The Clearing Corporation (TCC) announced last Wednesday it
has acquired clearing software vendor OnExchange.
The purchase will provide TCC "diversification of our
offerings," according to TCC ceo Dennis Dutterer.
"It gives us the ability to meet the needs of a wide variety
of people in the financial services industry - exchanges and
marketplaces, wherever they might be located," Dutterer
Rich Jaycobs, OnExchange ceo will join TCC's senior executive
team. He said in recent years his firm has focused extensively
on clearing technology, which complements TCC's clearing
technology and services. OnExchange's main product, called
Extensible Clearing System (ECS), enables more flexible trade
and clearing processing and is being licensed by New York
Mercantile Exchange, New York Board of Trade, New York Clearing
Corporation, LCH Clearnet and HedgeStreet. Those customers will
be unaffected by the purchase, TCC said.
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.