Company Press Release
Commerzbank Deploys Cash Equities Trading System Built with IONA Technologies' Orbix
NEW YORK--(BUSINESS WIRE)--May 18, 1999--Commerzbank Capital Markets today announced that it has successfully deployed its new cash equities trading system which is built using Orbix(r) from IONA(r) Technologies (NASDAQ:IONA - news), The World Leader in Making Software Work Together(tm). The trading system utilizes Orbix, IONA's leading middleware product, to integrate all of the different IT systems involved in trading cash equities and create one complete trading solution. The new system replaces Commerzbank's traditional paper-based trading method. By moving from a completely manual system to an automated solution, Commerzbank can more effectively execute and process trades from order entry through settlement.
''As we continue to improve our internal capacities we can offer better and more cost efficient execution and clearing services to our clients. IONA's Orbix has enabled us to build a system which enhances our ability to do just that,'' stated Christopher Morstatt, New York-based senior vice president at Commerzbank Capital Markets. ''The decision to use CORBA-based middleware as the infrastructure for the system was based upon a survey of what other trading firms were using. The consensus was that the most widely used CORBA middleware vendor in the financial services industry was IONA. By far the most extensive expertise and experience was in Orbix.''
''Commerzbank's success in using Orbix is a great example of how IONA's Orbix family of products is enabling companies to build better, more effective IT systems that incorporate new and existing systems and technologies,'' stated Noel Toolan, senior vice president of marketing at IONA Technologies. ''The financial industry has historically relied on large mainframes to run its business and has carried out much of its trading on paper. As new applications enable the automation of these processes, organizations require the ability to merge new systems with their existing back-end applications. IONA's Orbix family of middleware products provides a proven way to support the integration of IT systems, large and small creating compelling new applications that contribute to organizations' business goals. The system Commerzbank has built illustrates the power and flexibility of Orbix as an enterprise middleware solution.''
Commerzbank's trading system was successfully deployed in New York this past January and in London this past March. Over time the installations will be expanded to about 50 sales and trading staff in New York and 150 in London. Systems will also be installed in Frankfurt and Tokyo in 1999 that will be on the same scale as the system in New York. In addition, the systems will be expanded throughout the world to link with clients through various gateways and interfaces.
Commerzbank Global Equities is a fully integrated division of its German parent, Commerzbank AG, one of Europe's top universal banks with a strong position at the heart of the new Euro-zone. It has direct access to Commerzbank's DM321bn balance sheet and, AA- S&P and Aa3 Moody's credit ratings. In the United States, Commerzbank Global Equities transacts business through Commerzbank Capital Markets Corporation, a wholly owned registered broker-dealer of Commerzbank AG.
Founded in 1991, IONA Technologies (NASDAQ:IONA - news) is the world leader in Making Software Work Together(tm). IONA's leading product, Orbix(r), provides customers with a standards-based enterprise middleware solution to make diverse software components work together in a reliable, dependable and scaleable manner. According to IDC's market research, Orbix, which is used by over 3,500 businesses worldwide and conforms to the Object Management Group's CORBA specification, is the world's leading object middleware product.
NOTE TO EDITORS: To access IONA press releases and background material on the web, visit: iona.com
If you would like to receive IONA press releases by e-mail, contact Sarah Lima at sarah.lima@iona.com.
IONA and Orbix are registered trademarks of IONA Technologies. Making Software Work Together is a trademark of IONA Technologies. CORBA is a trademark or registered trademark of Object Management Group, Inc. in the US and other countries. All other trademarks are the property of their respective owners
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Contact:
IONA Technologies Inc.
Sarah Lima, (617) 949-4030
sarah.lima@iona.com
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