While Providing Common Standard to Clearing Members
CAMBRIDGE, Mass., June 13, 2003 â 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.
âWe 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,â said George Haase, President of the New York Clearing Corporation. âonExchange 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.â
ECS is an extensible framework, which is deployable on Solarisâ¢, OpenVMSâ¢, and Windows 2000â¢ platforms. Using modern technology standards, such as Java J2EE, onExchangeâs 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.
âWe 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,â said Richard Jaycobs, CEO of onExchange. âWe look forward working with both exchanges as they expand the products and services they provide to the vital commodity and financial markets they operate.â
âOur selection of ECS reflects the exchangeâs commitment to providing a clearing system that combines leading-edge clearing functionality with a common technology standard,â said Patrick L. Gambaro, Interim Chief Operating Officer at NYBOT. âonExchange 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.â