The Clearing
Corporation Finalizes Purchase of onExchange.
Chicago, August
19, 2004 - The Clearing Corporation (CCorp) today announced
finalization of its purchase of onExchange Inc. (ONX), a derivatives
and securities trade-processing technology software vendor
headquartered in Lexington, MA. The acquisition will broaden
CCorp's array of products and services as it expands its business
into more diverse and global markets.
Dennis
Dutterer, Clearing Corporation CEO said: "We are pleased
to incorporate onExchange into The Clearing Corporation. The
combination of onExchange's derivatives market technology
with CCorp's innovative clearing systems will enable us to
expand our technology solutions into the global marketplace.".
The
acquisition of onExchange and its software systems includes
the Extensible Clearing System (ECS), which is licensed by
New York Clearing Corporation (NYCC) for the New York Board
of Trade (NYBOT), the New York Mercantile Exchange (NYMEX),
the London Clearing House (LCH), and Hedge Street. CCorp's
purchase also includes onExchange's two subsidiaries, onExchange
Board of Trade, Inc., and onExchange Clearing Corporation;
although dormant, the former has been approved as a DCM (designated
contract market), and the latter has been approved as a DCO
(derivatives clearing organization) by the Commodity Futures
Trading Commission.
About
The Clearing Corporation
The Clearing Corporation, a stockholder-owned, Delaware corporation
now in its 79th year of business, is the only active independent
futures clearinghouse in the world. Additional information
on The Clearing Corporation is available at
www.clearingcorp.com.
Contact: Andrew Yemma, Intermarket Communications, 212-888-6115, ext. 225 |
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