South Africa's Johannesburg Securities Exchange (JSE) is to use Chicago-based Clearing Corporation's onExchange Extensible Clearing System (ECS) to manage its equities and derivatives clearing processing.
ECS is a J2EE-based application framework for real-time transaction processing and straight-through processing to exchange and clearinghouse customers. The system is currently licensed by the New York Board of Trade, New York Clearing Corporation, the New York Mercantile Exchange, the London Clearing House (LCH), and Hedge Street.
JSE will initially use the Internet-enabled system to clear equities, futures and options. The implementation will be extended to cover OTC products such as swaps and swap options.
Clearing Corp says its system will enable the JSE to offer market users real-time position, credit and risk management capabilities. the platform was selected and will be implemented by the exchange's technology partner Accenture.
Clearing Corp acquired the technology when it acquired Massachusetts-based onExchange in August this year.
The deal with JSE is part of Clearing Corp's move to expand its customer base and acquire new sources of revenue since the Chicago Board of Trade shifted its business to the neighbouring Mercantile Exchange in retaliation for The Clearing Corp's alliance with Eurex US.
Dennis Dutterer, president and CEO, Clearing Corp, says the company "is confident that the business combination of CCorp and onExchange will continue to produce global technology sales growth".