EST deal bids to boost clearinghouse's OTC push
The Clearing Corporation (C-Corp) expanded its push into the
OTC space with a deal with Exchange Systems Technology (EST) to
provide derivatives markets with an integrated back-office
clearing, settlement and risk management system.
The system, called Eclipse, can be linked to C-Corp's ECS
platform for futures and options markets STP, as well as
OTC derivatives cleared at C-Corp. C-Corp will sell and support
Eclipse back on an exclusive basis in North America.
The EST platform has been used in Europe as a back office
system for futures, options, spot and forward FX, securities
and other OTC instruments. EST uses industry standard hardware
and software components so firms can consolidate processing of
their trading business.
The announcement dovetails with C-Corp's announcement in
mid-June that it will offer OTC clearing and cash market
settlement services with a product called Concero. Concero
handles clearing for commercial and institutional users of OTC
energy, foreign exchange and financial markets.
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