GL Trade

GL Trade was a French financial-technology company focused on the infrastructure used by exchanges, brokers, investment banks, and other financial institutions. Its products covered several stages of the trading workflow, including front-office trading applications, middle-office processing, back-office functions, and real-time market-data distribution. The company’s systems were designed to connect market participants with exchanges and other venues while supporting order routing, execution, information display, and related operational processes. The business originated in France during the creation of the Paris stock-options market. GL services financiers sarl was established in May 1987 by Louis-Christophe Laurent, Bernard Grouchko, and Jean-Luc Wibaux. Its initial objective was to enter the Paris stock-options market, which opened in September of that year. Grouchko left approximately three months after the company was formed, and Pierre Gatignol subsequently joined the business. The GL Trade company was established in 1990, with Jean-Luc Wibaux serving as chief executive. The GL name was retained in reference to the founders Pierre Gatignol and Louis-Christophe Laurent. GL Trade developed beyond a domestic trading-software supplier by combining trading applications with communications infrastructure. Its most prominent network product was GL NET, a private network linking exchanges around the world with thousands of brokers and traders. This network helped make the company a technology intermediary between market venues and professional trading firms. The company’s broader offering included servers, front-end applications, market-data systems, and software supporting front-, middle-, and back-office operations. The company attracted strategic investment from the French exchange sector. In 1992, Société des Bourses Françaises, the predecessor of Euronext, acquired a 51 percent stake. In 1998, 35 percent of the company was sold to Reuters before GL Trade was listed on the Paris stock exchange. At one point, NYSE Euronext held approximately 40 percent of the shares, the founders held about 25.4 percent, and the remaining approximately 36.6 percent was publicly traded. GL Trade’s independent corporate history ended through its acquisition by SunGard. In May 2008, SunGard announced an agreement to acquire 65 percent of GL Trade in an initial tranche valued at approximately US$625 million, including the effect of outstanding stock options. SunGard subsequently arranged an all-cash tender offer for the remaining shares at EUR 41.70 per share. The acquisition was completed in 2009. After the transaction, the technology was incorporated into SunGard’s portfolio and the system was renamed SunGard Global Trading. GL Trade therefore survives primarily as a former brand and product lineage within the financial-market technology businesses acquired by SunGard.

GL Trade began as a French financial-technology venture created to support the opening of the Paris stock-options market. GL services financiers sarl was established in May 1987 by Louis-Christophe Laurent, Bernard Grouchko, and Jean-Luc Wibaux. The company’s original purpose was to enter the Paris stock-options market, which opened in September 1987. Grouchko left the business around three months after its formation. Pierre Gatignol later joined the company and became associated with the founding group whose names helped explain the GL designation. GL Trade was formally established in 1990, with Jean-Luc Wibaux as chief executive. The business developed trading technology for professional financial-market users, supplying systems that combined servers, front-end applications, and real-time market information. Its scope extended across the front office, middle office, and back office, allowing the company to address both active trading and the operational processes surrounding transactions. A central element of GL Trade’s expansion was GL NET, a private communications network connecting exchanges worldwide with thousands of brokers and traders. By linking market venues and participants, the network complemented the company’s trading applications and helped establish GL Trade as an international provider rather than solely a French software firm. Its products were used by financial institutions requiring exchange connectivity, electronic order handling, market-data access, and related workflow support. The company also developed important relationships with the French exchange sector. In 1992, Société des Bourses Françaises acquired 51 percent of GL Trade for strategic reasons. Société des Bourses Françaises was later associated with the development of Euronext. In 1998, 35 percent of GL Trade was sold to Reuters before the company was listed on the Paris stock exchange. The ownership structure later included approximately 40 percent held by NYSE Euronext, about 25.4 percent held by the founders, and approximately 36.6 percent in free float. GL Trade’s independent period ended with its sale to SunGard. In May 2008, SunGard announced an agreement to purchase 65 percent of the company in a first tranche valued at roughly US$625 million, including outstanding stock options. An all-cash offer for the remaining shares was then launched through Oddo Corporate Finance on SunGard’s behalf at EUR 41.70 per share. The transaction was completed in 2009. SunGard integrated the acquired technology into its financial-software portfolio and renamed the system SunGard Global Trading. As a result, GL Trade is now best understood as a former corporate and product brand whose trading technology continued under SunGard after the acquisition.

• 2009

  GL Trade is acquired by SunGard

  [1]GL Tradeen.wikipedia.org

  SunGard completes the acquisition, after which the trading system is renamed SunGard Global Trading.

• 2008

  SunGard announces acquisition agreement

  [1]GL Tradeen.wikipedia.org

  SunGard announces an agreement to acquire 65 percent of GL Trade in an initial tranche valued at approximately US$625 million.

• 1998

  Reuters acquires a substantial stake

  [1]GL Tradeen.wikipedia.org

  Thirty-five percent of GL Trade is sold to Reuters before the company is listed on the Paris stock exchange.

• 1992

  Société des Bourses Françaises acquires a majority stake

  [1]GL Tradeen.wikipedia.org

  Société des Bourses Françaises acquires 51 percent of GL Trade for strategic reasons.

• 1990

  GL Trade is established

  [1]GL Tradeen.wikipedia.org

  GL Trade is established as a company, with Jean-Luc Wibaux serving as chief executive.

• 1987

  GL services financiers is established

  [1]GL Tradeen.wikipedia.org

  Louis-Christophe Laurent, Bernard Grouchko, and Jean-Luc Wibaux establish GL services financiers sarl in France to enter the Paris stock-options market.

• 1987

  Paris stock-options market opens

  [1]GL Tradeen.wikipedia.org

  The company’s initial business objective is tied to the opening of the Paris stock-options market in September.

A global provider of integrated capital-markets technology, positioned around connectivity to exchanges, real-time market information, and software for the full trading lifecycle.

• Private financial-market network

  GL NET

  GL NET was GL Trade’s private network for connecting exchanges with brokers, traders, and other financial-market participants. It formed a key part of the company’s international proposition by providing communications infrastructure alongside trading applications and market-data services. The network was described as linking exchanges around the world and serving thousands of brokers and traders.

• Electronic trading and order-management software

  GL Trade trading systems

  GL Trade supplied trading systems comprising servers and front-end applications for professional financial institutions. The systems supported the handling of orders and access to trading venues, forming the company’s principal front-office technology offering. They were used alongside the firm’s market-data and connectivity products.

• Market-data technology

  GL Trade real-time market-data systems

  GL Trade’s real-time market-data products delivered live financial information to professional users and supported the company’s broader trading workflow. Market-data capabilities were part of an integrated portfolio spanning front-office applications, network connectivity, and middle- and back-office processing.

• 2008

  SunGard agrees to acquire GL TradeM&A

  Background

  SunGard sought to acquire GL Trade’s financial-market technology business. The initial agreement covered 65 percent of GL Trade and was announced during a period of severe disruption in global financial markets.

  Action taken

  SunGard agreed to purchase the initial 65 percent stake for approximately US$625 million, including the effect of outstanding stock options, and arranged a cash tender offer for the remaining shares at EUR 41.70 per share.

  Aftermath

  The acquisition was completed in 2009. GL Trade’s system was renamed SunGard Global Trading and the standalone GL Trade brand ceased to operate independently.

  Initial acquisition consideration and tender-offer price. US$625 million for the initial 65 percent tranche; EUR 41.70 per share for the remaining shares (2008 announcement and offer)

  Source

1. 1GL Tradeen.wikipedia.org