GLMX injects $20 million in its repo marketplace 25 January 2018New York Reporter: Zsuzsa Szabo
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Electronic repo marketplace GLMX has raised $20 million in a bid to address the market鈥檚 growing efficiency and regulatory reporting concerns.
The investment will help the technology solutions provider expand its operations into major European markets and bolster its engineering team following a year in which its client base doubled, and weekly trading volumes exceeded $68 billion.
GLMX鈥檚 request-for-quote-based trading platform, which launched February 2016, has been revamped as a buy-side-to-dealer trading platform as of 9 January.
The platform promises to enhance the relationship between buy- and sell-side counterparties and addresses the need for an efficient repo trading infrastructure.
According to GLMX, the improved platform offers highly scalable backend, rapid feature development, comprehensive data tools and direct connectivity to multiple portfolio management systems.
US venture capital firm Sutter Hill Ventures led the funding, alongside Otter Capital and Tippet Venture Partners.
Glenn Havlicek, CEO and co-founder of GLMX, said: 鈥淕lobal repo markets are in the midst of significant change, driven by evolving capital needs and regulatory requirements.鈥�
鈥淲e鈥檝e rolled out a fully redesigned, state-of-the-art solution that is specifically intended to streamline workflows between the buy and sell sides and to automate their trade reporting obligations.鈥�
Andrew Sheehan, managing director at Sutter Hill Ventures, said: 鈥淕LMX is seamlessly upgrading the way the buy and sell-side interact across the complex and heavily-regulated money markets.鈥�
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