American Stock Exchange and Infosys Develop Trade Comparison System
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.