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Foreign Exchange

SunGard nears GL acquisition; flogs another system

GL Trade, the multi-asset trading solutions vendor, has announced that its main shareholders have accepted rival SunGard’s offer to acquire it for €41.70 per share. The shareholders, Euronext Paris, Gagnières and Pierre Gatignol, Louis-Christophe Laurent and Frédéric Morin control 64.52% of the company’s share capital. SunGard will now launch an all-cash tender offer for the remainder of GL Trade’s share capital.

Meanwhile, business goes on as normal at the vendor, which has announced that  Sovereign Bank, which operates principally in the northeastern US, has gone live with its Sierra First Order web-based order management engine. “We understand the FX business is important to our clients so we have aimed to provide the best FX retail trading experience for them. Sierra First Order enables our clients to have easy access to streaming rate dealing, position management, deal status check and current market quotes,” says Robert Murray, Sovereign’s senior vice-president, capital markets.

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