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The
Clearing Corporation and Exchange Systems Technology Announce
Plan for integrated Clearing and Back Office System
Chicago/London,
June 29, 2005
The
Clearing Corporation ("CCorp") and Exchange Systems
Technology Ltd (ExchangeSys) announce today that that they
have signed an agreement in principle to provide derivatives
market places with an integrated state-of-the-art back-office
clearing, settlement and risk management system.
CCorp intends to sell and support the ExchangeSys Eclipse
back office solution on an exclusive basis in North America.
CCorp will also link Eclipse to its ECS platform to offer
complete straight through processing for the global futures
& options markets and OTC derivatives cleared at CCorp.
The ExchangeSys technology platform is the multi-asset Eclipse
financial toolkit and is currently used in Europe as a back
office system for futures, options, spot and forward FX, securities,
contracts for difference and other OTC instruments. ExchangeSys
utilizes industry standard hardware and software components
(such as Oracle, Sun and J2EE) on which financial services
firms are looking to consolidate processing of their trading
business and realize economies of scale.
Eclipse will be a component in CCorp's recently announced
Concero™ over-the-counter (OTC) clearing and cash market
settlement service platform. Richard Jaycobs, CEO of The Clearing
Corporation said, "By adding the Eclipse back-office
solutions to our own clearing services, we can deliver low-cost
processing to our clearing participants and eliminate the
technology bottlenecks associated with new product offerings."
Rob Lowry, Managing Director of Exchange Systems Technology
offered, "We are delighted to have been chosen as a partner
to such a distinguished institution as The Clearing Corporation,
and we are extremely pleased to know that our products will
be offered by a firm known for operational excellence and
reliability."
Brett Paulson, President and COO of CCorp added, "The
comprehensive scale of technology services we provide to our
clearing participants and equity holders has always been a
core strength and competitive differentiator for CCorp; today's
agreement gives us an opportunity to expand and enhance the
value of those offerings."
About
The Clearing Corporation
The Clearing Corporation is a stockholder-owned, Delaware
corporation now in its 80th year of business. The Clearing
Corporation serves numerous clients in a variety of markets
and is the only active independent derivatives clearinghouse
in the world. Additional information on The Clearing Corporation
is available at www.clearingcorp.com.
About
ExchangeSys
ExchangeSys provides flexible IT solutions to service clearing
and settlement operations in the global financial markets.
Our innovative approach ensures that our software and consultancy
offerings remain at the forefront of technology, facilitating
the provision of robust and cost efficient services, which
are readily available to a worldwide client base. Our management
team is highly experienced professionals, with a long history
in the provision of clearing and settlement solutions. We
utilize our in-depth business knowledge to deliver top quality
customised solutions, which are tailored to fit specific operational
requirements. www.exchangesys.com.
Media contacts:
CCorp --Andrew
Yemma, Intermarket Communications+1-212-888-6115
x 225
ExchangeSys--Robert
Lowry, +44 (0) 20-7588-4299
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