Amex Goes Live with New System for Equity Trades
FREMONT, Calif., October 30, 2002
Infosys Technologies Ltd. (Nasdaq: INFY) announced today that it has built a new intra - day comparison system for equities (IDCE) for the American Stock Exchange ® (Amex ® ). The comparison system will be a core component of the Amex's technology platform and will be crucial for matching and settlement of the day's stock trades.
"IDCE is a great operational improvement for the Amex and our customers. The new system allows us to match trades during the day and transmit compared trades on a real time basis," said Ralph Rafaniello, executive vice president of Amex floor market operations. "This system will be additionally beneficial when the industry - wide initiative of next - day trade settlement - known as T+1 - takes place, helping to reduce the risk related to open positions."
The IDCE system, which provides a browser - based interface on the user's terminal, is used for matching trades, resolving uncompared trades and advisories, and for making corrections to trades and inputting new ones. It also supports special features such as movement of securities positions between firms. The system's user base consists of Amex member firms, equities brokers, specialists and market operations staff. It is currently being accessed, through browser front - ends and via connectivity supported by IBM's MQ series, by more than 100 securities trading firms across the U. S., including the premier Wall Street firms.
"We chose Infosys, a leading provider of consulting and information technology services, after reviewing its prior success with other mission - critical projects of similar size and importance," said Ravi Apte, executive vice president and chief technology officer at the Amex. "We are extremely pleased with Infosys' efforts to get this system launched, and we plan to continue working with Infosys to maintain it. Their offshore capabilities proved essential to developing a critical new system for the American Stock Exchange."
"Our work on the IDCE was Infosys' first project for a stock exchange, and we are thrilled to have used our technology consulting, development and implementation expertise to earn the respect and trust of the Amex," said Basab Pradhan, senior vice president and head of worldwide sales for Infosys. "We look forward to future expansion of our relationship with the Amex."
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time - to - market and cost - effective solutions. Infosys has over 10,000 employees in over 30 offices worldwide. For more information visit www.infosys.com.