Broad Range of Instruments
The onExchange Extensible Clearing System (ECS) provides a single framework for diverse instruments across multiple markets. It includes a real-time instrument authoring tool that allows organizations to introduce new instruments without any programming and to make these instruments available for processing immediately without system down time.

Flexible Support for Diverse Instrument Types

onExchange systems support a broad range of instruments including securities, derivatives, and commodities. This enables firms to capitalize on previously untapped revenue opportunities, such as processing customized over-the-counter products that often provide significantly larger margins than traditional exchange-listed products.

Base license includes:

  • Listed and OTC derivatives such as futures, options, and forwards
  • Underlying instruments such as FX, equities, fixed income (interest rates), commodities, indexes, and credit

Clients can extend the base license with customized product processing, such as:

  • Listed and OTC fixed-income securities including when-issued, structured products and private placements; this includes sovereigns and other government or government agency issues, such as multinationals, supranationals, corporates, mortgage-backed, asset-backed, repos, etc.
  • Listed and OTC equities, including private placements, and stock lending
  • Spot, forward, and cross foreign exchange

In addition, instruments can be defined with any number of attributes, such as coupon, duration, dividend, size, currency, location, quality, etc. Also, fine-grained instruments can be aggregated into combination instruments. For example, forwards can be aggregated into strips of forwards and cleared as a single product.

Instrument Authoring

The instrument authoring capability significantly simplifies the development of new financial instruments, allowing you to populate the system automatically with the workflows and market rules for new instruments. These new instruments are made available for processing instantly, with no programming or system down time.