CreditDimensions Adds Trade Processing and Clearing Services Provider onExchange to Make Services Available on Its Platform.Business Editors NEW YORK--(BUSINESS WIRE)--May 8, 2001 CreditDimensions today announces that onExchange, Inc., a leading provider of technology and services to derivatives exchanges and clearinghouses, has been selected to participate in its credit risk services platform as a transaction systems and services provider. onExchange will also integrate the CreditDimensions services into its trading and clearing systems. CreditDimensions increases the effectiveness of credit risk management by bringing together a full spectrum of credit risk management services and information onto a single web site. In addition to onExchange, other participants in CreditDimensions include Algorithmics, Bureau van Dijk van Dijk can refer to:
KMV Kealhofer, McQuown and Vasicek (founders of a company and measure of default probability) KMV Key Mediating Variable (marketing) , Moody's Risk Management Services, PricewaterhouseCoopers, RiskMetrics and Standard & Poor's. onExchange will provide users of CreditDimensions with access to its trading and clearing systems for derivatives trading, clearing and settlement. The joint offering will enable companies to consummate transactions immediately upon completion of a credit review using the CreditDimensions services. Such transactions can also be made via other electronic trade matching platforms, voice brokers, or directly by two trading partners, and can be submitted to the onExchange global clearing service for payment, settlement and trade guarantee services. Transaction types covered under the arrangement include an integrated solution for physical goods spot purchases and sales, forwards agreements, financial swaps, futures contracts Futures Contract An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. and options. "The goal of CreditDimensions is to be the most complete service platform for the credit risk community," says C. Craig Palmore, Director of Business Development for CreditDimensions. "The addition of onExchange provides even more critical value to the services being offered by all the other CreditDimensions participants." "Being selected by CreditDimensions gives onExchange a unique opportunity to bring the benefits of integrated real-time trading and clearing services to traders and credit risk management professionals," said Richard Jaycobs, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of onExchange. "CreditDimensions has made credit analysis and decision-making easy for companies, and when combined with onExchange's real-time trade processing services, the trading community is taking a significant step towards straight-through-processing." Additionally, CreditDimensions services will be included in the onExchange Board of Trade, a Commodity Futures Trading Commission The Commodity Futures Trading Commission (CFTC), the federal regulatory agency for futures trading, was established by the Commodity Futures Trading Commission Act of 1974 (88 Stat. 1389; 7 U.S.C.A. 4a), approved October 23, 1974. (CFTC CFTC See: Commodity Futures Trading Commission CFTC See Commodity Futures Trading Commission (CFTC). )-regulated futures exchange Futures Exchange Traditionally, a term referring to a central marketplace where futures contracts and options on futures contracts are traded. More recently, with the growth in electronic trading, it is also used to describe the activity of futures trading itself. , to offer a new range of credit services to the futures industry. About onExchange onExchange provides comprehensive derivatives exchange and clearinghouse capabilities to regulated and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). marketplaces. onExchange also provides regulatory expertise, product design, marketing and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to its partner marketplaces. All onExchange systems can be implemented modularly or in a comprehensive trading, clearing and risk management solution. In addition to its technology solutions, onExchange operates a U.S. Commodity Futures Trading Commission-designated futures exchange and clearinghouse. The company is privately held and headquartered in Waltham, MA. Its web site address is www.onexchange.com. About CreditDimensions CreditDimensions will offer financial institutions the full spectrum of integrated credit risk management services. Subscribers to CreditDimensions will get an efficient and effective means to implement credit risk management processes using the following tools: -- Credit risk analytic models -- Credit and market data -- Counterparty static data, including organization hierarchies -- Credit analysis process tools -- Credit-related news and research onExchange, digitalDerivatives, onClear and RealTime Clearing are service marks of onExchange, Inc. |
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