LONDON and NEW YORK, June 1, 2006 (PRIMEZONE) -- GlobeOp Financial Services (GFS(sm) or GlobeOp(r)), a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices, announced today that GoMarkets(sm), GlobeOp's electronic trading connectivity platform for its hedge fund clients, has entered into an agreement to offer clients the ability to access BondVision's electronic trading platform. Powered by the MTS Group inter-dealer trading platform for European bonds, with average trading volumes of EURO 75 billion in cash and repo, BondVision is a leading multidealer-to-client market in Europe, which allows clients to access price discovery as well as real-time, tradable prices from the leading MTS market makers.
GlobeOp's clients will now be able to access BondVision's premier multi-dealer electronic solution for fixed income trading, where previously they might have been limited to trading via phone or required to access multiple electronic platforms from various dealers or product types. Clients, through the request-for-quote or request-for-switch-quote functionalities, will simultaneously send trade requests to a maximum number of their preferred BondVision Dealers, and based on the dealers' replies, will be able to execute the trade at the best price.
As a further benefit to GlobeOp clients, direct connectivity via GoMarkets to BondVision will enable the increased efficiencies of straight through processing (STP) of fixed income securities directly into GlobeOp's trade entry and bookkeeping infrastructure. Through GoMarkets, BondVision's participating market makers can expand their service to GlobeOp's hedge fund clients and a large and diversified buyside community, accounting for a significant share of the daily European bond volume.
Hans Hufschmid, chairman and chief executive officer of GlobeOp, said, "Adding BondVision's European fixed income securities trading to our GoMarkets platform further enhances the remarkable power of the connectivity we are rapidly building for our clients. GoMarkets now makes possible straight through processing for FX through Currenex, CDs through T-Zero and global equities through Instinet. With BondVision and the future connections we are planning, we see GlobeOp continuing to build its leadership position as an innovative solutions provider to the hedge fund community."
Gianluca Garbi, chief executive officer of MTS Spa, added, "Permitting the participants of the market to automate the processing of the transactions to their clearing and settlement houses of choice has always been the top priority in all the markets we manage. This agreement with GlobeOp will extend to the hedge fund community the level of post-trading flexibility that BondVision is committed to providing to the 1,000 fund managers active in its market."
About BondVision
Powered by MTS, Europe's leading fixed-income wholesale market, BondVision is the only regulated Internet-based multi Dealer-to-Client Market with an ISD European passport. Institutional clients connect via the Internet and request quotes from competing Dealers prior to trading at the best incoming price. BondVision Dealers are also members of the network associated with MTS Markets' wholesale trading platform. Listed securities include euro-denominated Sovereigns, Agencies, Asset-backed securities and corporate bonds. Local currency sovereign issues from Central European countries are also listed. Cash and Switch trading are supported. Clients trade on BondVision free of charge. BondVision dealers include a blend of global houses and regional specialists.
About GlobeOp
GlobeOp Financial Services specializes in middle- and back-office support services and fund administration for hedge funds, funds of hedge funds, asset managers and high net worth family wealth managers. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience. More information about GFS can be found at www.globeop.com.
Statements made in connection with this news release that are not historical fact, such as forward-looking statements concerning future performance and growth, involve risk and uncertainties and are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Although GFS believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, such as competition, loss of clients or a reduction in business received from clients, failure to retain key management and employees, success of new services, reputational harm, disruption of crucial computer and communications systems, regulation, pending, threatened or future legal proceedings, general economic conditions and other factors, including those impacting the hedge fund industry generally, such as changes in the market environment, decreased growth rates and industry consolidation, could cause actual results to differ materially from GFS' expectations. Any forward-looking statements represent the best judgment of GFS as of the date of this release. GFS disclaims any intent or obligation to update any forward-looking statements.
GlobeOp, GFS, www.globeop.com, and GlobeOp's "G" logo are trade and service marks of GlobeOp Financial Services and are used throughout the world. The GlobeOp service mark is registered in the United States and the European Union; the GFS trade and service mark is registered in the European Union; GlobeOp's "G" logo is registered in the European Union. In addition, all other content, trademarks, service marks, trade names, logos, and icons are proprietary to GlobeOp Financial Services, SA or its affiliates, licensors or agents. Nothing contained in this news release or on GlobeOp's Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trade or service mark displayed in this news release or on GlobeOp's Web site without the written permission of GlobeOp Financial Services. Use of the trade and/or service marks displayed in this news release or on GlobeOp's Web site, or any other content found in this news release or found on GlobeOp's Web site, except as provided herein, is strictly prohibited. All other products or company names herein may be trade and/or service marks of their respective owners.
"GlobeOp Markets Ltd is registered and authorized at the Financial Services Authority as an introducer appointed representative of EuroMTS Ltd. It is subject to the relevant rules contained in the FSA Handbook. The information contained on this press release is communicated (approved for distribution) by EuroMTS Ltd to persons who are market counterparties or large intermediate customers deemed market counterparties (as detailed in the rules of the Financial Services Authority) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers."