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Product Description
The onExchange Extensible Clearing System (ECS) is a comprehensive software platform for processing trades in a broad range of instruments including securities, derivatives, and commodities. The web-based user interface provides end users real-time access to information and enables them to manage their accounts and portfolios easily. System administrators benefit from easy-to-use tools for performing clearing tasks and maintaining customer data. A series of industry-standard interfaces facilitate customization and easy integration with external systems.
The seven major components of ECS are described below.
- supports a broad range of instruments including derivatives, securities, and commodities
- allows instantaneous introduction of new instruments using a patent-pending real-time instrument authoring tool
- models any number of account structures and business relationships
- enables real-time processing and presentation of financial and position information at all levels of the account structure
- allows multi-level permissioning of users and administrators
- maintains open and delivery positions
- maintains states of delivery and settlement
- maintains net gain or loss on positions
- supports post-trade functions such as trade adjustment, give up, block trade, position or trade transfer, and exchanges-for-physicals or exchanges-for-swaps
- supports a variety of risk management and margining techniques
- supports industry-standard risk management systems, as well as proprietary systems
- accepts a broad array of asset types in any currency
- new asset types can be added without programming
- supports intraday settlement and delivery
- performs virtual settlement for risk management purposes
- supports multiple trade matching algorithms and granular instrument designs
- integrates easily with electronic order routing or trading systems through industry-standard protocols such as FIX 4.2
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