participants. The importance of central clearing will continue to increase given the current global regulatory landscape,” said Glenn Havlicek, CEO of GLMX.
“Our connection to LCH SA’s powerful central clearing function is an important step as GLMX establishes itself as a hub of comprehensive liquidity pools for our rapidly growing European network on both the buy and sell sides.”
Earlier this year, Euronext reached a definitive agreement to sell its 11 percent stake in LCH SA back to LCH Group for €111 million. The move helped Euronext move its clearing business back to the bloc and to its own clearing house, Euronext Clearing.
Elsewhere, LCH SA entered into a strategic partnership with institutional digital asset trading venue GFO-X to launch the first centrally cleared derivatives trading venue in this space in the UK.
“We are pleased to partner with GLMX Technologies as we look to support shared members and clients’ access to classic and sponsored clearing,” said Olivier Nin, Head of RepoClear and Calm Risk.
“Through this integration, buy-side members can enjoy the benefits and gain greater access to the world’s largest euro liquidity pool, while banks can take advantage of improved netting opportunities and operational efficiencies and reduce balance sheet pressure.”
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