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Community - Java Success Stories International Petroleum Exchange (IPE) is automating and centralizing brokerage services using a custom Java-based system.

Company: International Petroleum Exchange (IPE)
Location: London, U.K.
Industry: Banking, Finance and Securities
URL: http://www.ipe.uk.com

Following a series of exhaustive benchmarks that included access to IBM's future plans for RS/6000, AIX and Java technologies, the International Petroleum Exchange (IPE) has selected IBM and its OEM partner (CRM, Ltd.) to provide hardware, software, and services for a Java-based solution that will provide centralized, automated brokerage service for more than 200 member companies.

Recently, the topic of brokerage has become a hot issue for the banking and securities industry. There are difficulties with the reconciliation of brokerage and late payment of disputed invoices. With the increasing amount of brokerage, and the pressure to reduce brokerage rates, the existing administrative costs are an unnecessary burden on this business. IPE and LIFFE members have actively been lobbying the Exchanges and the IFA and FOA to take action. Other trading centers around the world have already centralized automated brokerage services to the significant advantage of those markets.

After a considerable amount of research, IPE and LCH proposed the development of an Automated Brokerage Service system. The Service will provide online matching of brokerage agreements, calculate brokerage values due to members, provide an automatic monthly payment facility for fees between clearing members, and produce statements of brokerage fees for clearing members, locals and clients. The system runs on RS/6000 Model R50 rack mounted SMP systems and utilizes a database with the VisiBroker ORB from Visigenic Software. The application is being developed using JDK 1.1.2 of AIX 4.3, and IBM's Global Services has provided the technical consultancy for the project. IPE is evaluating IBM's application development environment -- VisualAge for Java and the IBM Network Station 1000 for future projects.



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