WALL STREET SYSTEMS AND COGNOTEC LAUNCH INTEGRATED
END-TO-END FX SOLUTION

Stockholm, New York and London, May 26, 2005 - Leading provider of global treasury and capital markets solutions, Wall Street Systems, and leading provider of automated trading solutions, Cognotec, today launched an integrated FX solution delivering 'out-of-the-box' connectivity for banks which are already established with, or considering implementing, either vendor's system.

Banks using the combined solution, which will bring together the market leading technology from both vendors, will offer leading edge pre- and post-trade connectivity to clients. It will also deliver comprehensive risk analytics and straight-through processing. The partnership encompasses both technical integration and co-ordination of sales and marketing activities.

With the new integrated solution, all functionality from price discovery to trade execution will be performed by Cognotec's AutoDeal+, a fully automated pricing and execution platform. It provides rate feed processing, automated pricing configuration and management, dealer intervention facilities, margin/spread management, streaming rates, credit risk monitoring, and settlement capture.

From the point of trade execution in the new solution, transactions flow into The Wall Street System ® treasury and capital markets front office trading solution to provide trader analytics, P&L, position and risk management. The post-trade transaction processing and risk management will also be carried out through The Wall Street System. It provides integrated trade confirmation, authorization and settlement, including real-time views of all trades, and real-time and historical trade valuation.

Howard Tolman, managing director, Cognotec said: "The integration of The Wall Street System and Cognotec AutoDeal+ will enable banks to gain instant added value and the potential for a rapid return on investment with little or no effort. They will be able to achieve greater levels of efficiency and straight-through processing while also creating a stronger web-based channel to market. Furthermore, our clients recognize the win-win opportunity here with several already having expressed strong interest in taking the new solution."

Mike Thrower, marketing director, Wall Street Systems said: "By bringing together these two market leading solutions in an integrated environment, our two firms will be able to deliver even better value to our mutual clients. Banks are seeking greater integration and higher levels of STP and at the same time they are seeking to differentiate their global FX offerings. Our combined efforts will deliver a world-class solution to the market."