GLMX collects $20m to address efficiency and reporting concerns

GLMX, a technology solution for the trading of repurchase agreements, has landed $20m in growth equity funding.

The funding was led by Sutter Hill Ventures, one of the U.S.’s oldest and most successful venture capital firms, with Otter Capital and Tippet Venture Partners also participating.

With regulatory reporting requirements increasing, GLMX’s request-for-quote (“RFQ”) based buy-side-to-dealer trading platform aims to enhance the relationship between buy-side and sell-side counterparties, addressing the need for a more efficient repo trading infrastructure. It will use the new funding expand its operations into major European markets and bolster its engineering team.

“Global repo markets are in the midst of significant change, driven by evolving capital needs and regulatory requirements,” said Glenn Havlicek, CEO and co-founder of GLMX.
“As an example, in the UK and Europe, MiFID II and SFTR pre and post-trade reporting demand a new level of data capture which, if available at all, currently relies on expensive and time-consuming manual intervention. We’ve rolled out a fully redesigned, state-of-the-art solution that is specifically intended to streamline workflows between the buy and sell sides and to automate their trade reporting obligations.”

In 2010, Wall Street veterans partnered with Silicon Valley technologists to develop GLMX technology which provides an ‘intuitive, comprehensive, integrated’ global money market trading solution for institutional participants. The goal of GLMX is to be a leader in technology, to maximize trade lifecycle efficiency and reporting and to improve client access to market liquidity.

Last month, Sutter Hill Ventures participated it Menlo Security’s $40m Series C round. New investors American Express Ventures, Ericsson Ventures and HSBC joined Menlo’s existing investors: JPMorgan Chase, General Catalyst, Osage University Partners and Engineering Capital in the round.

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