NEW YORK STOCK EXCHANGE GRANTS FIRST FOREIGN LICENSE OF TRADING SOFTWARE TO "SOCIETE DES BOURSES FRANCAISES"
NEW YORK STOCK EXCHANGE GRANTS FIRST FOREIGN LICENSE
OF TRADING SOFTWARE TO "SOCIETE DES BOURSES FRANCAISES"
NEW YORK, Feb. 6 /PRNewswire/ -- The New York Stock Exchange and the "Societe Des Bourses Francaises" today signed an agreement that will grant use of NYSE trading software as a basis for the Paris Bourse's development of a new market computer system.
The terms of the licensing agreement signed by William H. Donaldson, NYSE chairman and chief executive officer, and Jean-Francois Theodore, president/directeur general of the "Societe Des Bourses Francaises," call for "a technical cooperation" between the two global financial powers, allowing for the development of a "similar electronic system architecture."
The agreement marks the first foreign licensing of the NYSE's software for the Exchange's on-line trading systems. The Paris Bourse then plans to build on the NYSE's software in customizing its own market computer system over the next two years.
"We at the New York Stock Exchange are delighted with this opportunity to cooperate with the Paris Bourse in the use of a proven and adaptable software that will form the basis of the Bourse's rapid expansion of its market computer systems," said Donaldson.
"This agreement symbolizes a new technical partnership between our markets which, despite their different organizations, have committed to the same objective: providing all investors equal information and access to a regulated market," said Theodore.
A further provision of the licensing agreement allows the NYSE in the future to license newly developed software from the Paris Bourse to meet possible NYSE development requirements.
NYSE Software Used with "NEW CAC" Quote System
Theodore said the Paris Bourse "acknowledged the quality" of the NYSE's software following a thorough study of ways to upgrade its "Cotation Assistee en Continu (CAC)," a state-of-the-art market computer system in operation in France since 1986.
Specifically, the NYSE is licensing its "Common Software" program to the Paris Bourse which will use it as the basis for its proposed "Nouveau Systeme de Cotation" (NEW CAC). The NYSE's "Common Software" is a proprietary program written by the Securities Industry Automation Corporation (SIAC) to provide high capacity and reliability for NYSE on- line trading systems. Among the functions supported by "Common Software" are the entering and queuing of transactions, recovery and test procedures and the maintenance and processing of messages, including orders and reports.
The Paris Bourse will use the NYSE's software in its front-end communications system to act as the main hub connecting banking and brokerage firm computers and terminals to the trading systems serving France's securities industry.
Computer equipment for the Paris Bourse's system will be provided under a separate agreement between the Bourse and Tandem Computers Incorporated.
/CONTACT: Catherine Maroney, 212-656-8685, or Ray Pellecchia, 212-656-2065, both of New York Stock Exchange/ CO: New York Stock Exchange ST: New York IN: FIN SU: LIC SM -- NY074 -- 7759 02/06/92 13:09 EST