Global Markets Exchange Group International (GMEX) has announced the sale of its technology business, GMEX Technologies, to current minority stakeholder Forum Trading Solutions.
As a result of the deal, Forum will take full control of the GMEX Technology business, as well as acquire its clients and the GMEX name related trademarks. The newly formed company will operate under the GMEX Group and GMEX Technologies brand to provide multi-asset exchange and post-trade business services and technology across the infrastructure chain.
The GMEX exchange business will operate as a separate entity and is to be renamed, with the focus on facilitating "the adaption of buy-side firms to the changing regulatory environment."
Sandy Broderick, chairman of the to-be-renamed entity, said in a statement: "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."
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