NexTrade Builds High-Volume Stock Trading System
on BEA WebLogic Enterprise
San Jose, Calif.(January 31, 2000)
BEA Systems, Inc. (Nasdaq: BEAS), the E-Commerce Transactions Company™, today announced that NexTrade, one of the nine SEC-approved Electronic Communications Networks (ECNs) operating in the United States, is building the next generation of its NexTrade Execution Systems on BEA WebLogic Enterprise. NexTrade expects to roll out the BEA WebLogic Enterprise implementation of the NexTrade Execution System in March 2000. To facilitate that goal, NexTrade is also leveraging the resources of the professional services group in the BEA E-Commerce Services Division. BEA E-Commerce Services professional services is providing architecture and application design services to help NexTrade create a back-end processing system robust enough to handle the high volume of trades required to operate as a Securities Exchange. NexTrade has officially filed with the United States Securities and Exchange Commission to become a for-profit, electronic Securities Exchange.
As an ECN, NexTrade speeds execution performance for trades of domestic stocks by automatically matching trades internally by interacting directly with NASDAQ or other markets. By executing orders quickly and efficiently without the need for human assistance, NexTrade is designed to offer best execution on every trade. The majority of NexTrade's customers currently consist of broker-dealers and institutions executing consolidated trades, who want to participate in a 24-hour electronic marketplace that unites buyers and sellers worldwide. NexTrade is also pioneering after-hours trading for individual "retail" investors through the NexTrade Execution System and partnerships with select broker-dealers. NexTrade was the first ECN to offer 24-hour trading through participating broker-dealers.
"The role of BEA WebLogic Enterprise as an 'industrial-strength' e-commerce transaction server is critical in the development and deployment of our next-generation version of the NexTrade Execution System. BEA WebLogic Enterprise is important to helping us maintain fast response and 24x7 availability for NexTrade ECN and NexTrade Exchange customers as the volume of transactions scales up dramatically at the rate we intend our business to grow," said Bill Geffert, NexTrade's Chief Information Officer for "We also believe that BEA has its ear to the ground with regard to future trends in e-commerce - with its commitments to platform and database independence and support for CORBA and Java technologies for scalable, mission-critical e-commerce applications. That's why we've chosen BEA WebLogic Enterprise as the core transaction processing engine for all of our trading technology and our e-commerce infrastructure."
"The promise of e-commerce is that it will quickly deliver new services and unparalleled conveniences to both businesses and consumers. NexTrade understands that "anytime, anywhere self-services" are what wins the business of the e-generation," said Joe Menard, president of BEA's E-Commerce Server Division. "By building a bulletproof service that automates basic stock trading processes, putting them on the Internet so that new and existing customers can easily capitalize on them, NexTrade is closing the gap between what their demanding e-generation customers want and what NexTrade can deliver."
Powerful component development capabilities support fast time-to-market
In addition to the benefits that BEA WebLogic Enterprise holds for high performance, availability and scalability for e-commerce sites, NexTrade chose the BEA e-commerce transaction software for the capabilities it provides to get new e-commerce applications to market quickly. "BEA WebLogic Enterprise supports our goal of fast time-to-market through its capabilities for open component-based development - CORBA and EJBs - which enable us to build an advanced component infrastructure that can be re-used quickly and easily for new and enhanced applications. We expect that to translate into major cost savings on the bottom line," NexTrade's Geffert said.
Geffert noted that the next generation of the NexTrade Execution System also will support the company's foreign currency trading operations, known as Matchbook FX , which was launched in July of 1999. "Although the trading process for U.S. securities is different from that of currency instruments, the requirements for performance, availability, scalability and fast time-to-market are just as critical," Geffert said. "By meeting these requirements, our BEA WebLogic Enterprise infrastructure gives us a common backoffice environment that allows us to engage in multiple 'flavors' of trading, including not only foreign currency transactions but other areas of the market that we don't service today."
BEA WebLogic Enterprise is an e-commerce transaction server that helps enable businesses to launch e-commerce initiatives rapidly to maintain and extend their competitive advantage. To that end, BEA WebLogic Enterprise offers exceptional flexibility for component-based development and simplified deployment by providing a single integrated environment uniting today's most widely used enterprise application technologies: Enterprise JavaBeans (EJBs) and other JavaTM 2 Platform, Enterprise Edition (J2EE) standards, as well as Common Object Request Broker Architecture (CORBA) and BEA Tuxedo® transaction processing technologies.
NexTrade, based in Clearwater, Florida, is an Internet technology firm committed to building the world's finest electronic securities trading systems. NexTrade is an SEC-approved Electronic Communications Network (ECN), and was the first ECN to offer global 24-hour trading through participating broker/dealers. NexTrade serves a variety of financial institutions including market makers, mutual funds, hedge funds, other buy-side firms, on-line broker/dealers and traditional brokerage firms. NexTrade has developed proprietary software, Pro-Trade™, which allows retail clients of sponsoring firms to enter trades for execution on the NexTrade ECN. In 1999, NexTrade developed the world's first internet-based spot foreign currency trading platform, Matchbook FX, of which it is one-third owner. NexTrade has officially applied with the SEC to become a registered, fully electronic securities exchange; possibly the first U.S. exchange to be approved in nearly 30 years.
BEA Systems, Inc.
BEA Systems, Inc. (Nasdaq: BEAS) is the E-Commerce Transactions Company™ powering many of the world's most innovative companies that serve the "e-generation," companies such as Amazon.com, Federal Express, E*Trade, United Airlines, DIRECTV, Qwest, Nokia, and Kaiser-Permanente. The e-generation relies on the Web to conduct their everyday business, demanding richer, more personalized experiences and the guarantee that your Web site is always available - every minute of every day. BEA's award-winning E-Commerce Transaction Platform, coupled with BEA consulting, education, and support services, helps companies launch reliable e-commerce initiatives quickly. BEA solutions help companies of all sizes build e-commerce infrastructures that leverage existing investments and provide the foundation for running a successful integrated e-business for the e-generation. BEA has more than 50 offices in 24 countries, is headquartered in San Jose, Calif., and is on the Web at www.beasys.com.
Contact: Arlana Guckenberger