However, some of the technologies being used as part of the grid project are anything but cutting-edge. The stock exchange did recently upgrade to the latest 10g versions of Oracle Corp.'s database, clustering tools and application server software. But Milne said it is running the Oracle software on four servers based on Hewlett-Packard Co.'s Alpha processor, which HP no longer develops and will stop selling in systems this October.

Some of the HP AlphaServer systems were even bought secondhand, Milne said. Nonetheless, they are delivering high service levels and sparing the exchange from having to buy a single large system to accommodate the clustered database, according to Milne. He added that when he needs more computing power, he can go out and buy "what was at one point Cadillac technology at a commodity price, and still do better [on performance] than what the high-end commodity products are doing today."

The Chicago Stock Exchange received a 21st Century Achievement Award for its grid project in the finance, insurance and real estate category at last week's ceremony. The award illustrates a key aspect of some of this year's winning projects: Having the latest or greatest technology isn't always as important as how systems are assembled to reduce costs and deliver new services to end users.

Another award winner whose project fits a similar mold is Cambridge, Mass.-based Zipcar Inc., which operates a car-sharing service in more than 30 U.S. cities.

Zipcar's self-service system lets customers make reservations over the Internet or by telephone and then use smart cards embedded with radio frequency identification tags to gain access to rental vehicles parked in designated on-street spaces. The company, which was honored in the transportation category, uses Cingular Wireless LLC's data network to track its cars and send information about reservations to specialized black-box devices that are in each vehicle.