American Stock Exchange selects Infy’s IDCE

BANGALORE: Infosys Technologies 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 Amex floor market operations, Executive Vice President, Ralph Rafaniello. "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 US, including the premier Wall Street firms.

"We chose Infosys after reviewing its prior success with other mission-critical projects of similar size and importance," said Amex, Executive Vice President and Chief Technology Officer, Ravi Apte. "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 Infosys, senior vice president and head of worldwide sales, Basab Pradhan. "We look forward to future expansion of our relationship with the Amex."