The Clearing Corporation to Acquire onExchange
The Clearing Corporation (Ccorp), based in Chicago, signed a letter of intent to purchase onExchange, a derivatives and securities trade-processing technology software vendor headquartered in Lexington, Mass. Ccorp believes the acquisition of onExchange and its software systems will complement and enhance The Clearing Corporation's clearing and technology as it expands its business into more diverse and global markets.
OnExchange's Extensible Clearing System (ECS) provides an application suite based on J2EE standards utilizing the Java programming language and relational database technology. This framework allows for hardware and vendor independence, real-time transaction processing and straight-through processing to exchange and clearinghouse customers, the company states in a press release.
The New York Board of Trade, New York Clearing Corporation, the New York Mercantile Exchange, the London Clearing House, and Hedge Street currently license ECS.
Richard Jaycobs, chief executive officer of onExchange, will join Ccorp as a member of the senior management team and will continue onExchange's business activities.