Your GLX CONNECT questions answered

Curious to know more about GLX CONNECT? Below you'll find answers to the questions we get asked most about our market-leading private digital tender and auction tool.

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IS GLX CONNECT A PUBLIC MARKETPLACE?

No. GLX CONNECT is a completely private and secure digital tender and auction tool.

HOW DOES GLX CONNECT DIFFER FROM A PUBLIC MARKETPLACE?

A public marketplace is a platform where buyers and sellers publicly post offers to sell or request to buy cargoes. In comparison, GLX CONNECT is a completely private environment whereby the user invites pre-vetted counterparties to a private trade and then transacts directly with their chosen buyer once the contract has been awarded, be that auction or tender.

WHAT VALUE DOES GLX CONNECT OFFER USERS?

By using GLX CONNECT, companies can create a genuine, private marketplace to buy and sell on a more dynamic spot basis. They’re empowered to capture meaningful market data, specifically price discovery and market fundamentals; create a more transparent and equitable trade environment and transact with greater speed and efficiency.

WHAT FUNCTIONALITY DOES GLX CONNECT OFFER?

•      Run competitive tenders and auctions

•      Set your own tender and auction participation rules

•      Access flexible deal templates for different tender types: FOB, DES

•      Manage counterparties & track/store all related documents

•      Live counterparty messaging

•      Personalised corporate branding

•      An intuitive dashboard featuring powerful trade visualisations

•      Side-by-side bid comparisons with mark ups shown

HOW QUICKLY CAN GLX CONNECT BE DEPLOYED?

As a completely secure, cloud-hosted system, GLX CONNECT can be deployed quickly, as can new features and enhancements as they are developed, without interrupting your business. Once purchased, your system can be up and running online and configured to suit your business needs within four weeks of signing your Licence Agreement.

IS MY GLX CONNECT SYSTEM GLX DIGITAL-BRANDED?

No. GLX CONNECT is your own private sales management tool. As such, all systems are branded with your corporate colours and logos. When your customers log into your system, they will not feel like they are logging into a GLX system, but rather your own personal, private portal.

DO MY CUSTOMERS HAVE TO BE GLX CONNECT SUBSCRIBERS TO BE ABLE TO ACCESS AND INTERACT WITH THE SYSTEM?

No. As GLX CONNECT is licenced to customers under a Software Licence Agreement, users are entitled to trade with an agreed number of counterparties. As a self-managed system, you get to choose who you invite to digital trades. These counterparties do not have to be subscribers to GLX CONNECT – when you invite them to a trade they are sent a link, which allows them to log in to your system with only an email address and password required.

WHAT INFORMATION PERTAINING TO OTHER COUNTERPARTIES CAN BIDDERS SEE?

When your counterparties log into their own secure area within your GLX CONNECT system, they do not see any information relating to other counterparties, including which companies have been invited to the trade, or any other trade currently being run. Once in the system, counterparties only see the digital term sheet connected to that tender/auction and their interactions with you (for example, through the chat feature, amendments to the term sheet and if they are successful in their bid). Counterparties also have access to their trading history with you on their login screen.

ARE CONTRACTS BINDING IN MY GLX CONNECT SYSTEM?

Customers are free to choose whether their trades are binding either upon award within the system, or upon subsequent execution of the preferred contract (i.e. a signed confirmation notice or standard SPA).

ONCE A CONTRACT HAS BEEN AWARDED, DOES GLX PLAY A ROLE IN THE TRANSACTION PROCESS?

No. GLX simply provides you with your GLX CONNECT software. Contracts, and any subsequent transactions, are formed directly between you and your counterparties. GLX Digital is not involved in any aspect of the transaction process.

IS IT POSSIBLE TO TRIAL THE SYSTEM?

Yes. We provide trials of the system using a sandbox (trial) environment allowing you to run internal dummy trades to assess the system’s functionality and suitability.

CAN I STORE COUNTERPARTY RELATED DOCUMENTS (SUCH AS COMPANY REGISTRATION, CERTIFICATES OF CURRENCY ETC) IN GLX CONNECT?

Yes. GLX CONNECT gives you the ability to create and manage your own counterparty list. It gives you a real time view of counterparty activity within your system, allows you to capture all communications, and attach all related documents to a chosen counterparty.

CAN GLX CONNECT INTEGRATE WITH MY EXISTING APPLICATIONS AND SOFTWARE?

Yes. GLX CONNECT has been designed for complete interoperability – it integrates with any existing enterprise system.

WHAT SECURITY AND PRIVACY ACCREDITATIONS DOES GLX DIGITAL HAVE?

At GLX Digital, the security and privacy of your data is our highest priority. Our team adhere to the highest security standards, consistent with our ISO 27001 certification, which guarantees that our practices, procedures and controls meet industry best practice requirements.

Still got unanswered questions, or interested to see first-hand how GLX CONNECT can add material value to your trades? Contact your account manager or email sales@glxdigital.com.  

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