Tullett joins SwapsWire

London 24th March 2003; Tullett plc, one of the world’s leading interdealer brokers, has joined the industry-backed electronic platform SwapsWire to provide its interest rate derivatives clients with straight-through-processing (STP).

SwapsWire, a consortium of 23 leading derivatives dealers, provides a network which allows brokers and dealers to confirm deals in real time between each other electronically. Swap deals arranged by Tullett will be legally confirmed between banks connected to the SwapsWire network, removing the burdensome and time-consuming manual trade reconciliation process.

"We are very pleased to be able to offer our clients the STP benefits that the SwapsWire network achieves" said Mark Perkins, Tullett’s President of North America. "Being able to transfer information immediately after the trade has been completed will reduce processing costs and opportunities for operational errors."

Chip Carver, CEO of SwapsWire commented "After a successful launch, SwapsWire is becoming widely accepted as the best way to confirm OTC derivative transactions. We are excited about Tullett’s participation – their involvement means that the majority of interest rate swaps dealt through interdealer brokers can now be confirmed on SwapsWire."

The SwapsWire system, which has been operating since October 2002, supports OTC derivatives in 8 currencies (Euro, Sterling, Japanese Yen, US Dollar, Swiss Francs, Norwegian Kroner, Swedish Kronor, Danish Kroner). The system is being used at twenty eight sites in Europe and the USA. Over $1 Trillion notional value has been booked using SwapsWire to date.

About Tullett plc (www.tullib.com)

Tullett plc, formerly known as Tullett & Tokyo Liberty plc, is one of the largest inter-dealer brokers in the world, providing the most diverse range of broking services for international trading organisations. The company employs nearly 2,000 people in all the leading financial centres in Europe, North America, Asia, South America and Australia and is a leading broker in fixed income securities and global money and capital markets.

Tullett plc is part of Collins Stewart Holdings PLC, which is fully listed on the London Stock Exchange (CSH.L) and a member of the FT-SE 350 Index. In addition to Tullett plc, CSH owns the UK's largest independent stockbroking group, Collins Stewart.

About SwapsWire (www.swapswire.com)

SwapsWire is backed by a consortium of 23 leading derivatives dealers: Bank of America, The Bank of Tokyo-Mitsubishi, Barclays Bank, Bayerische Hypo-und Vereinsbank, BNP Paribas, Citigroup, CDC Ixis Capital Markets, Credit Agricole Indosuez, Credit Lyonnais, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, HSBC Bank Plc, J.P. Morgan Chase & Co., Lehman Brothers, Merrill Lynch, Mizuho Capital Markets, Morgan Stanley, The Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corporation, UBS Warburg, and UFJ Bank Ltd.


Tullett Liberty

Maggie Wright

Stronghold PR

Phone 0131 446 0483 or 07801 710360 (out of hours)

SwapsWire Ltd.

Henry Hunter

Phone: +44 (0) 20 7868 2451

Email: henry.hunter@swapswire.com

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development