The Options Clearing Corporation initiated a new plan for the symbology used in representing listed option contracts in data transmissions between market constituents. This IT challenge must be addressed quickly.
Are your IT systems ready for the new Options Symbology Regulation?
The Options Clearing Corporation (OCC) initiated a plan to replace the old method of representing listed option contracts. The old method has been used for over 25 years and poses several limitations in today's marketplace. The old representation was based on 5 characters, and the new initiative is to enlarge the symbol to 21 characters and enable decimal strike prices. A committee was formed to develop the new method; representatives from broker dealers, exchanges, vendors, and OCC actively participated. The new symbology plan was approved and now is ready to be implemented to bring the options industry into compliance with the new method.
By February 10, 2010, all market participants must be converted to using the new options symbology method compliant data. At this time, OCC will include the expiration day and decimal strike price as part of its standard production series contract and the old format will no longer be supported.
Consequently, IT managers need a low risk, comprehensive way to handle the enormous impact this change will have on their operations.
We have the solution
BluePhoenix offers a tool-based, highly automated solution that provides a step-by-step, comprehensive field adjustment that enables companies to rapidly comply with this new initiative. Our solution fully preserves system and data integrity and helps maintain the usual level of system application development and maintenance throughout the process.
We handle both legacy mainframe applications as well as open-system applications. We provide solutions for mainframe and midrange server (Unix, System i) platforms, covering a range of databases (ADABAS, DB2, VSAM, IDMS, IMS, Oracle, etc.), and languages (COBOL, RPG, Oracle Forms, PL/I, Natural, JCL, etc.).
We have the experience
BluePhoenix is the world leader in legacy modernization and field remediation. We have extensive experience with field and currency remediation projects that were performed for dozens of customers around the world. BluePhoenix specializes in developing state-of-the-art technology and automated tools for projects such as field expansion in IT systems and the services required to deliver these solutions.
Minimum risk solution
We provide a minimum risk solution. We have performed many such projects and have many references from satisfied customers. Our projects were completed on time and to the satisfaction of the customers. Our automated tools are based on proven technology, having been used in dozens of field-expansion projects, thus enabling us to guarantee fast and accurate delivery.
Based on our experience, we highly recommend working with automated tools as opposed to manual work. Only with automated tools is it possible to mitigate the risks involved in such projects. Manual field expansion is a very complicated undertaking. Thousands of source files must be manually evaluated and analyzed in order to identify the effected code. After that, thousands lines of code need to be changed manually. Each change could be a source for human error. If one of the remediation rules changes, all files must be revisited and modified again. Such problems will adversely affect the project completion schedule. When working with an automated tool, these problems can be fixed within a few hours and will not impact the project schedule.
Coupled with a well-tested methodology, our automated solution minimizes the primary risks associated with a field-expansion remediation project:
| Risk |
Risk Mitigation |
| Missing the due date |
Guaranteed delivery timetable |
| Data damage |
Data validation tools to ensure correctness of data |
| Application malfunction |
Proven methodology, and automated tools that ensure controlled and predictable process |
Management benefits
- Be ready on time: As companies must comply with the OSI and be ready by February 10, 2010, automated tools are the best means to achieve this target.
- Relying on proven technology: We have proven our tools and abilities in many projects around the world. As 2009 is around the corner, organizations must choose a reliable and proven provider now.
- One-stop-shop: We provide all the needed tools and manpower for the project without any need to integrate third parties.
- Data integrity verification: Automated rules based conversion, early test plan development, and automated test executions ensure the integrity of the data, which is critical for this kind of operation.
- Turnkey solution: We can take the responsibility from project initiation to final deployment.
Proven success
We have performed successful projects for many prestigious companies, always within budget and on time! Our satisfied customers include:
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Find out how we can help you with your Options Symbology Initiative adjustment! Contact Us!