All posts by Avenir

Provides software to operate Securities Registry and Central Securities Depository

London, November 1st, 2018 – Avenir Technology Limited (, a global developer of post-trade Financial Market Infrastructure solutions, has today announced that it is the provider of post-trade market services to the Astana International Exchange (AIX) in Kazakhstan. Avenir developed both a securities registry and a Central Securities Depository (CSD), along with related FIX trading and post-trade SWIFT messaging, to support this new exchange in the Astana International Financial Centre (AIFC).

AIX has now completed the roll-out of the production versions of the Avenir applications. All ten AIX CSD participants are connected to the Avenir platform, which also offers integrated SWIFT messaging capabilities. Drawing on the wealth of experience held by the Avenir team in establishing new exchanges, the contract includes consulting on the design of the market’s infrastructure, as well as technically supporting the Registry, CSD and connection to NASDAQ for the first five years.

Avenir was founded in 2014, with its first project being the delivery of a warehouse receipt system for the storage, financing and trading of commodities. Since then, the company has expanded its range of financial market infrastructure solutions and operates with a growing number of clients located in both mature and emerging markets across the globe.

Martyn Bain, co-founder and director of Avenir, commented:

“Over the last 4 years, we have been working extensively in emerging markets across the globe to provide them with next generation financial market infrastructure solutions. We are delighted to have been awarded these contracts in Kazakhstan, adding to our existing portfolio of business.”

The Astana International Exchange (AIX) is a regional platform to attract investment to Kazakhstan and the Central Asian Region, linked to the “Belt and Road” Initiative. The role of the AIX is to enable domestic and regional development, through the mobilisation of domestic resources and foreign portfolio flows.

Tim Bennett, CEO of AIX, commented:

“The Astana International Exchange will be an efficient, globally supported exchange platform for both Kazakhstan and the neighbouring countries. To ensure safe and reliable post-trading infrastructure we needed a professional provider of sophisticated technologies that could be tailored to meet our requirements. We are glad that in partnership with an experienced supplier of technologies for exchanges we are ready to start operations on AIX.”

Over 10 million contracts processed in first year

London, September 25th, 2018 – Avenir Technology Limited (, a global developer of post-trade Financial Market Infrastructure solutions, has marked the first anniversary of its cooperation with the Vietnam Securities Depository (VSD).

In August 2017, Avenir delivered a state of the art multi-language real-time clearing and settlement system for the VSD, which has over the last 12 months handled more than ten million distinct contracts. Volumes handled by the frontier Vietnamese market are now in line with those transacted by central counterparty clearing houses (CCPs) for established futures markets across Asia. Peak trading in July 2018 saw more than two million contracts handled during the month, ranking the VSD around 30th out of the 54 CCPs operating globally.

Martyn Bain, co-founder and Director of Avenir, commented:

“As a business, we know there’s a real demand in emerging markets to be able to tap into the expert knowledge required to structure an efficient derivative market. The team at Avenir worked extensively with the VSD to design a scalable, robust process, supported by the necessary technology. To have seen such flow in the first 12 months of operation clearly illustrates the demand for this market and outstripping all expectations.”

Mr. Duong Ngoc Tuan, Senior Manging Director of the Vietnam Securities Depository, commented:

“We understood the benefits of providing a comprehensive infrastructure, especially in terms of clearing and settlement systems for the Vietnam derivatives market, in terms of improving financial market structure and better developing capital formation in the country. The clearing and settlement system provided by Avenir helps us to better perform the role of CCP for the derivative market, with all settlement risks being prevented through the functionalities of the system in real-time manner, facilitating smooth and secure settlement processes over last 12 month.”

Hanoi, Vietnam, 10 August 2017. Avenir Technology is excited to announce the go-live of the first derivatives market and fully integrated central counterparty (CCP) clearing house in Vietnam. Avenir has delivered a state of the art multi-language real-time clearing and settlement system. The launch announcement was made at an event in Hanoi in the presence of Prime Minister Nguyen Xuan Phuc and members of his cabinet.

In the photo, L-R are Stuart Turner, Martyn Bain, Ferry Hendrikx, Mr Duong Ngoc Tuan (VSD) and Hirander Misra (GMEX).

Beirut, London, UK, 5 July 2017. Midclear S.A.L., the Custodian and Clearing Center of financial instruments for Lebanon and the Middle East, has selected GMEX Group wholly owned subsidiary, GMEX Technologies, to provide and implement its innovative AvenirClear CCP product as the core system of the first derivatives central counterparty (CCP) in Lebanon. The set-up of the CCP by Midclear represents an important milestone in the reinvigoration of the Lebanese Capital Markets, part of Lebanon’s strategic plans for its economy and reconstruction. The derivatives asset classes covered include FX Futures, Equity Index Futures & Options, and Commodity Futures, including precious metals.

Since the inception of the Capital Market Authority (CMA), led by the Central Bank of Lebanon, important work has been carried out by the CMA to draw up the financial market rules and regulations to best international standards, paving the way for a strong capital markets development in the region. The addition of a CCP will ensure the efficiency and effectiveness of the operations in this market, and provide safeguards for members, traders and investors.

AvenirClear CCP provides Midclear with an advanced real time risk management, and clearing and settlement platform that is fully compliant with the CPMI-IOSCO Principles for Market Infrastructures (PFMIs). Compliance with these principles is part of the Qualifying Central Counterparty (QCCP) criteria, and is recognised as the highest global standard for managing risk and communication in in the industry.

Hirander Misra, Chairman & CEO of GMEX Group, commented, “We are delighted to be working with Midclear to implement the AvenirClear CCP solution across multiple asset classes including options and excited to be supporting the development of the capital markets in Lebanon.” He added, “GMEX Group works in partnership with clients using agile project management. Our ability to deliver robust solutions within tight timeframes is key for market infrastructure decision makers.”

Fouad El Khoury, CEO of Midclear, stated, “The AvenirClear CCP solution and the business knowledge and flexibility of the GMEX team in meeting our requirements are important to us. The Derivatives CCP will be a key piece in the future landscape of Lebanese capital markets and it will need to meet all international standards.”

London, Lilongwe 19 May 2016. GMEX Technologies (GMEX TECH), part of the GMEX Group and Avenir Technology Limited (Avenir), the UK based post-trade software firm, today announced phase 2 of the project to implement the warehouse receipt system, AvenirWRS, is live at the Agricultural Commodity Exchange for Africa (ACE) in Malawi.

Delivering innovation in exchange traded derivative contracts to be traded on Hanoi Stock Exchange and centrally cleared by Vietnam Securities Depository

GMEX Group has entered into a joint venture agreement with FPT Information System (FPT) based in Hanoi. The partnership has been awarded the mandate to provide technology, global business and local operational expertise to launch the first Derivatives market and fully integrated clearing house in Vietnam. The Ministry of Finance (MOF) has entrusted the HNX and the Vietnam Securities Depository (VSD) to operate the derivative market’s transaction

The derivatives market is an important step in creating qualitative change for the Vietnamese securities market after a long era of quantitative development. It will also help investors identify and mitigate risks and diversify into other investment channels. The market participants will include settlement banks, intermediaries and investors from both enterprises and investment funds.

The new market will facilitate transactions based on stock accounts such as stock indexes, Government bonds and shares. The first traded instruments will be share indexes (HNX30 and VN30) and Government bonds with five-year terms.

GMEX Technologies (GMEX Tech), with FPT, will manage the project to provide a multiasset, multi-language exchange trading system suite and market surveillance solution to HNX, who will operate the derivatives exchange. The project will deliver a real-time clearing system to VSD, who will operate the clearing house. The target go live date is Q4 2016.

The initiative will support functionality for stocks, cash settled index futures, warrants, bonds, commodities, cash- and physically-settled equity futures, cash- and physically-settled bond futures, cash-settled commodity futures, cash-settled interest rate futures, contracts for
2 differences, government bonds, single stocks, non-implied equity index options and nonimplied single stock options.

This initiative highlights GMEX continued focus on innovative new products and emerging market development as well as growth through a unique sustainable partnership-driven model.

London, UK / Dushanbe, Tajikistan. 16th September 2015 GMEX Group today announced that it has entered into a partnership agreement with the Central Asian Stock Exchange (CASE) based in the Republic of Tajikistan through its GMEX Technologies (GMEX Tech) subsidiary.

Tajikistan is currently undergoing a significant period of change with a range of projects being supported by the European Bank for Reconstruction & Development (EBRD), The World Bank and the Asian Development Bank (ADB). Key priorities include the delivery of an improved banking sector to attract new investment. The introduction of a fully transparent and advanced technological exchange and clearing solution will support this process.

The CASE exchange application was granted in 2015 by the securities regulator in Tajikistan. The partnership with GMEX Tech will facilitate the establishment of the first fully integrated Exchange, CCP and CSD in Tajikistan leveraging the end to end exchange trading, market surveillance, clearing and settlement technology platforms, operations and global business expertise ecosystem, which GMEX Tech will provide.

CASE will launch during Q4 2015 initially with securities, followed a derivatives market during 2016. The shareholders of CASE are also in the process of establishing a new company, which will act as the central securities depository (CSD) for the new exchange upon launch and expand to be a clearing house to service the derivatives market.

GMEX Group is also in advanced stage discussions to acquire a strategic equity stake in both CASE and the central securities depository company

“This agreement with CASE highlights our focus on emerging markets development to aid economic growth through a unique sustainable partnership driven model,” commented Hirander Misra, Chief Executive Officer and Co-Founder of GMEX Group. He added, “our relationship will provide Tajikistan with a world class primary exchange, clearing house and CSD enabled by our technology, operations and business expertise.”

Alisher Shernazarov, Chief Executive Officer of CASE said, “we are delighted to have GMEX Group as a partner and to have started the first phase of our implementation of the exchange technology suite provided by GMEX Technologies.” He added, “we are well on the way towards our goal of launching a fully integrated securities and derivatives exchange with a clearing solution for the Central Asian region.”

The future of Financial Market Infrastructure

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