The New York Board of Trade (Nybot), New York Clearing Corporation (NYCC), and the New York Mercantile Exchange (Nymex) have licensed the Extensible Clearing System from onExchange, in an effort to provide a common technology framework for clearing members.
In its search for a new clearing platform, the Nybot and its clearer NYCC had been expected to use an upgraded version of the Nymex's Clearing 21 system. The wholesale move to onExchange's ECS platform instead enables the exchanges to move to a new generation of modern technology while retaining their independence and providing mutual clearing members with a common technology standard.
ECS is an extensible framework, which is deployable on Solaris, OpenVMS, and Windows 2000 platforms. The Java J2EE 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.
George Haase, president of the NYCC, says: "OnExchange 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."