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onExchange Delivers Electronic Clearing and Trading Solutions On Compaq OpenVMS Software.

Business/Technology Editors

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 26, 2001

onExchange Clearing and Trading Systems Now Available on Compaq

OpenVMS AlphaServer Platform to Enable Highly-Reliable 24x365

Performance for Clearinghouses and Exchanges

onExchange, Inc., the leading provider of comprehensive derivatives clearing and trading technology and services to regulated and over-the-counter (OTC) markets, today announced a business and technology relationship with Compaq Computer Corporation to deliver electronic clearing and trading solutions to the derivatives markets on Compaq's OpenVMS software operating system.

Today, derivatives clearinghouses, exchanges, banks and other organizations running applications on the powerful Compaq OpenVMS operating system, can benefit from onExchange's Extensible Clearing System and Extensible Trading Engine. The system's straight-through-processing (STP) methodology enables true real-time processing by clearing and settling a trade as soon as it is matched.

As a result of close engineering and lab work between the companies, onExchange has successfully deployed its Java standard clearing system and trading engine, using the BEA WebLogic Server, on Compaq's OpenVMS AlphaServer systems. The ease with which onExchange was able to certify on the OpenVMS environment demonstrates the strength of the onExchange solution design and the suitability of the OpenVMS environment, and BEA WebLogic Server as a platform for J2EE-compliant solutions. The onExchange system is available to OpenVMS users now.

Today's financial exchanges depend on continuous, uninterrupted access to critical applications and data. As exchanges and clearinghouses move to 24x365 availability worldwide, there is an increased need to maintain uptime of the underlying operating systems. onExchange's trading and clearing solutions on the Compaq OpenVMS operating system benefit from the highly-reliable performance and disaster tolerance capability of the OpenVMS operating system and its industry-leading cluster technology.

"The relationship with onExchange further strengthens the leadership position Compaq holds at the heart of the derivatives clearing and trading industry. State-of-the-art solutions designed by companies such as onExchange, in combination with the core capabilities of reliability, security, and scalability of the OpenVMS environment, will enable our mutual customers to deliver real-time performance to their constituents," said Mark Gorham, vice president of Compaq's OpenVMS Systems Group. "I'm delighted that onExchange's electronic clearing and trading solution is now available to the growing number of clearinghouses and exchanges."

"The OpenVMS operating system is the acknowledged leader for enterprise-scale computing and Internet solutions; the OpenVMS system is used extensively in derivatives clearinghouses and exchanges worldwide. We expect our Extensible Clearing System to be widely adopted by these OpenVMS users," said Ed Cuoco, COO and co-founder of onExchange. "Compaq has a strong presence in the clearinghouse and exchanges market, and this relationship will enable us to increase onExchange's foothold as we extend our risk management technologies to OpenVMS users."

About the onExchange Derivatives Clearing and Trading Systems

onExchange systems bring full derivatives trading and clearing capabilities to existing futures and OTC exchanges and their clearinghouses. Designed as a set of integrated Internet-based modules, the systems accommodate a broad range of customizable unregulated and regulated derivatives products such as futures, options, swaps and forwards within an STP environment.

The systems enable traders, clearing members and back-offices to manage all trading activity in a single real-time system, including seeing live P&L and risk updates, manage credit and trading permissions in real-time, handle real-time give-ups, allocations and notices.

onExchange's technology is being adopted by both regulated and OTC clearinghouses and exchanges worldwide.

About onExchange

onExchange, Inc., provides comprehensive derivatives exchange and clearinghouse capabilities to regulated and OTC marketplaces. onExchange also provides regulatory expertise, product design, marketing and professional services to its partner marketplaces. All onExchange systems can be implemented modularly or in a comprehensive trading, clearing and risk management solution. The Company is privately held and headquartered in Cambridge, Mass. Its Web site address is

onExchange is a service mark of onExchange, Inc. Compaq, OpenVMS and AlphaServer are trademarks of Compaq Information Technologies Group, L.P.
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Publication:Business Wire
Date:Nov 26, 2001
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