Electronic trading, clearing and settlements solutions provider GL Trade has extended its German market share after Deutsche Bank agreed to use the company's trading network to collect client orders via the Xontro system.
GL Trade will provide its Direct Market Access (DMA) technology via GL Net to Deutsche Bank to collect client orders to the Xontro markets. Through this agreement, GL Trade now covers all German floor markets, namely Berlin-Bremen, Duesseldorf, Frankfurt, Hamburg, Hanover, Munich and Stuttgart.
DMA via GL Net, GL Trade’s dedicated trading network, is designed for buyside firms to handle high transaction volumes. Through this network, firms may trade on markets without necessarily being members.
Xontro is an established order routing, trading and settlement system through which orders for around 500 banks and brokers are automatically routed on the appropriate German regional Exchange. Through Deutsche Bank, participants can trade cash and warrants from all German regional Exchanges and Europe’s largest warrants markets Euwax.
GL NET offers access to more than 100 markets, cash and derivatives, worldwide and gathers a community of more than 550 international financial institutions, commented Anne Jeanmart, GL Net business development manager. Deutsche Bank is the first fully electronic DMA collector on Xontro from all GL Net users worldwide, making it, thus, available to both domestic and foreign participants worldwide.