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Yes, I don't think Standby would be relevant to this case.
Personally I'd look at seperate schmea in the one database. Make managing the database a heck of alot simpler. I'd expect the Buffer Cache and Library Cache to take a bit of a hit becasue of the differences in data and queries though.
Cheers,
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Thank you all for the suggestions. I've suggested two schemas and one db. to the CEO and we're considering that option. Any other suggestions will be highly appreciated.
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I believe that is your best option.
good luck