onExchange, Inc., a provider of clearing and trade-processing technology, today claimed that the latest version of onExchangeSM Core can significantly reduce the cost, risk and time needed to build a back office IT platform.
“Core is an advanced, real-time trade-processing engine that supports all capital markets transactions on a single platform,” explains the company. “Core can be used by banks, broker-dealers, clearing firms, and other large transaction-processing firms to build fully integrated securities and derivatives-processing systems. Core includes many innovative features such as the ability to rapidly configure the system without any programming or system downtime. The Core platform supports rapid integration with other systems through industry-standard interfaces, protocols and methods such as XML, FIX, ISO 15022, SWIFT, and MQSeriesTM.”
Developing a comprehensive transaction-processing system based on Core offers several benefits to capital markets participants, says onExchange. Using a proven, high-performance, off-the-shelf trade-processing engine as the foundation for a custom-built system minimizes cost and maximizes return on investment,” it says. “A Core-based system implementation frees development resources that can be deployed to build custom business logic, user interfaces and system integration. This development strategy speeds time to market, and minimizes implementation risk.”
“Core provides a proven framework and foundation for custom building global back-office systems in the compressed time frames demanded by capital markets today,” adds onExchange CEO Richard Jaycobs. “Building a trade-processing engine often accounts for one-half of the development timeline for a capital markets back-office solution. That part of the timeline can be virtually eliminated using Core.”
The system will be marketed to banks, custodians, broker-dealers, prime brokers, securities and futures brokers/clearing firms that are developing integrated securities and derivatives back-office capital markets systems.
onExchange, Inc. provides open-standards-based back office technology to banks, broker-dealers, clearinghouses, and other large trade processing firms. onExchange technology partners include Sun Microsystems, Inc, BEA Systems Inc., Oracle Corporation, and Hewlett-Packard. The privately held company is headquartered in Cambridge, Massachusetts.