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International Financial Systems (IFS) Releases New Internet Trading
Application for the Collateralised Foreign Exchange Market

DUBLIN (February 14, 2001)...IFS (, the leading developer of
collateralised trading and Internet solutions for international financial
institutions, today announced the release of MarginMan-GATE. This is a new
Internet trading application which allows banks to offer automated FX
collateralised trading to a wider customer base including broker dealer
networks. The new product offering follows IFS' recent $21 million
acquisition of Dene International, the UK-based developer of GATE, an
automated Internet-based trading solution for banks.

"The interest shown in our new product suite by all levels of financial
institutions has been incredible and the merging of the MarginMan and GATE
technologies looks set to make a significant impact on the eTrading sector,"
said Ken Coldrick, Managing Director, IFS. MarginMan-GATE is the first
application that allows banks to offer their clients real-time automated
collateralised trading for foreign exchange. IFS has already signed one of
the world's largest banks as its first customer for the new product.

MarginMan and GATE have been integrated to allow banks offer FX trading
services to a very broad customer base across the Internet, while continuing
to manage the risk between the bank and the customer. Use of this new
application will also enable banks to automatically retain or swap market
risk with each other and to access additional participating liquidity

For further information contact:
Feargal Duffy
International Financial Systems
Tel: + 353 1 296 4525
Email: [email protected]