Board of Trade Clearing Corporation To Process Trades For Opt4.Business Editors BERKELEY, Calif.--(BUSINESS WIRE)--Oct. 24, 2000 Opt4 Derivatives, Inc. announced an agreement to purchase transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. services from the Chicago-based Board of Trade Clearing Corporation. Under the agreement, the Clearing Corporation will provide position and deal management services for Opt4 derivatives customers. Services will include automated transaction permissioning and position risk measurement as well as invoicing, payment and collection services and collateral management. The agreement, which begins in the first quarter of 2001, marks the first time that the Clearing Corporation will provide processing services to an over-the-counter marketplace. Opt4 selected the Clearing Corporation because the combination of financial stability and industry leadership the Corporation provides is unmatched in the derivatives industry. "Working with the Board of Trade Clearing Corporation means that Opt4's customers will enjoy the services of the premier derivatives clearinghouse," said Gordon Rausser Gordon Rausser is a Professor of Agriculture and Resource Economics at the University of California, Berkeley. He is an economist that has served on the Council of Economic advisors under President Reagan. , Chairman of the Opt4 Board of Directors. "We are very honored and proud to be the first internet-based trading platform that the Clearing Corporation has chosen as a strategic partner. Opt4 looks forward to a long and mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" relationship with the Clearing Corporation as we lead the customized derivatives revolution." "The Opt4 agreement illustrates the Clearing Corporation's commitment to provide state-of-the-art clearing services for both new economy marketplaces, such as Opt4, and traditional exchanges," said Tom Hammond
Tom Hammond (born May 10, 1944 in Lexington, Kentucky) is an American sportscaster for NBC television. Hammond is one of the network's staple on-air presenters, along with Bob Costas and Dan Hicks. , Executive Vice President of the Clearing Corporation. Opt4 Background Opt4 Derivatives, Inc. is the leading Trading Services Provider (TSP) offering an integrated trading, clearing, settlement, and guarantee platform for trader-customized commodity options and swaps. Opt4 works with market-makers and with B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business commodity exchanges to provide derivatives trading in non-traditional commodities. Opt4, located in Berkeley, California Berkeley is a city on the east shore of San Francisco Bay in Northern California, in the United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington. , was founded in February 2000. For more information about Opt4 Derivatives, Inc. contact Thom Thompson at 510/981-3218 or tthompson@ Opt4.com. Visit their website at www.Opt4.com. Clearing Corporation Background The Clearing Corporation, a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , now in its 75th year of business, is the only derivatives clearing house that has a Standard & Poor's AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. rating and approximately $170 million in capital. The Clearing Corporation is owned by its clearing member shareholders and is the only independent derivatives clearing house in the world. For more information about the Clearing Corporation, please visit www.botcc.com. |
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