OM develops .Net settlement system

OM develops .Net settlement system

Swedish transaction technology vendor OM has developed Exigo, a standardised system for central securities depositories (CSD), using the Microsoft.Net framework.

OM is in the second beta testing stage with the Sydney Futures Exchange, its first customer for the system. The exchange is on track to migrate from its outdated proprietary system to Exigo in March 2004.

Exigo is specifically designed for cross-border environments that support batch netting or real-time gross settlement. The secure system enables CSDs to perform securities issuance, safekeeping, corporate actions, linking to payments and external CDSs. The system also enables CSDs to manage large numbers of clients and to move from a local (securities, currencies or participants) to a global level.

Martin Stockley Smith, general manager at the SFE, says Exigo coexists on clients' desktops with other applications, making it "very straightforward to extract data from our systems directly into their reconciliation packages".

Johan Eriksson, chief architect for trading systems at OM adds: "Using a single modern development language and productive development environment means that we have been able to focus on supplying value to our CSD customers."

Microsoft says the use of .NET in the development of Exigo enables the system to be easily adapted to different markets worldwide.

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