Wall Street Bullish On Java Technology
Bridge, Lehman, Tibco, Daiwa Lead Java Technology Rally At Sun's S.I.A. Booth
NEW YORK--(BUSINESS WIRE)--June 23, 1998--
NEW YORK - June 23, 1998 - Wall Street is bullish on Java(TM) technology from Sun Microsystems, Inc., as some of the biggest names in the financial world converge at the Securities Industry Association (S.I.A.) show in New York to unveil products and strategies based on Sun's Java platform.
Market data providers, investment firms, banks and even financial broadcasters are among the more than fifty companies on hand to demonstrate innovative new products that leverage the Java programming environment's unique ability to bridge disparate information systems, enable platform-independent, ''network age'' applications and speed time to market for new applications and services.
Long recognized as an early adopter and driver of technological innovation for competitive advantage, the securities industry is rapidly adopting Java technology from the back office to the trading floor and into cyberspace. According to a 1997 Wall Street & Technology/Meridien Research survey, 80 percent of securities firms are building applications written in the Java language for web-based deployment. The S.I.A. show features scores of projects based on Sun's Java technology, many of which are on display at the Sun Microsystems booth, no.3100.
Sun also announced two more Authorized Java(SM) Center(SM) service locations -- T.I.S. and Technology House -- that will deliver Java technology-based solutions to the financial services industry. Authorized Java Center service locations are run by third party business allies, are authorized by Sun, and offer expertise in developing applications that will meet Sun's 100% Pure Java(TM) certification standard. T.I.S., based in New York and Technology House, headquartered in New Jersey, both specialize in distributed object and Java technologies (see separate Sun announcement). T.I.S. and Technology House along with other select Authorized Java Center program members will be showing live customer demos in the Penthouse Suite on the 44th Floor.
''The real news at S.I.A. isn't simply that Java technology is being used in production by the securities industry, but how diverse those applications are and how quickly they're being developed and deployed,'' said Rob Hall, vice president, worldwide financial services, Sun Microsystems, Inc.
Java Technology: From The Trading Floor To The Middle Office
Sun's S.I.A. exhibit showcases how Java technology is making a difference at every level of the securities enterprise. A few of the applications include: BRIDGE -- a financial information systems leader whose clients include institutional investors, brokers/dealers, exchanges, corporations and governments -- is demonstrating BridgeChannel, its 100% Pure Java-certified application that delivers BRIDGE market data over the Internet to any network device equipped with a standard browser. BridgeChannel illustrates Bridge's commitment to providing market data anytime, anywhere, extending the trading floor to a world of network-enabled devices.
''Platform-independent, web-enabled services are absolutely core to our philosophy moving forward,'' said Tom Wendel, President, Chairman and C.E.O., BRIDGE. ''With Java's faster development cycles, we have the tools we need to innovate, manage and update these applications quickly and easily over the BRIDGE network.'' BridgeChannel is running on a Sun JavaStation(TM) network computer at the Sun booth.
Also being unveiled today is a suite of MarketSheet objects, based on Sun's Java technology, from TIBCO Finance Technology Inc. (TIBCO), a global leader in financial software solutions and enterprise application integration. This application delivers real-time market data from a wide range of sources to TIBCO users anywhere, on any device. MarketSheet is currently being deployed at Nicholas-Applegate Capital Management (See separate TIBCO announcement). Because MarketSheet is built using Sun's JavaBeans(TM) component architecture, NACM will be able to ''mix-and-match'' MarketSheet functionality according to the needs of its various users -- delivering, for example, one set of functions and features to traders and another to portfolio managers.
Sybase, Inc. revealed today that it will support Sun's Enterprise JavaBeans(TM) in its newly announced Financial Server, the world's first application server specifically designed for financial services. The financial server is a database-independent, transaction processing product that utilizes Java technology to provide native support for industry standard protocols, such as Financial Information Exchange (FIX), Open Financial Exchange (OFX) and JLife.
''Financial institutions have been adopting Java technology at a rapid rate because it is a channel and platform-independent object language that can bring applications to a heterogeneous environment,'' said Michon Schenck, vice president and general manager of Worldwide Financial Services at Sybase. ''Java technology's flexibility and robustness in a networked environment are key reasons why we are including support for the Enterprise JavaBeans architecture in the first release of the Financial Server.''
Standard & Poor's ComStock introduced Expresso, a dynamically updated financial information system designed with Java technology. Expresso offers the entire breadth of Standard & Poor's ComStock market information -- real-time quotes, news and up-to-the-minute Time & Sales, and NASDAQ Level II data -- while using Java technology to let customers access and customize that data from virtually any network device with an Internet browser. (See separate Standard & Poor announcement.)
Lehman U.K. has tapped the Java platform to deliver a comprehensive suite of analytics tools to its institutional clients. Using Java technology and CORBA, Lehman is currently building an architecture that will access information in its disparate legacy systems for new, network applications that are delivered via the Internet to clients worldwide.
Daiwa Securities is using Java technology to build a middle office that facilitates straight through processing. A set of specialized Java ''agents'' -- for example, a trade validator or a credit checker --grabs data from a variety of sources. The format, hardware platform and operating system for the original data are rendered irrelevant by the Java agents, which extract the data, perform operations on it, and send it on to other systems for reconciliation, settlement and reporting.
''The key here is flexibility,'' according to Jeffry Borror, director, information technology, Daiwa Securities America. ''Instead of scrapping old technologies for new ones every few years, with Java technology we can build a flexible middle-office architecture that can survive and be upgraded.''
CNNfn.com is showing its Investment Tracker, which employs Java technology and empowers Internet users by providing up-to-the-minute information on their personal investment portfolios. It allows users to select a portfolio of stocks and market indices and new financial information is downloaded invisibly to the user while on the Internet. The Investment Tracker then tracks that information without requiring the user to visit a server or navigate the web. (See separate CNN release).
About Sun Microsystems, Inc.
Since its inception in 1982, a singular vision, ''The Network Is The Computer(TM),'' has propelled Sun Microsystems, Inc. (NASDAQ: SUNW - news), to its position as a leading provider of high quality hardware, software and services for establishing enterprise-wide intranets and expanding the power of the Internet. With more than $9 billion in annual revenues, Sun can be found in more than 150 countries and on the World Wide Web at sun.com.
Sun, the Sun logo, Sun Microsystems, Java Center, 100% Pure Java, JavaStation, JavaBeans, Enterprise JavaBeans, The Network is the Computer and Java are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.
Press announcements and other information about Sun Microsystems are available on the Internet via the World Wide Web using a tool such as Netscape Navigator(TM) or Sun's HotJava(TM) browser. Type sun.com at the URL prompt.
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Contact:
Sun Microsystems, Inc.
David Bailey, 650/786-4007
david.bailey@Corp.Sun.Com
or
Burson-Marsteller
Steve Foley, 212/614-5036
Steve_Foley@bm.com
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