Introduction

PART.01 | PART.02 |

2006 - A turning point

Pierre Gatignol

”We have made changes to our structure to help adapt to changes in the markets and the needs of our clients„.

2006 represented a turning point for GL TRADE. The group, which now has turnover of €185m, saw a return to growth in its historical core Front Office business line, whilst also stepping up the pace of growth in Middle and Back Office applications and risk management activities acquired since 2003.

This performance confirmed the value of our strategy of combining organic growth for our existing products with acquisitions, which opens the way to rapid integration of the products acquired and their global distribution through our very extensive sales network.

The return to growth in our historical core business was due to double-digit growth in Asia, the USA and Eastern Europe and to the stabilisation of the contract base in European markets, where we enjoy strong market share.

The acquisition of Ubitrade at the end of 2004 has allowed us to add UBIX to GL CLEARVISION to provide a complete derivatives Middle Office solution. UBIX is already the leading product in Continental Europe and is enjoying strong growth in the USA. Through TRADIX, the Ubitrade acquisition also expanded our expertise in capital markets to include OTC and fixed income products, a domain that complements our historical position in organised markets.

Over the past two years, we have been distributors of products from Fermat. However, as GL TRADE has a clear emphasis on the integration of products as part of its acquisitions strategy, we chose to return responsibility for distribution to our former partner on 1 January 2007.

Excluding Fermat and at constant exchange rates, our teams produced turnover growth of 5% in 2006.

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