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JSE Securities
Exchange Selects The Clearing
Corporation™
To Provide
Multi Asset Class Clearing Solution
Chicago, December 8, 2004
Features,
flexibility, and operating efficiencies cited as key to selection
Chicago,
IL, USA and Johannesburg, SA - December 8, 2004 - The Clearing
Corporation (CCorp) today announced that its onExchange Extensible
Clearing System (ECS) has been selected by the JSE Securities
Exchange of South Africa (JSE).
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 exchange's 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.
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.
About Accenture
Accenture
(NYSE: ACN) is a publicly listed management consulting, technology
services and outsourcing company. With global operations spanning
48 countries, Accenture clientele represent the full range
of industries around the world and include 87 of the Fortune
Global 100 and more than two-thirds of the Fortune Global
500. With deep industry and business process expertise, broad
global resources and a proven track record, Accenture can
mobilize the right people, skills and technologies to help
clients improve their performance. For additional information,
please visit www.accenture.com
About
JSE
Established in 1887, the JSE Securities Exchange South Africa
(JSE) has, and continues to play a crucial role in the commercial
and economic development of Southern Africa. The JSE is one
of the top 20 exchanges in the world by market capitalization
and operates three markets across multiple products namely:
equities, derivatives and agricultural derivatives and will
in early 2005 launch a comprehensive interest rate exchange,
Yield-X.
Additional inforrmation on the JSE can be found at www.jse.co.za
Media contacts:
CCorp Andrew Yemma, Intermarket Communications +1-212-888-6115
x 225
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