exmode

EXMODE

GX2 Spread Markets’ ExMode allows traders to build and execute cross-venue, multi-product spread strategies at their exact spread limit level, always in balance, and without legging risk. We aim to improve the spread markets by aggregating a majority of the Treasury Market’s liquidity into our STAR Aggregator. GX2 then decimalizes the underlying legs of a customized spread order and streams continuous, actionable markets. GX2 provides increased market efficiencies to our clients by removing the uncertainty of spread execution. The electronic format brings full transparency and allows the trader to gain control of the trade execution cycle.

STAR Aggregation

GX2’s STAR (Smart Trade Aggregation and Routing) allows clients to:

 

  • Interact with a majority of the Treasury market’s liquidity across Primary Dealers, Principal Trading Firms, Inter-Dealer Brokers and new bilateral platforms within a single limit order book.
  • Submit orders with a single click either passively or actively.
  • Trade through depth at multiple prices and multiple venues with a single click.

Spread Execution

ExMode Spread Execution Algorithms remove all legging risk from the trader and allows that trader to:

 

  • Design cross-venue, multi-product spread trades with a friendly and flexible user interface.
  • Monitor actionable spread markets for custom strategies.
  • Execute trades precisely at their spread limit, always in balance, and never legged.

RTPL

GX2’s RTPL provides traders with the ability to monitor their fills and net position on the day as well as:

 

  • Retrieve all trading activity both intra-day and historically.
  • Create firm reports that can group multiple traders into a single view.
  • Export this data via a CSV file to easily feed other systems and reports.

FIX DropCopy

GX2 Spread Markets believes strongly in creating tailored Straight-Through-Processing (STP) solutions by:

  • Supplying a standard FIX 4.4 Drop Copy.
  • Offering streaming fills in excel as a light solution for STP to proprietary risk systems.
  • Working with third party vendors to develop solutions that work best for our clients.

marketplace

MARKETPLACE

US TREASURIES

Our marketplace provides clients with access to the aggregated liquidity combining Primary Dealers, Inter-Dealer Brokers, Principal Trading Firms, bilateral platforms, and exchanges.

 

  • BrokerTec
  • Dealerweb CLOB
  • Dealerweb Active Streams
  • Fenics US Treasuries
  • Goldman Sachs
  • J.P. Morgan
  • MarketAxess

    •   
     

FUTURES EXCHANGES

  • CME Group

    •  
     
     

 
 

PRODUCTS

GX2 Spread Markets provides access to following products:

 
Fixed Income:

  • 2Y, 3Y, 5Y, 7Y, 10Y, 20Y, 30Y
  • ZT, Z3N, ZF, ZN, TN, ZB, UB, TWE
  • SOFR futures

    •  

Currency and Commodity:

  • Aussie Dollar, British Pound, Canadian Dollar, Euro, Yen, CL, HO

Equity Indices:

  • ES, EMD, YM, Russell

    •  

GLOBAL COLOCATION SITES

Our Marketplace provides server-based, colocated execution performance at these locations. GX2 can be accessed over the internet or via cross connect at CH1.

 

  • CH1 350 Cermak, Chicago, IL
  • DC3 CME Data Center, Aurora, IL
  • NY4 Secaucus, NJ
 

A REGULATORY SOLUTION FOR THE MARKET PLACE

GX2 Spread Markets is a regulatory solution for the Marketplace as we ease the burden of increasing Dodd-Frank compliance requirements. Our platform helps clients in this capacity by providing a daily audit trail of all spread and outright order activity within GX2SM, inventory management and wash sale mitigation, robust risk controls, and a dramatic reduction in order messaging and order-to-trade ratios. GX2SM maintains the responsibility for recording audit trails for all futures exchanges, including the CME, which are available through GX2 Spread Markets.

resources-two

RESOURCES

ExMode DEMO

For more information on trading through GX2, please call 312-471-6300 or send an email to jenn@gx2spreadmarkets.com

FAQ

There are currently no monthly reoccurring fees to access the platform. There are no additional mark-ups for spread trading; spreads are cleared net at the price on the screen.
GX2 Spread Markets is principal to all trades whether executed as a spread strategy or on an outright basis.
You will not pay EFP charges when trading on GX2SM. GX2SM does not typically use EFP’s to execute futures. We dramatically reduce fees by giving up futures trades executed in the central limit order book of the exchange. These trades are given up electronically to a customer’s clearing broker. An 11 cent per contract give up fee will be charged to cover fees at the futures exchange.
GX2SM will be available in the most volatile markets. In fact, we believe the system performs best and delivers the most value to our customers in this type of market dynamic. We’ve had traders successfully execute strategies on the most volatile market days, such as BREXIT, without any legging risk.
GX2 does not limit the number of legs included in a strategy. In theory, you can execute as many as your strategy includes. In practice, we have seen 18 legs execute successfully.
GX2 Spread Markets will continue to post price levels, but will reduce bid/offer sizes to zero on our screens approximately a minute prior to and 30 seconds after a known economic release.

team

ABOUT US

GX2 Spread Markets is focused on providing the most efficient method of spread execution services in global electronic markets. GX2’s unique offering of an aggregated Treasury market place and spread execution free of leg risk in electronically traded markets is the cornerstone of our operation and offers countless avenues for continued evolutions. Our Smart Trade Aggregation and Routing System aggregates the world’s deepest, most tightly priced treasury markets.Our current flagship offering is a fully hosted execution platform for outright Treasury trading as well as for customized spreads of multiproduct and relative relationships. User’s strategies may consist of cross-exchange, cross-asset class products. Orders are executed precisely at the limit price of the spread level, always in balance and free from any legging risk. GX2 Spread Markets bundles the execution techniques used by the best High Frequency Trading (HFT) firms into our platform, eliminating the need for the end user to worry about complex and costly technology problems. We allow traders to focus on what matters most — alpha generation.

 
GX2 Spread Markets, LLC is a member of FINRA, SIPC, and NFA
 

TEAM

President & CEO

David W. Jaberg is the President & CEO of both GX2 Systems and its wholly owned broker-dealer subsidiary, GX2 Spread Markets. Dave began in the financial industry as a runner on the Chicago Board of Trade. He now has over twenty-five years of experience in proprietary trading focusing on relative value treasury yield curve trading, statistical arbitrage, and market making. More recently, Dave has focused on leading projects that integrate the vast possibilities of technology into the objective of increasing the profitability of trade. In 2013, Dave helped found GX2 Systems, the parent company of GX2 Spread Markets, which is a FinTech firm combining proprietary technology and tightly controlled principal risk taking to provide relative value spread execution to clients free of leg execution uncertainty.
Additionally, Dave has just completed his PhD in Economics from the University of Illinois at Chicago. Dave received both a BA and MA in Economics from the University of Cincinnati and holds the Series 24, 7, 3, 57, and 99 registrations.

Head of Sales

Jennifer is the Head of Sales for GX2 Spread Markets, and has a deep background in institutional electronic trading and interest rates. Prior to joining GX2SM in 2016, Jennifer ran the marketing effort for Morgan Stanley’s Interest Rates Electronic Trading Group. She also held senior positions at both Credit Suisse and Barclays Capital where she led both the client analytics product development and client marketing efforts for the Interest Rate Sector. Both of these analytics platforms held top ranking positions in the annual Institutional Investor’s “Best Fixed Income Web-Analytics” client survey. Prior to her 10 years of experience in Investment Banking, she started her career at Bloomberg where she had a focus both in consulting and selling their Fixed Income Analytical Products.

Chief Compliance Officer

Patricia joined GX2 Spread Markets as the Chief Compliance Officer in January of 2017. Patricia has extensive experience in securities, derivatives and futures regulatory oversight and management. Patricia began her career at the CBOE where she started as a price reporter on the trading floor and moved to the Department of Market Regulation where she became a Director. In that role, Patricia interacted and collaborated with regulatory bodies across US and foreign markets in the development of consistent global regulation. Most recently, Patricia served as the Chief Compliance Officer at a large Wall Street firm supporting the firm’s securities and futures market making trading arm. Patricia has a BA in Business and holds the Series 4, 7, 14, 24, and 63 and the CAMS designation.

 

Check the background of GX2 Spread Markets, LLC and its investment professionals on FINRA’s BrokerCheck

contact

CONTACT

Locations

Chicago

GX2 Spread Markets, LLC
190 S. LaSalle St.
Suite 1950
Chicago, IL 60603
(312) 471-6300

New York

GX2 Spread Markets, LLC
85 Broad St.
18th Floor
New York, NY 10004

Sales

Jennifer Drag Carson
Head of Sales
(312) 471-6299
jenn@gx2spreadmarkets.com
jdrag8@bloomberg.net

Support

GX2 24/7 Technical Support Hotline
(312) 471-6300
support@gx2spreadmarkets.com

Market Hours

Monday-Friday
7:30 PM EST -5:00 PM EST

 

media

NEWS

“South Street Securities Holdings Announces Successful Closure of GX2 Systems Acquisition”

January 16, 2024

South Street Securities Holdings, Inc. (“South Street”) is pleased to announce the successful completion of its acquisition of GX2 Systems, LLC including GX2’s wholly owned broker-dealer subsidiary, GX2 Spread Markets, LLC (“GX2”). This marks a significant step in South Street’s transformation as a leading technology-enabled provider of multi-asset class securities financing, processing, execution, analytics and information services.

GX2 is an innovative financial market software engineering company…

https://www.southstreetsecurities.com/


South Street Securities Holdings Announces Successful Closure of GX2 Systems Acquisition

New York, NY, January 16, 2024— South Street Securities Holdings, Inc. (“South Street”) is pleased to announce the successful completion of its acquisition of GX2 Systems, LLC including GX2’s wholly owned broker-dealer subsidiary, GX2 Spread Markets, LLC (“GX2″). This marks a significant step in South Street’s transformation as a leading technology-enabled provider of multi-asset class securities financing, processing, execution, analytics and information services.

GX2 is an innovative financial market software engineering company specializing in the development and implementation of next-generation U.S. Treasury (UST) securities liquidity and related analytical solutions. Through a proprietary platform installed on the desktop of its institutional clients and offered on a platform as a service (PaaS) basis, GX2 provides algorithmic, agency brokerage and principal execution liquidity solutions to its growing network of users, along with direct exchange connectivity, real-time pricing of cash and futures markets and post-trade reporting services.

“This milestone is not just about growth; it’s about integrating GX2’s unique capabilities with our robust infrastructure,” commented James Tabacchi, Chief Executive Officer of South Street Securities Holdings, Inc. “Our focus now shifts to integrating our businesses and harnessing the synergies between GX2’s innovative solutions and our proven expertise. This integration will empower us to provide enhanced services to our clients and play a pivotal role in the evolution of algorithmic, agency brokerage and principal market making liquidity solutions in U.S. Treasuries.”

Since GX2’s 2015 commercial launch of ExMode, a robust and fully-hosted execution platform for UST spreads, it has impressively grown to serve over 380 unique users in prominent financial institutions, including primary dealer banks, institutional fund management firms, hedge funds, proprietary trading firms and regional broker-dealers. This expansion demonstrates the platform’s significant impact and industry acceptance. The acquisition of GX2 by South Street is a strategic move, reinforcing its commitment to providing a comprehensive suite of impactful solutions and exceptional service.

David Jaberg, GX2 President & Chief Executive Officer, declares that “The team at GX2 Systems and GX2 Spread Markets is thrilled to become a part of the South Street family of companies. The rich domain experience in securities finance, broadened product reach, and enhanced balance sheet will provide many pathways to develop and deploy our technology in new ways that will bring value to clients across the full South Street spectrum.”

About South Street Securities Holdings
South Street Securities Holdings, Inc. operates through its subsidiaries, including South Street Securities LLC, a registered broker dealer specializing in repo financing of U.S. Treasuries, Agency MBS, TBA mortgage origination hedging and equity finance; Matrix Applications, LLC, a technology and back-office services company; South Street Capital Management, LLC, an asset management company; and AmeriVet Securities, Inc., a service-disabled veteran and minority owned broker dealer.

About GX2 Systems
Formed in Chicago in 2013, GX2 Systems, LLC is a financial market software engineering company specializing in the development and implementation of next-generation U.S. Treasury securities liquidity solutions across the spectrum of agency brokerage, principal market making and algorithmic trading. Through a state-of-the-art proprietary platform as a service, offered as a desktop application or through a FIX API, GX2 provides its institutional clients direct exchange connectivity, real-time pricing of UST cash and futures markets, and post-trade reporting services. GX2’s software was developed internally by an experienced team of software engineering and trading veterans with the objective of delivering high quality, low latency, market microstructure-based execution to each of our users. All business activities requiring a regulated environment are conducted through its wholly owned broker-dealer subsidiary, GX2 Spread Markets LLC, a FINRA/SIPC member broker-dealer and CFTC/ NFA registered introducing broker.

South Street Media and Investor Relations Contacts
James (Jim) Tabacchi +1.212.803 5050, james.tabacchi@cmetllc.com
Karsten Berlage +1.646.809 6982, karsten.berlage@sssnyc.com

GX2 Systems Media and Investor Relations Contacts
David Jaberg +1.312.471 6302, djaberg@gx2spreadmarkets.com
Jennifer Drag Carson +1.312.471 6299, jenn@gx2spreadmarkets.com

“South Street Securities Holdings is Acquiring GX2 Systems”

August 1, 2023

South Street Securities Holdings Inc. (“South Street”) will acquire all of the equity interests of GX2 Systems, LLC including GX2’s wholly owned broker-dealer subsidiary, GX2 Spread Markets, LLC (“GX2”). This transaction is expected to accelerate South Street’s transformation as a leading technology-enabled provider of multi-asset class securities financing, processing, execution, analytics, and information services.

GX2 is an innovative financial market software engineering company…

https://www.southstreetsecurities.com/


South Street Securities Holdings is Acquiring GX2 Systems

NEW YORK, August 1, 2023— South Street Securities Holdings Inc. (“South Street”) will acquire all of the equity interests of GX2 Systems, LLC including GX2’s wholly owned broker-dealer subsidiary, GX2 Spread Markets, LLC (“GX2”). This transaction is expected to accelerate South Street’s transformation as a leading technology-enabled provider of multi-asset class securities financing, processing, execution, analytics, and information services.

GX2 is an innovative financial market software engineering company specializing in the development and implementation of next-generation U.S. Treasury (UST) securities liquidity and related analytical solutions. Through a proprietary platform installed on the desktop of its institutional clients and offered on a platform as a service (PaaS) basis, GX2 provides algorithmic, agency brokerage and principal execution liquidity solutions to its growing network of institutional clients, along with direct exchange connectivity, real-time pricing of cash and futures markets, and post-trade reporting services. GX2’s software is being developed by a team of engineers and financial industry veterans synthesizing the best of financial market structure, asset class attributes, application functionality, and scale.

Jim Tabacchi, Chief Executive Officer of South Street, commented, “The acquisition of GX2 will allow South Street to be better positioned to serve our clients with cutting-edge algorithmic, agency brokerage and principal market making liquidity solutions in U.S. Treasuries. The combination of our expertise and resources will enable us to deliver even more value to our growing network of institutional clients.”

GX2’s Chief Executive Officer, David Jaberg, added, “The entire GX2 team is excited to bring our highly complementary expertise in U.S. government securities, our ExMode proprietary execution platform, our RTPL post-trade risk system, and our growing institutional client network to enhance South Street’s offerings and expand our reach within the financial industry.” Mr. Jaberg will join the South Street executive committee after transaction closing which is expected in the fourth quarter of 2023 subject to regulatory approval. GX2 will operate from its current Chicago, IL office and from South Street’s headquarters in New York, NY.

The commercial efficacy of GX2’s software engineering and product design is evidenced by GX2’s growth, momentum, and adoption rate. Since commercial launch of its flagship product ExMode in 2015, a fully-hosted execution platform for customized UST spreads of multiproduct relative value relationships, GX2 has grown to 380+ unique users operating within many large financial institutions, including primary dealer banks, institutional fund management firms, hedge funds, proprietary trading firms and regional broker-dealers.

Rob Creamer, President & CEO of Geneva Trading, the previous majority owner of GX2, commented, “Geneva prides itself on building and supporting exceptional individuals and teams, and it has been an honor to support GX2 from its founding to this exciting transition. From our initial conversations, it was clear to me that Jim and South Street’s leadership team has an ambitious plan to leverage their combined operations that align with GX2’s unique capabilities and resolute commitment to providing a
superior experience to its customers. We are thrilled to have helped build such an outstanding business and we are eager to see it continue to grow and ultimately realize its enormous potential.”

Advisors
Milbank LLP and Vedder Price LLP are serving as legal advisors to South Street. SHEUMACK GMA is serving as exclusive strategic and financial advisor to the Board of Managers of GX2 Systems, LLC. and Katten Muchin Rosenman is serving as legal advisor to GX2.

About South Street Securities Holdings
South Street Securities Holdings, Inc. operates through its subsidiaries, including South Street Securities LLC, a registered broker dealer specializing in repo financing of U.S. Treasuries, Agency MBS, TBA mortgage origination hedging and equity finance; Matrix Applications, LLC, a technology and back-office services company; South Street Capital Management, LLC, an asset management company; and AmeriVet Securities, Inc., a service-disabled veteran and minority owned broker dealer.

About GX2 Systems
Formed in Chicago in 2013, GX2 Systems, LLC is a financial market software engineering company specializing in the development and implementation of next-generation U.S. Treasury securities liquidity solutions across the spectrum of agency brokerage, principal market making and algorithmic trading. Through a state-of-the-art proprietary platform as a service, offered as a desktop application or through a FIX API, GX2 provides its institutional clients direct exchange connectivity, real-time pricing of UST cash and futures markets, and post-trade reporting services. GX2’s software was developed internally by an experienced team of software engineering and trading veterans with the objective of delivering high quality, low latency, market microstructure-based execution to each of our users. All business activities requiring a regulated environment are conducted through its wholly owned broker-dealer subsidiary, GX2 Spread Markets LLC, a FINRA/SIPC member broker-dealer and CFTC/ NFA registered introducing broker.

South Street Media and Investor Relations Contacts
James (Jim) Tabacchi +1.212.803 5050, james.tabacchi@cmetllc.com
Karsten Berlage +1.646.809 6982, karsten.berlage@sssnyc.com

GX2 Systems Media and Investor Relations Contacts
David Jaberg +1.312.471 6302, djaberg@gx2spreadmarkets.com
Jennifer Drag Carson +1.312.471 6299, jenn@gx2spreadmarkets.com

“Transformation of the US Treasury Market”

November 03, 2016

The US Treasury market is becoming more and more automated, and some of the same firms that have brought automation to the equities market are moving into Treasuries, along with some new players. TABB Group founder Larry Tabb speaks with Jennifer Drag Carson, head of sales at one of the new firms entering the Treasury market, GX2 Spread Markets.

Interviewer Larry TabbTABB FORUM
http://tabbforum.com/

“GX2 Systems at FinTech Exchange 2016”

April 21, 2016

The FinTech Exchange is a fast-paced and engaging event designed to highlight the latest in financial technology for financial markets and trading firms. Presented by Barchart OnDemand, FinTech Exchange 2016 focuses on the latest trading technologies used by firms involved in trading software, analytics, market data and distribution and cloud computing.

Video by MabblyAdvisor.TV News
https://www.mabbly.com/
http://www.fintechchicago.com/

 

“Spotlight on Innovation: 20 New Financial Technology Firms Show the Way Forward”

November 15, 2015

In recent years, an explosion of interest and investment in new forms of financial technology has triggered a wave of entrepreneurial energy. People from a wide variety of backgrounds are forming new companies to harness advanced techniques in software engineering, artificial intelligence, data processing and other technologies. Their goal is to create innovative solutions up and down the financial markets value chain, opening up new opportunities for more efficient trading and risk management.
In this article, MarketVoice spotlights 20 companies that typify this wave of financial technology innovation. All 20 were selected for the Innovators Pavilion at this year’s FIA Expo by a group of industry professionals and venture capitalists

by Will Acworth and Bennett VoylesMarketVoice
http://www.marketvoicemag.org/?q=content/spotlight-innovation-0&t=1

careers

CAREERS

IT Systems Administrator / Trade Support

GX2 is looking for an individual to join our team in the role of IT System Admin / Trade Support. We are a small team of software engineers, quants, and IT experts that deploy an algorithmic trading system developed in-house. This system is marketed through our FINRA member broker dealer unit, GX2 Spread Markets, LLC. This boutique broker dealer that services top tier institutional clients including Hedge Funds, Primary Dealers, and Proprietary Trading Groups. GX2 Systems has recently been acquired by South Street Securities Holdings, Inc. and joins their family of affiliated companies.

 

The IT System Admin / Trade Support role is an onsite position and will cover the Asian trading session hours from GX2 System’s primary office at 190 S. LaSalle St., Chicago, IL. This team member is responsible for monitoring and supporting both an algorithmic trade execution system as well as a web based real-time middle and back-office risk system.

 

This position involves the intensive monitoring of multiple systems and markets throughout the shift. The hours of coverage are Monday through Thursday 2:30PM-11:30PM CST and Sunday 4PM-11:30PM CST.

 

REQUIREMENTS
  • Technical degree (BS or BA).
  • Experience in a technical support role.
  • Ability to manage IT systems across a variety of environments, ensuring seamless operation and tight security.
  • Strong Linux OS knowledge and experience.
  • Ability to monitor system performance, constantly seeking ways to improve reliability.
  • Basic troubleshooting of networks: ping, nslookup, traceroute, netstat, telnet.
  • Familiarity with Windows System administration.
  • Ability to communicate clearly in both verbal and written form.
  • Comfort with heavy use of email, Microsoft Teams, and telephone communication with both management and system users/clients.
  • Strong independent work ethic. Exacting attention to detail.
  • Outstanding analytical skills and passion for investigative research.

 

SKILLS THAT ENHANCE CONSIDERATION:
  • Technical support experience in the trading industry.
  • Familiarity with Microsoft SQL Server administration.
  • Experience with any of the following: SQL, Python, C#, R, C++.
  • QA testing experience or scripting skill.
  • Familiarity with bash, ssh.
  • Familiarity with Nagios.

 
 
Click here to Apply