Beyond efficiency: Trading technology for upside
10 June 2025
Technology is not just replicating workflows, it is redefining what is possible, says James Day, client relationship director at GLMX, who explores the potential of technology to streamline and elevate in order to expand potential
Image: stock.adobe.com/Paulista
For years, the conversation around trading technology in securities finance, across repo and securities borrowing and lending (SBL), has centred on efficiency 鈥� reducing manual work, minimising errors, and improving settlement rates. These are critical outcomes, especially in high-volume markets. But we are at a turning point.
Today, the market has reached a level of electronification where baseline efficiency is expected. The true opportunity lies beyond error reduction and latency optimisation: it is about unlocking the ability to prosecute higher-value trades, tap into more complex and nuanced opportunities, and scale business intelligently across asset classes and regions.
This is not just evolution 鈥� it is transformation.
From plumbing to performance
As recently as five years ago, many SBL and repo desks were still reliant solely on spreadsheets, phone calls, instant messaging, and disjointed systems to execute on their trading decisions. In that world, 鈥榯echnology鈥� meant automating what was already being done manually.
But now, technology is not just replicating workflows 鈥� it is redefining what is possible. Automation, integration, sophisticated decision support, and connectivity are not just reducing friction; they are expanding the surface area of what can be traded, with whom, and how often.
This shift changes the conversation from 鈥榟ow do we reduce fails?鈥� to how do we use tech to grow faster, win better business, optimise resources, reduce risk, and trade more strategically?
Three forces redefining growth
1. Scale with confidence
Modern trading platforms are removing previous trade-offs between volume and control. Clients can handle thousands of transactions in real time 鈥� across general collateral (GC), non-GC and hard-to-borrow securities lending, and collateral transformation 鈥� with audit trails, compliance automation, and actionable insights built in.
What makes this possible?
鈥� Targeted availability lists that update dynamically throughout the day, so traders act on real, relevant inventory 鈥� not outdated broadcasts.
鈥� Deep integration with client order management systems (OMS) and trading applications, enabling real-time alignment between trading desks and front-office execution strategies.
At GLMX, we offer a range of negotiation protocols to manage different workflows and multiple connectivity options to suit all types of firms.
This is what makes true scale not just possible 鈥� but manageable and profitable.
2. Unlocking high-value trades
It is not simply about doing more 鈥� it is about doing better. The right technology empowers traders to identify, pursue, and execute complex or high-value trades that would otherwise remain out of reach.
Key enablers here include:
鈥� Multi-variable negotiation, allowing participants to move beyond binary trade terms and engage with counterparties on rate, term, collateral, margin, and other dimensions 鈥� all within a single interaction.
鈥� Real-time analytics and trade lifecycle management that surface opportunities and mitigate risks before they impact P&L.
From sourcing specials in hard-to-borrow equities to managing real-time substitutions in structured repo chains, advanced tools are turning missed opportunities into realised gains.
3. Cross-asset growth
Clients increasingly desire a single platform that supports all of their financing related activities in repo, securities lending, and total return swaps (TRS) across fixed income and equities. This is not about convergence in theory 鈥� it is already happening on the desks.
To support this, platforms need:
鈥� Unified workflows that reflect how desks actually operate across asset classes.
鈥� OMS integrations that allow seamless execution across desks, regions, and counterparties.
鈥� The flexibility to broadcast, receive, negotiate, and execute across a range of instruments and protocols 鈥� without switching systems or workarounds.
The result is not just operational convenience 鈥� it is strategic growth, trading optimisation, and smarter client coverage.
Two use cases: Value over volume
Use case one: Sourcing liquidity in non-GC SBL
Locating off GC, warms, and hard-to-borrow securities once meant manual outreach and fragmented workflows. Today, borrowers can:
鈥⒙燽roadcast targeted inquiries to relevant lenders, not a generic list
鈥⒙爎eceive firm, live quotes based on current availability and limits
鈥⒙爊egotiate nuanced terms using multi-variable protocols
鈥⒙爀xecute, track, and manage 鈥� all in one place
The impact is faster access to broader liquidity pools, better pricing, lower latency and a higher win rate on trades.
Use case two: Managing lifecycle events in repo
Substitutions, partials, and re-rates can quickly become a bottleneck. But with integrated lifecycle tools:
鈥⒙燼utomated workflows prioritise and manage events at scale
traders, operations, and risk stay in sync via connected systems
鈥⒙燾apacity increases, allowing firms to take on more valuable business without additional operational drag
The impact 鈥� risk is reduced, capacity is freed, and traders focus on forward-looking opportunities.
The tipping point: Real technology, real scale
The industry is past the experimentation phase. We have hit a tipping point where technology adoption is widespread 鈥� but now clients are demanding more. Not just functionality. Not just resiliency. They want platforms that help them win better business, faster.
That means:
Engaging directly at the point of trade, not through multiple handoffs.
Using dynamic availability lists to seize real-time opportunities.
Leveraging OMS integrations to connect pre-trade intent with post-trade execution.
It is no longer enough for technology to help participants keep up. It has to help them pull ahead.
A new technology standard
Leading firms are not just evaluating platforms based on whether they reduce operational load. They are asking:
鈥⒙燙an this technology make me a better trader?
鈥⒙燙an I access additional pools of liquidity?
鈥⒙燚oes it help me win high-value trades more consistently?
鈥⒙營s it equipped to support my cross-asset strategy?
These are the questions driving adoption 鈥� and investment.
Final thought: Growth is the new efficiency
Efficiency remains foundational 鈥� but it is no longer the finish line. As repo, SBL, and TRS continue to evolve in size, complexity, and importance, the firms that thrive will be those who use technology not only to streamline, but to elevate.
We have entered a new era where trading technology is no longer just about reducing friction 鈥� it is about expanding potential.
At GLMX, that is exactly the future we are building.
Today, the market has reached a level of electronification where baseline efficiency is expected. The true opportunity lies beyond error reduction and latency optimisation: it is about unlocking the ability to prosecute higher-value trades, tap into more complex and nuanced opportunities, and scale business intelligently across asset classes and regions.
This is not just evolution 鈥� it is transformation.
From plumbing to performance
As recently as five years ago, many SBL and repo desks were still reliant solely on spreadsheets, phone calls, instant messaging, and disjointed systems to execute on their trading decisions. In that world, 鈥榯echnology鈥� meant automating what was already being done manually.
But now, technology is not just replicating workflows 鈥� it is redefining what is possible. Automation, integration, sophisticated decision support, and connectivity are not just reducing friction; they are expanding the surface area of what can be traded, with whom, and how often.
This shift changes the conversation from 鈥榟ow do we reduce fails?鈥� to how do we use tech to grow faster, win better business, optimise resources, reduce risk, and trade more strategically?
Three forces redefining growth
1. Scale with confidence
Modern trading platforms are removing previous trade-offs between volume and control. Clients can handle thousands of transactions in real time 鈥� across general collateral (GC), non-GC and hard-to-borrow securities lending, and collateral transformation 鈥� with audit trails, compliance automation, and actionable insights built in.
What makes this possible?
鈥� Targeted availability lists that update dynamically throughout the day, so traders act on real, relevant inventory 鈥� not outdated broadcasts.
鈥� Deep integration with client order management systems (OMS) and trading applications, enabling real-time alignment between trading desks and front-office execution strategies.
At GLMX, we offer a range of negotiation protocols to manage different workflows and multiple connectivity options to suit all types of firms.
This is what makes true scale not just possible 鈥� but manageable and profitable.
2. Unlocking high-value trades
It is not simply about doing more 鈥� it is about doing better. The right technology empowers traders to identify, pursue, and execute complex or high-value trades that would otherwise remain out of reach.
Key enablers here include:
鈥� Multi-variable negotiation, allowing participants to move beyond binary trade terms and engage with counterparties on rate, term, collateral, margin, and other dimensions 鈥� all within a single interaction.
鈥� Real-time analytics and trade lifecycle management that surface opportunities and mitigate risks before they impact P&L.
From sourcing specials in hard-to-borrow equities to managing real-time substitutions in structured repo chains, advanced tools are turning missed opportunities into realised gains.
3. Cross-asset growth
Clients increasingly desire a single platform that supports all of their financing related activities in repo, securities lending, and total return swaps (TRS) across fixed income and equities. This is not about convergence in theory 鈥� it is already happening on the desks.
To support this, platforms need:
鈥� Unified workflows that reflect how desks actually operate across asset classes.
鈥� OMS integrations that allow seamless execution across desks, regions, and counterparties.
鈥� The flexibility to broadcast, receive, negotiate, and execute across a range of instruments and protocols 鈥� without switching systems or workarounds.
The result is not just operational convenience 鈥� it is strategic growth, trading optimisation, and smarter client coverage.
Two use cases: Value over volume
Use case one: Sourcing liquidity in non-GC SBL
Locating off GC, warms, and hard-to-borrow securities once meant manual outreach and fragmented workflows. Today, borrowers can:
鈥⒙燽roadcast targeted inquiries to relevant lenders, not a generic list
鈥⒙爎eceive firm, live quotes based on current availability and limits
鈥⒙爊egotiate nuanced terms using multi-variable protocols
鈥⒙爀xecute, track, and manage 鈥� all in one place
The impact is faster access to broader liquidity pools, better pricing, lower latency and a higher win rate on trades.
Use case two: Managing lifecycle events in repo
Substitutions, partials, and re-rates can quickly become a bottleneck. But with integrated lifecycle tools:
鈥⒙燼utomated workflows prioritise and manage events at scale
traders, operations, and risk stay in sync via connected systems
鈥⒙燾apacity increases, allowing firms to take on more valuable business without additional operational drag
The impact 鈥� risk is reduced, capacity is freed, and traders focus on forward-looking opportunities.
The tipping point: Real technology, real scale
The industry is past the experimentation phase. We have hit a tipping point where technology adoption is widespread 鈥� but now clients are demanding more. Not just functionality. Not just resiliency. They want platforms that help them win better business, faster.
That means:
Engaging directly at the point of trade, not through multiple handoffs.
Using dynamic availability lists to seize real-time opportunities.
Leveraging OMS integrations to connect pre-trade intent with post-trade execution.
It is no longer enough for technology to help participants keep up. It has to help them pull ahead.
A new technology standard
Leading firms are not just evaluating platforms based on whether they reduce operational load. They are asking:
鈥⒙燙an this technology make me a better trader?
鈥⒙燙an I access additional pools of liquidity?
鈥⒙燚oes it help me win high-value trades more consistently?
鈥⒙營s it equipped to support my cross-asset strategy?
These are the questions driving adoption 鈥� and investment.
Final thought: Growth is the new efficiency
Efficiency remains foundational 鈥� but it is no longer the finish line. As repo, SBL, and TRS continue to evolve in size, complexity, and importance, the firms that thrive will be those who use technology not only to streamline, but to elevate.
We have entered a new era where trading technology is no longer just about reducing friction 鈥� it is about expanding potential.
At GLMX, that is exactly the future we are building.
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