ECS will initially provide the JSE with the unique ability to clear equities, futures and options through the internet-enabled, multi-product system with the potential for the JSE to extend this to OTC products such as swaps and swap options. The system enables the JSE to offer market users real-time position, credit and risk management capabilities. It was selected by the JSE as a key component in the JSE's future simplified application environment being implemented through Project Orion on the Exchange's behalf by its implementation and outsourcing partner, Accenture.
"As part of Project Orion, we conducted a study to determine the requirements for the next generation clearing system and found that CCorp's ECS system provided us with the array of features, the level of flexibility and the operating efficiencies that we were seeking," said Accenture Director Raj Makanjee. "The technological capabilities of ECS and the long-standing reputation of The Clearing Corporation as an innovator in clearing systems and services made ECS the clear choice for our long-term technology strategy."
"Project Orion was conceived as the key project in addressing the JSE's future technology operating costs and allowing for the implementation of business applications on next generation architectures", stated Leanne Parsons, Chief Operating Officer of the JSE. "We were among the world's first exchanges to adopt the fully integrated, multi-asset-class exchange model. To allow our model to work seamlessly and cost efficiently we need best of breed technology. We believe the decision to work with CCorp is a significant step in helping us achieve our objectives."
"The selection of ECS technology by the JSE and Accenture substantiates CCorp's strategic objective of becoming a key global provider of multi-asset class clearing services and technology" said Dennis Dutterer, CCorp's President and CEO. "This transaction clearly demonstrates the immediate added value that the recently acquired onExchange technology brings to CCorp. CCorp is confident that the business combination of CCorp and onExchange will continue to produce global technology sales growth for CCorp." CCorp acquired onExchange, Inc.'s assets in August, 2004.
