Systems/Enterprise:
NEW YORK BOARD OF TRADE IMPLEMENTS BEA-POWERED SOA
BEA Systems Inc announced that the New York Board of Trade (NYBOT) has
implemented a BEA-powered service-oriented architecture (SOA), replacing
out-dated proprietary mainframe technology with the Extensible Clearing System
(ECS) from onExchange, a derivatives and securities trade-processing
technology vendor to clearinghouses, banks and brokerage firms. The system,
powered by BEA WebLogic Server, can enable automatic integration with IBM
WebSphere MQ messaging products, a business integration product series. The
newly implemented NYBOT SOA system aims to provide reduced risk, cost and
complexity, and ultimately to help change the IT economics of the exchange.
The clearing and settlement solution replaced a proprietary mainframe-based
clearing system with an adaptable, manageable, and standards-compliant system.
The system uses the JMS Messaging bridge, a built-in component of BEA WebLogic
Server, to send trade confirmations from the ECS J2EE-based environment to the
MQ Series-based messaging infrastructure used by trading firms. The automatic
connection to MQ Series allowed the NYBOT to complete implementation of the
solution in just one year, versus the multi-year timelines normally required
for major technology projects.
"BEA technology, experience and partners cut project implementation time and
enabled automatic integration between the ECS and MQ Series. The BEA-powered
ECS helped to align the NYBOT's IT with its trading objectives, and to reduce
high operating costs and risk for trading firms," said David Sternberg,
director of clearing technology for the New York Board of Trade. "Most
importantly, by overcoming the inflexibility of our old proprietary system,
the new system can provide ease-of-use and time benefits which can ultimately
translate to competitive advantage."
ECS is an extensible framework that uses modern technology standards, such as
J2EE, and can be readily integrated with exchange trade management, reporting
and other systems while providing full internet connectivity, real-time
position reporting, and other functionality sought by clearing member firms.
Because transactions completed on ECS are standards-based, they are documented
and repeatable.
"Thanks to the built-in messaging bridge in BEA WebLogic Server, and working
together with onExchange, we've been able to implement an enterprise-scale
service-oriented architecture for the New York Board of Trade in a fraction of
the normal development time," said Bobby Napiltonia, vice president and
general manager of global alliances at BEA Systems. "Through its real-time
features and dramatic increases in system adaptability, this solution
literally changes the economics of the exhange's IT."
The NYBOT's old system processed trading data each day after the close of
business and sent batch files to clearing firms. With the new BEA-powered
system, trade data is formatted immediately and sent to the firms involved in
each trade. Over 25,000 transactions take place each day on the floor of the
NYBOT exchanges -- where the Coffee, Sugar and Cocoa Exchange and the New York
Cotton Exchange are based.
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