today announced the successful completion of a project with
(SGX) designed to future-proof the technology underpinning its depository business and enhance operating efficiency. The project helped SGX improve the speed of a critical application by up to 100 percent, significantly lowering annual operating costs and better positioning its IT systems to align with future business initiatives.
With a market capitalization of more than US $6 billion, SGX is among the world's largest exchanges and is Asia’s second-largest listed exchange. The exchange already offers the region's longest trading hours and was looking to streamline IT operations and lower cost-per-transaction rates, while better preparing to address future market growth.
After a competitive evaluation process, SGX selected Dell (then Clerity Solutions) to provide end-to-end
technology as part of a multi-million USD modernization project. Dell helped migrate SGX's entire mainframe complex, including key applications like clearing and settlement, third-party tools and utilities, and server and storage resources to a flexible open systems environment with minimum customer impact.
Before selecting the mainframe re-hosting solution, SGX evaluated three options: rewriting its mainframe applications; upgrading its mainframe; and re-hosting its applications to a modern, open platform. The exchange opted to re-host its application environment. Mainframe re-hosting offered the most cost-effective solution and involved less risk than rewriting.
As part of the evaluation process, SGX conducted a proof of concept and reference checks with large financial institutions like NYSE Euronext, where Dell had performed similar work.
In addition to Dell Mainframe Re-hosting software, Dell Enterprise COBOL was leveraged in the project to migrate SGX's IBM CICS applications, batch JCL code, COBOL programs and VSAM data intact. This approach avoided costly code changes and enabled SGX clients to continue accessing its systems without reconfiguration.