Operations Briefs: Clearing Corp Partners With Exchange Systems Technology to Offer Back-Office Solutions, and more

Clearing Corp Partners With Exchange Systems Technology to Offer Back-Office Solutions

The Clearing Corporation (CCorp) and Exchange Systems Technology (Exchange Sys) have agreed to provide derivatives marketplaces with an integrated back-office clearing, settlement and risk-management system.

CCorp say it intends to sell and support the ExchangeSys Eclipse back-office solutions on an exclusive basis in North America. CCorp also will link Eclipse to its ECS platform to offer complete straight-through processing for the global futures and options markets and over-the-counter derivatives (OTC) cleared at CCorp.

The ExchangeSys technology platform is the multiasset Eclipse financial tool kit and currently is used in Europe as a back-office system for futures, options, spot and forward foreign exchange, securities contracts for difference, and other OTC instruments.

ExchangeSys utilizes standard hardware and software components, including, Oracle, Sun and J2EE, on which financial services firms are looking to consolidate processing of their trading business and realize economies of sale, the release said.

Eclipse will be a component in CCorp's recently announced Concero OTC clearing and cash market settlement service platform.

Evare Launches Managed Service for SWIFT Connectivity

Evare -- a specialist in transformation and delivery of account and transaction data -- has launched a SWIFT connectivity managed service offering, the Burlington-Mass.-based company announced.

Evare is leveraging its majority stakeholder, Loeb Partners, a broker-dealer that is a SWIFT member, to launch the managed service, which enables custodians, broker-dealers, insurance firms, industry utilities and other counterparties to communicate over the SWIFT network.

Evare also announced that a West Coast global investment manger is the first institution to sign up for the new SWIFT connectivity managed service, but the client was not named.

According to Evare, prior to this offering, financial institutions had to incur high internal costs that SWIFT technology and expertise entail to communicate effectively over SWIFT, or they didn't' qualify to be SWIFT members.

In the press release, Evare stated that the service simplifies communication with counterparties by taking data "as is" and providing mapping, transformation, connectivity and monitoring so that the recipient of the transaction receives data in the specific format its systems require for straight-through processing.