London - Forum Trading Solutions (Forum), currently a minority stakeholder in GMEX Group, has acquired 100% of GMEX Technologies, including clients and the GMEX name related trademarks. The current GMEX Tech and Forum businesses, which already work closely together, will merge operations and will operate under the GMEX Group and GMEX Technologies names with associated GMEX branding. They will continue to provide multi-asset exchange and post trade business services and technology covering all the market infrastructure value chain.
The changes will allow the business to focus on expanding partnerships with exchanges and trading venues globally. Clients currently include Tullett Prebon in the UK, the Central Asian Stock Exchange in Tajikistan, Hanoi Stock Exchange and Vietnam Securities Depository in Vietnam, the Agricultural Commodity Exchange for Africa (ACE) in Malawi, ALTX in Uganda and Seed Commodities Exchange in the US.
The former GMEX Exchange and GDI will become a separate, renamed entity. The new name of the company, the members of the management team and board will be announced in the coming days. Prime focus of the new company is to facilitate the adaption of buy-side firms to the changing regulatory environment.
Hirander Misra, Chairman and CEO of the new GMEX Group, commented: "By separating the Exchange and Technology businesses, the management and staff of each new entity will be better able to focus their expertise on the distinct businesses."
Sandy Broderick, Chairman of the to be renamed entity, added: "With this restructuring, we aim to speed up the future development of the Exchange business. The changes will allow the two companies to better grow their respective businesses and to focus on their customer needs."