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BRE Bank Implements DerivaTech’s OTC for FX Options - Deal with Polish Market Maker In Line with DerivaTech’s Global Expansion

New York, August 13, 2001--DerivaTech, the specialist provider of advanced currency derivatives pricing, analytics and risk management component applications, announced today that BRE Bank in Warsaw, Poland has licensed and implemented DerivaTech’s OTC product.

BRE Bank, Warsaw, the only local market maker in Polish Zloty options, holding also a significant book in other crosses is using the OTC pricing module in its Foreign Exchange and Treasury Sales groups for their expanded needs in pricing exotic options, building flexible strategies and marketing presentations for their clients.

Commenting on the news, Andreas Bouras, a London-based Director at DerivaTech stated, "This deal demonstrates DerivaTech’s expansion in the emerging markets and overall business momentum. With its best-of-breed FX options solutions and understanding of its customers’ needs, DerivaTech continues to be recognized as a leading solution provider to the increasingly complex FX options market." Bouras continued, "DerivaTech’s solutions are adopted by leading FX options market participants, both at the local and international level and BRE Bank represents a typical local leader with an ambitious strategy looking for the best vendor to support their business."

Adam Klein, from BRE Bank’s treasury business development group, said that the firm looked to DerivaTech for a solution after becoming aware of their reputation in the market and seeing the software in action. Klein commented on the decision to license OTC, "We needed a solid, reliable solution to integrate the multiple workflow of our FX operational groups. DerivaTech’s OTC best met the needs of this critical project. We were very impressed with DerivaTech’s volatility surface and its ability to refresh market rates for all users. Additionally, we benefit immensely from OTC’s powerful graphing capabilities."

"DerivaTech’s exotic pricing is very good. In particular, their Monte Carlo procedures on the full volatility surface are really impressive," said BRE Bank’s Head of Foreign Exchange and Senior FX Option Dealer, Piotr Mielus. "Additionally, DerivaTech’s OTC is extremely fast in pricing exotic options," continued Mielus.

"We were looking for a system that could meet the requirements of our expanding needs as we move into the more complex exotic options market. It was imperative for us to be able to do multi-leg strategies and view high-end graphics and DerivaTech’s OTC could do it all," said Mielus.

Greg Bialobrzeski, Head or Treasury Sales at BRE Bank, is most excited about how OTC helps his sales group communicate with customers. "DerivaTech’s solution is excellent for client meetings. It simplifies and illustrates what we need to explain to them, whether we are talking about 1 option or multiple options. Furthermore, if BRE Bank’s customers call for market levels, we can simply use DerivaTech’s OTC which accesses the vol rates updated by the trading desk," Bialobrzeski said.

Mielus commented, "DerivaTech is a growing and ambitious organization. In selecting DerivaTech’s OTC, we have chosen a tool and a vendor that we believe can help us achieve our ambitious goals. It best meets our needs in supporting our operations and providing timely information to our clients."