ObjectStore Enables Reuters to Deploy Innovative, High-Performance Global Credit System
New Reuters Application Built on ObjectStore(R) EdgeXtend(R) Technology Enables Financial Services Firms to Achieve Faster Response and Transaction Times
BEDFORD, Mass., (BUSINESS WIRE)
31-Jan-2005
ObjectStore, a leader in products for real-time data services, and an operating company of Progress Software Corporation (Nasdaq: PRGS), today announced that Reuters Group (Nasdaq: RTRSY), the global information company, relied on high-performance data access from ObjectStore(R) EdgeXtend(R) for its innovative credit limit information and management solution, Kondor Global Limits (KGL). EdgeXtend is the industry's only distributed data access and caching software that meets requirements for all stages of the application lifecycle. KGL is currently helping nearly 2,000 Reuters users worldwide achieve better response times and faster transaction rates.
KGL is an enterprise-scale, multi-system solution that consolidates credit limit information and manages it in real-time across a variety of financial instruments. It provides a range of functions including credit limit availability checks, automated regulatory reports and the capability to set global and local credit limits. The data access layer for KGL was designed, tested and deployed using ObjectStore EdgeXtend's patented caching technique, ensuring rapid response from large KGL installations while minimizing infrastructure investments.
"The creation of Kondor Global Limits was driven by pressing business needs--Reuters customers require split-second access to massive amounts of data," said Didier Sabardu, development group manager of credit & market risk at Reuters. "EdgeXtend's caching and cache synchronization technology enables centralization of global credit risk information without sacrificing real-time performance, fault tolerance and scalability across geographically dispersed trading locations. Our customers can intelligently manage credit risk exposure on a global basis and comply with regulations such as Basel II."
When developing KGL, Reuters addressed its data needs across the development lifecycle by leveraging ObjectStore EdgeXtend's core technology for high-performance data access. The integrated mapping and distributed dynamic caching eliminated the need for multiple tools and APIs to handle data access during development, testing and rollout. Additionally, ObjectStore EdgeXtend produced exceptional performance results. KGL recorded sub-second processing performance with 27,000 parties involved in 200,000 real-time deals across 11 time zones.
"ObjectStore EdgeXtend makes it possible for global leaders such as Reuters to quickly and easily incorporate vital data access and integrity features into key business applications," said Chris Keene, vice president of data caching at ObjectStore. "ObjectStore's real-time data access capability will dramatically change how the banking and financial services industries utilize data."
Reuters leveraged ObjectStore EdgeXtend technology during the entire data access lifecycle, including:
Development:
During application development, Reuters was able to
reduce the time required to generate data access code by
leveraging EdgeXtend's automated data layer generation.
Object-relational mapping tools eliminated tedious hand-coding and
generated high quality, tested data access code, significantly
reducing application delivery time and defects.
Tuning:
ObjectStore EdgeXtend simplified performance tuning by
automatically creating an intelligent, configurable cache. This
approach allows Reuters' developers to achieve better response
times and transaction rates, without additional hardware.
EdgeXtend provides higher performance than other caching solutions
because it caches not just individual objects but networks of
relationships between objects, through a patented technology
called schema-aware caching. Developers can easily fine-tune the
data or caching model even late in development without having to
re-code underlying data access APIs.
Deployment:
With EdgeXtend, Reuters avoided common failures of custom
development projects, such as slow response times and inconsistent
data due to higher than expected demand or network outages. With
EdgeXtend, cache clustering broadcasts changes across all caches
and delivers a cost-effective means of synchronizing data even in
Reuters' complex, distributed applications involving multiple
virtual data centers.
About Reuters
Reuters (www.about.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Their information is trusted and drives decision making across the globe based on their reputation for speed, accuracy and independence. They have 14,700 staff in 92 countries, including some 2,300 editorial staff in 197 bureaus serving approximately 130 countries, making Reuters the world's largest international multimedia news agency. In 2003, the Reuters Group had revenues of 3.2 billion.
About ObjectStore
ObjectStore is a global provider of real-time data management products. Its products enable corporate data caching and complex event processing, and its leading object database is renowned for performance and scalability. ObjectStore(R) products are supporting RFID implementations, and are deployed in industries such as finance, telecommunications and travel, where companies rely on them to complement their corporate data management infrastructure.
ObjectStore is an operating company of Progress Software Corporation (Nasdaq: PRGS), a $300+ million global software industry leader. Headquartered in Bedford, Mass., ObjectStore can be reached on the Web at http://www.objectstore.com or by phone at +1-781-280-4000.
About Progress Software Corporation
Progress Software Corporation (Nasdaq: PRGS) is a $300+ million global software industry leader. PSC supplies technologies for all aspects of the development, deployment, integration and management of business applications through its operating companies: Progress Software, Sonic Software Corporation, DataDirect Technologies and ObjectStore. Headquartered in Bedford, Mass., PSC can be reached on the Web at http://www.progress.com or by phone at +1-781-280-4000.
ObjectStore and EdgeXtend are trademarks of Progress Software Corporation or one of its affiliates or subsidiaries in the U.S. and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.
CONTACT: Progress Software Corporation
John A. Stewart
Director of Corporate Communications
781-280-4101 or
John Moran
Schwartz Communications, Inc.
(781) 684-0770
progress@schwartz-pr.com
SOURCE: Progress Software Corporation
