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,...