GL Trade Acquires CGI's Tokyo Unit
April 29, 2002
The deal adds 12 customers-including Japanese and international banks-and 35 GCI employees to GL Trade's 10 staffers in the Tokyo office, making GL Trade Japan the firm's largest operation in Asia/Pacific. CGI, which posts annual revenue of about $4 million, was one of GL Trade's two competitors in Japan, with the other being Midas-Kapiti. The agreement expands CGI's connectivity to the Jasdaq and Osaka stock exchanges through CGI's FOX system. GL Trade's GL Net order routing system is already linked to the Tokyo Stock Exchange and the Tokyo International Financial Futures Exchange, as is FOX.The addition of the CGI business strengthens Paris-based GL Trade's presence in Asia, complementing its Hong Kong, Singapore and Sydney operations. GL has several dozen clients in the region, many of which use GL Net to connect to the HKEx, Singapore Exchange and Sydney Futures Exchange. Last summer, GL Trade purchased the Hong Kong Kong-based order management systems provider FinSoft for $4 million, which expanded GL Trade's reach into the order management arena and provided connectivity to the Korea and Taiwan stock exchanges.