STOCKHOLM, Sweden, May 29, 2002 (PRIMEZONE) -- OM has signed an agreement with the Australian Stock Exchange Limited (ASX) to continue the support and maintenance of the CLICK(tm) exchange system (CLICK(tm)) for a further five-year term.
The Australian Stock Exchange has been an OM customer for close to six years operating OM's CLICK(tm) system, the world's most widespread marketplace system. In that time, the Australian Stock Exchange has seen significant growth in their options market, with a 65% increase in monthly average trading options since the implementation of CLICK(tm). The number of options traded increased 44% over 2001 and the market is now running at record levels across a number of key measures of activity such as the level of open position and active accounts. The increased participation in ASX's derivative market has been driven by a combination of ASX product initiatives and continual functional and technical CLICK(tm) enhancement.
"We are delighted to extend our collaboration with ASX. The renewal of our Support Agreement is a clear indication of the faith held by leading global exchanges in OM's products and services," said Magnus Bocker, Chief Operating Officer at OM. The ASX Options Market was the world's first established options market to move from floor trading to automated trading and was OM's first customer in the Asia Pacific with CLICK(tm) being implemented in October 1997. This operational commitment from ASX was instrumental in the establishment of OM in Sydney with the view to establishing it as its Asia Pacific hub," continued Mr. Bocker.
"ASX is pleased to continue its support agreement with OM," said Michael Roche, Executive General Manager, Market Services at ASX. "CLICK has served the ASX options market and now the ASX futures market well."
Recent ASX initiatives facilitated by CLICK(tm) were the launch of Futures and Tailor-Made Combinations (TMCs). In January 2002, the ASX started trading Futures contracts on CLICK(tm) with the newly launched ASX Mini200 and ASX Mini50 products which offer a simple and efficient way for traders to exploit trading opportunities while simultaneously allowing substantial leverage. This was followed by the implementation of TMCs in April 2002 that now allows traders to enter multi-legged orders as single trades. CLICK(tm) automatically adjusts the prices of the component legs to maximise the possibility of the order being traded, provides traders greater flexibility constructing strategies, and improves options market liquidity.
Since ASX appointed OM as a technology partner in 1996, they have combined forces to ensure that the ASX's derivatives market remains at the forefront of global trading technology. ASX has been able to attract new international traders, particularly market makers, to its market because ASX operates a trading environment to which it is easy to connect.
OM is a world leading provider of transaction technology, offering systems solutions for banks, brokerage firms, exchanges, clearing houses and other financial institutions as well as energy market participants worldwide. With operations in over 11 countries, OM also owns and operates exchanges and clearing organisations. CLICK(tm) has helped over 21 exchanges worldwide become leading electronic marketplaces. CLICK(tm)'s high capacity and reliability increase exchange efficiency, measured by its ability to handle increasing volumes, its cost effectiveness and its ability to quickly introduce new financial products.
For further information or comments, please contact:
Magnus Bocker, COO, OM +46 8 405 66 44 Anna Eriksson, VP Brand & Communications, OM +46 8 405 66 12 Gervase Greene, National Manager Corporate Relations, +61 2 9227 0464 ASX
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