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Flexible Framework to Enable Independent Development by Clearinghouses
While Providing Common Standard to Clearing Members

CAMBRIDGE, Mass., June 13, 2003 – onExchangeSM, Inc., a derivatives and securities trade processing technology vendor to clearinghouses, banks, and brokerage firms, announces today the licensing of its Extensible Clearing System (ECS) by the New York Board of Trade (NYBOT), New York Clearing Corporation (NYCC), and the New York Mercantile Exchange (NYMEX).

onExchange ECS incorporates new technologies and standards into trade clearing technology. ECS delivers significant technology and integration efficiencies and business flexibility to exchange and clearinghouse customers, bringing clearing operations into a fully extensible, web-supported environment.

“We recently asked all of our Clearing Members what system capabilities they required for our next-generation clearing system, and with those detailed results, we identified onExchange ECS as the best solution for NYBOT and NYCC members and markets,” said George Haase, President of the New York Clearing Corporation. “onExchange ECS allows us to continue our history of innovation by offering the latest in clearing technology, such as Internet connectivity, real-time data, real-time risk management functionality, and it brings us one step closer to our goal of Straight-Through-Processing.”

ECS is an extensible framework, which is deployable on Solaris™, OpenVMS™, and Windows 2000™ platforms. Using modern technology standards, such as Java J2EE, onExchange’s framework can be readily integrated with exchange trade management, reporting and other systems while providing full internet connectivity, real-time position reporting, and other functionality sought by clearing member firms. New exchange products can be seamlessly incorporated into the clearing system without additional programming or system downtime required in existing systems.

“We are pleased to provide NYMEX and NYBOT with a framework for enhancing their current clearing systems in a way that meets the technological and operational exigencies of their memberships,” said Richard Jaycobs, CEO of onExchange. “We look forward working with both exchanges as they expand the products and services they provide to the vital commodity and financial markets they operate.”

“Our selection of ECS reflects the exchange’s commitment to providing a clearing system that combines leading-edge clearing functionality with a common technology standard,” said Patrick L. Gambaro, Interim Chief Operating Officer at NYBOT. “onExchange technology will also enable us to provide development and operational benefits to all NYBOT market participants coupled with the advantages of our new floor trading technologies.”