The Australian Stock Exchange (ASX) is migrating all products traded on its Stock Exchange Automated Trading System (Seat) to an integrated platform based on OM Technology's Click XT software.
ASX has been using OM's Click system for derivatives trading since 1997. The exchange has contracted with OM Technology for the developement and supply of a customised version of the system to handle trading of all ASX's listed securities - spanning equities, interest rate securities, warrants, options, index options, index futures and commodity futures.
The total cost of the project is estimated to be $11.2 million, of which $9.6 million will be capitalised. The total cost will be spread across three financial years.
The new platform will replace the Seats system, which the Exchange has been using for trading equities, interest rate securities and warrants since 1987.
Richard Humphry, MD and CEO, ASX, says a study conducted by the Exchange last year found that "trading all ASX products on a single, integrated platform offered ASX and its customers compelling financial, functional and strategic benefits".
ASX says the single trading infrastructure will allow customers to make cost savings, while offering new trading possibilities such as contingent trading across equities and derivatives.
The exchange expects migration to the integrated platform to commence in early calendar year 2006.
In a separate announcemnt, the Korea Futures Exchange has signed an extended five year agreement with OM for the support and maintenance of the Click exchange trading system and the Secur clearing system, which the Exchange has used since its inception in April 1999.