Oklahoma State Treasurer's Online Electronic System Named One of the Best in the Nation
OKLAHOMA CITY - October 5, 2006 - The Oklahoma State Treasurer's Online Electronic Trading System was recently recognized as one of the best state online government-to-business applications in the nation by the 2006 Best of the Web Digital Government Achievement Awards.
The 2006 Best of the Web competition was conducted by the Center for Digital Government, an international research and advisory institute on the use of information technology in government. The Digital Government Achievement Awards recognize outstanding agency and department services that enhance how governments interact and transact business online with constituents.
The Online Electronic Trading system (www.OK.gov/ostbid) is a Web-based service that allows the Treasurer's office to buy and sell state t-bills and t-bonds. Since the service launched in March 2006, 68 live trades have been conducted with more than $500 million placed for investment.
The Oklahoma State Treasurer's Office is the first state agency in the United States to implement a real-time online trading system for investments with no fees to the participants. The State Treasurer's Office estimates that the online system saves approximately $300,000 per year by increasing staff efficiency.
"By going online, we greatly expand the competition for investing state funds and that helps us get better rates and more return on our investments," said Oklahoma State Treasurer Scott Meacham. "Having this state-of-the-art system in place is one of the reasons we were able to double investment earnings on state funds during the past year."
Prior to launching the online trading platform, the State Treasurer's Office conducted trades by phone with a maximum participation of three brokers. This traditional trade process often took more than half an hour to conduct one trade session. With the new system, the State Treasurer's Office receives quotes from all authorized financial institutions at one time, thus increasing the competition and providing the state with the opportunity to earn the highest returns on its investments.
The Oklahoma State Treasurer's Office Online Electronic Trading System was built and managed by eGovernment firm NIC (Nasdaq: EGOV)
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