Brady (BRY.L), the leading global supplier of trading, risk management and settlement solutions to the metals, energy and softs sectors, announced today that the Australian Bullion Exchange (ABX), based in Brisbane, has extended its use of Brady solutions.
It has added Brady's Order Management Solution to its functionality for its new physical bullion exchange, due to be launched on 4th October.
The new Order Management Solution allows ABX's users to input, capture, query, modify and cancel orders electronically and will display order workflow and trade history to participants.
Thomas Coughlin, CEO of ABX, commented, "The ABX is an exchange for physical bullion, it connects buyers and sellers of precious metals. Given the strength of the physical bullion investment market, a central exchange is critical to provide a fair and efficient marketplace for all participants. Australia is the second largest gold producer in the world; we need a globally recognised exchange to accompany this position. The ABX strips away all financial engineering to provide a marketplace which is simple, secure and highly accessible and, at the same time, improves competition and market efficiency." He continued, "We have made a significant investment in Brady's technology to provide our core infrastructure systems, ensuring a robust and reliable investment platform."
Gavin Lavelle, CEO of Brady, said: "ABX's extension of their use of our solutions to include our new order management system is a significant indication of our continuing growth and expansion within the gold market. This particular combination of solutions for an exchange is a major deal for Brady, and we are confident it will answer ABX's requirements for more automation of gold trading. It is an exciting time for Brady and ABX, and will enable ABX's clients to quickly and efficiently access the bullion markets."