onExchange, a vendor of derivatives clearing and trading technology, has teamed up with connectivity provider GL Trade to offer a straight-through solution for processing OTC and exchange-listed derivatives contracts from electronic order routing to confirmation and settlement.
The two companies plan to offer derivatives traders, exchanges, clearinghouses and futures commission merchants (FCMs) the ability to trade and process regulated and OTC derivatives side-by-side in real-time.
According to Gerard Verjacques, managing director, GL Trade Americas, onExchange's next-generation trade matching engine and clearing system will be combined with GL Trade's electronic routing and exchange user interface. The system will handle all transaction processing in real-time from the trader's trading screen to an exchange, its clearinghouse and FCMs, and back to the trader's back-office.
Richard Jaycobs, CEO of onExchange, says: "GL Trade's flexible architecture integrates well with our trade matching and clearing systems, and offers the ability to list new futures, options, swaps and other derivatives instruments to the traders' screen in real-time."
"The systems also offer the first real-time credit and risk monitoring and management instead of end-of-day risk processing," adds Jaycobs.