GL Trade

Last updated

GL Trade was a French provider of financial order management and trading systems that covered front office, middle office and back office used by international financial institutions. Its main products were real-time market data and trading systems (servers and front end applications); a major part of its success was the GL NET private network linking up exchanges all over the world with thousands of brokers and traders. The company was purchased by SunGard in 2009 and the system was renamed as SunGard Global Trading. [1]

History

GL Trade was established in 1987. Due to the company's founders Pierre Gatignol [2] and Louis-Christophe Laurent the acronym GL has been instantiated. In 2009 the company was acquired by US based SunGard, one of the world’s leading software and technology services companies.
The GL Trade shares were distributed as follows: NYSE Euronext owned approx. 40%, in the hand of the founders were 25,4% and 36,6% of the shares were free floating.

In May 2008 SunGard announced to acquire GL Trade by purchasing 65% in a first tranche for USD 625 Million, including effect of outstanding stock options. [3] [4]

In accordance to the AMF General Regulation, Paris-based Oddo Corporate Finance launched on SunGard's behalf an all-cash tender offer for the remainder of GL Trade's share capital at the original price of EUR 41.70 per share. [5] The price per share did not reflect the overall decay of worldwide corporate's values according to the 2008 Financial Crisis impact. Thus the total deal value of nearly USD 1 Billion was considered to be financially hazardous, given the mere fact that GL Trade reported revenues of EUR 203 Million and an EBITDA of EUR 26 Million (fiscal year 2007).

Related Research Articles

<span class="mw-page-title-main">Market capitalization</span> Total value of a public companys outstanding shares

Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.

<span class="mw-page-title-main">Leveraged buyout</span> Acquired control over a company by the purchase of its shares with borrowed money

A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. This is done at the risk of magnified cash flow losses should the acquisition perform poorly after the buyout.

<span class="mw-page-title-main">Short (finance)</span> Practice of selling securities or other financial instruments that are not currently owned

In finance, being short in an asset means investing in such a way that the investor will profit if the market value of the asset falls. This is the opposite of the more common long position, where the investor will profit if the market value of the asset rises. An investor that sells an asset short is, as to that asset, a short seller.

<span class="mw-page-title-main">Public company</span> Company that offers its securities for sale to the general public

A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public company can be listed on a stock exchange, which facilitates the trade of shares, or not. In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are private enterprises in the private sector, and "public" emphasizes their reporting and trading on the public markets.

Greenmail or greenmailing is a financial maneuver where investors buy enough shares in a target company to threaten a hostile takeover, prompting the target company to buy back the shares at a premium to prevent the takeover.

Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are usually bought and redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital funds when calculating the value of the underlying investments in these funds by investors. This may also be the same as the book value or the equity value of a business. Net asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held by investors, thereby representing the net asset value per share.

Proprietary trading occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money to make a profit for itself. Proprietary trading can create potential conflicts of interest such as insider trading and front running.

SunGard was an American multinational company based in Wayne, Pennsylvania, which provided software and services to education, financial services, and public sector organizations. It was formed in 1983, as a spin-off of the computer services division of Sun Oil Company. The name of the company originally was an acronym which stood for Sun Guaranteed Access to Recovered Data, a reference to the disaster recovery business it helped pioneer. SunGard was ranked at 480th in the U.S. Fortune 500 list in the year 2012.

<span class="mw-page-title-main">Bucharest Stock Exchange</span> Stock exchange in Romania

The Bucharest Stock Exchange is the stock exchange of Romania located in Bucharest. In 2023, the BVB's market capitalization increased by 52.7% to $64.9 billion. As of 2023, there were 85 companies listed on the BVB.

The EURO STOXX 50 is a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group. The index is composed of 50 stocks from 11 countries in the Eurozone.

Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating securities laws.

<span class="mw-page-title-main">Tehran Stock Exchange</span> Iranian stock exchange

The Tehran Stock Exchange (TSE) is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. As of May 2023, 666 companies with a combined market capitalization of US$1.45 trillion were listed on TSE. TSE, which is a founding member of the Federation of Euro-Asian Stock Exchanges, has been one of the world's best performing stock exchanges in the years 2002 through 2013. TSE is an emerging or "frontier" market.

<span class="mw-page-title-main">Glitnir (bank)</span>

Glitnir was an international Icelandic bank. It was created by the state-directed merger of the country's three privately held banks - Alþýðubanki, Verzlunarbanki and Iðnaðarbanki - and one failing publicly held bank - Útvegsbanki - to form Íslandsbanki in 1990. At the time, Íslandsbanki was the only major privately held commercial bank in Iceland. It was publicly listed on the Iceland Stock Exchange, in 1993. Íslandsbanki subsequently merged with FBA Icelandic Investment Bank in 2000.

<span class="mw-page-title-main">FIS (company)</span> American information technology company

Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2024 it offers its solutions in two primary segments: Banking Solutions & Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.

The Kazakhstan Stock Exchange is a stock exchange located in Almaty, Kazakhstan. The exchange was founded in 1993.

<span class="mw-page-title-main">Wachovia</span> Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

<span class="mw-page-title-main">Deutsche EuroShop</span> German Real Estate Investment Company

Deutsche EuroShop AG is an internationally active German real estate investment company headquartered in Hamburg. It is the largest German investor in shopping centers, and the country's only publicly traded company to do so exclusively. At the end of 2022, the firm held investments in 21 properties in Germany, Austria, Poland, Czech Republic and Hungary.

Prysmian S.p.A. is an multinational company with headquarters in Milan, specialising in the production of electrical cable for use in the energy and telecom sectors and for optical fibres. Prysmian is present in North America with 23 plants, 48 in Europe, 13 in LATAM, 7 MEAT, 13 APAC.

<span class="mw-page-title-main">Sinch AB</span> Telecommunications and cloud communications platform as a service (PaaS) company

Sinch AB, formerly CLX Communications, is a communications platform as a service (CPaaS) company which powers messaging, voice, and email communications between businesses and their customers. Headquartered in Stockholm, Sweden, the company employs over 4000 people in more than 60 countries.

A-TEC Industries AG was an international industrial holding company based in Vienna, Austria. It belonged to the Austrian industrialist Mirko Kovats. A-TEC was quoted on the Vienna stock exchange from the end of 2006 until February 2014. In 2007, the group of companies accounted for nearly 14.000 employees and had a turnover of more than 2 billion Euro. A-TEC was active in the areas of power plant construction, drive technology, industrial engineering and minerals & metals.

References

  1. "List of ITRS Partners". Archived from the original on 2011-09-12. Retrieved 2009-09-08.
  2. "Pierre Gatignol (GL Trade) Notre reseau privee permet d'envoyer un ordre aux bourses en moins de 20 centiemes". Le Journal du Net. 2007-10-18. Retrieved 2011-09-01.
  3. "SunGard Announces Intention to Acquire GL TRADE for EUR 41.70 per Share". www.businesswire.com. 2008-08-01. Retrieved 2020-09-01.
  4. "SunGard to Acquire GL Trade | Network Computing". www.networkcomputing.com. Retrieved 2020-09-01.
  5. "SunGard Completes Acquisition of Majority Interest in GL Trade". www.sungard.com. 2008-10-01. Retrieved 2011-09-01.