Imported from previous forum
CANDLE AND JAVELIN FORGE ALLIANCE TO
ADDRESS THE COMPLEXITY AND CHALLENGES OF
ELECTRONIC SECURITIES TRANSACTION PROCESSING
STP Business Services Suite Reduces Trade Settlement Time and Risk of Failure; Offers Spectrum of Choice for Integration Based on Business Priorities
LOS ANGELES and NEW YORK, November 19, 2001 — Candle Corporation, the systems management and business integration company, and Javelin Technologies Inc., the leader in electronic trading technology, today announced the signing of a strategic alliance to accelerate the securities industry’s progress towards Straight Through Processing (STP) and facilitate compliance with next-day trade settlement, or T+1, regulations.
The companies will deliver a powerful STP business services suite that integrates Javelin’s Appia™ and Coppelia™ Financial Information eXchange (FIX) engines with CandleNet eBusiness Platform® business services environment. The suite will support industry-standards that facilitate multilateral connectivity among finance companies, as required to enable the seamless electronic exchange of securities transactions across heterogeneous network environments.
“The solution that Candle has provided, along with its professional services, has resulted in our gaining a flexible operational environment for handling our everyday business process flows,” said Torbjörn Ericsson, CIO, Enskilda Securities, an independent investment bank partly owned by Skandinaviska Enskilda Banken AB, one of the leading banks in the Nordic region. “This combination, along with Candle’s connector to Javelin Technologies’ FIX engine, has created a standard interface that will allow our clients and intradepartmental message flows to interact seamlessly.”
In the United States, the Securities Industry Association has stressed that all finance companies need to achieve STP and T+1 readiness by mid 2004 to allow for a full year of testing for June 2005 completion. With nearly one-third of all U.S. equities trades involving cross-border settlement, the need for STP is particularly strong in European and Asia Pacific finance companies. Many manual processes within the industry today need to be automated to work in a T+1 environment. The success of T+1 is dependent on an absolute, unwavering commitment to STP. The Candle-Javelin suite allows institutions to address STP needs based on their business priorities; institutions control how, where and when they meet the STP challenge.
“The lack of internal and external automation and the reliance on multiple proprietary message standards are major obstacles to STP,” said David Caddis, vice president, Business Services Management, Candle Corporation. “The capabilities of our STP suite will be critical for organizations to overcome those obstacles and automate trade processing. It will enable firms to take advantage of immediate benefits while preparing to phase in full support for T+1 mandates.”
“We believe that the combination of Javelin’s protocol messaging capabilities with the CandleNet eBusiness Platform environment offers a major leap forward in the facilitation of true STP," said George Kledaras, CEO, Javelin Technologies. “This partnership reinforces our commitment to helping the securities industry trade better by communicating trade information more efficiently.”
About Candle Corporation
Candle Corporation is the systems management and business integration company. Through its software and services, Candle empowers companies to manage the performance and availability of critical information technology systems and business applications, as well as build and integrate enterprise and e-business applications. Since 1976, the Global 2000 have turned to Candle for help in getting the most out of their IT investments. With more than 5,000 customers in 56 countries, Candle is one of the world’s largest independent software and services companies. For more information, visit www.candle.com.
About Javelin Technologies Inc.
With nearly 1,000 installations at more than 200 major buy and sell-side institutions, securities clearing houses, hedge fund managers, exchanges and ECNs worldwide, Javelin Technologies is a leading supplier of electronic trade communication technology and the leader in Financial Information Exchange (FIX) technology. Javelin solutions provide better trading through universal connectivity, streamline workflow and eliminate the high cost and risk of developing proprietary network links and protocol implementations.
Javelin is based in New York City with offices in San Francisco, London, Paris and Hong Kong. Winner of the 2001 Deloitte & Touche Shooting Star award for fastest-growing technology companies, Javelin’s electronic trading solutions power hundreds of clients including Chicago Board Options Exchange (CBOE), Nasdaq Japan, Yahoo!, Morgan Stanley Dean Witter, Advent Software, Fidelity Management Research, Instinet, Thomson Financial and Market XT/Tradescape. For more information on Javelin’s electronic trading solutions, visit www.javtech.com.
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Candle, the Candle logo, the Candle flame and CandleNet eBusiness Platform are trademarks of Candle Corporation. Javelin, Appia, and Coppelia are trademarks of Javelin Technologies. Other product names and terms in this document may be trademarks of their respective companies.
Press Contacts:
Barry Sulpor
Candle Corp.
(310) 727-4171
barry_sulpor@candle.com
Jed Hamilton
Javelin Technologies Inc.
(212) 422-6000 ext. 690
jhamilton@javtech.com