|London, 20 October 2016. GMEX Group today announced a restructuring of the Group by separation of its subsidiary GMEX Technologies (GMEX Tech) from the current company.
Forum Trading Solutions (Forum), currently a minority stakeholder in GMEX Group, has acquired 100% of GMEX Technologies Limited, 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 GMEX Tech client-base and product coverage is growing rapidly and 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: “We are now entering the next phase in our operational plan. As such we have reviewed the current company structure and identified how best to organise going forward.” He added: “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.”