The JSE Securities Exchange South Africa is to promote GL Trade's professional trading front-end screens to users for connection to its new trading system, scheduled to go live next year.
Under the five-year agreement, the JSE and Namibian Stock Exchange will have exclusive marketing and license distribution rights in South Africa and Namibia for the GL Win, SLC, SLE, Selector, Arwin and View Only suite of GL products.
Initial revenue for GL Trade is expected to be $762,500 and possible additional annual revenues of $850 000 depending on the take-up in South Africa. As part of the deal, GL Trade will also set up a local office to ensure support to the local markets.
Leanne Parsons, JSE's director, strategy, says: "Initially the JSE will offer the solution to a wide range of customers trading equities, but it can be extended and integrated to meet their requirements for accessing multiple products off one front-end."