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5th September 2001

Ubitrade (formerly known as ATSM), a leading supplier of advanced systems solutions for trading, risk management and back office on capital markets to over 120 clients in 20 countries, today announces the sale of its Ubitrade Futures & Options solution to Daiwa Securities SMBC Europe Limited, the London-based subsidiary of Daiwa Securities SMBC Co. Ltd., a leading Japanese securities company.

Daiwa Securities SMBC Europe Limited offers a range of services including securities underwriting, investment banking and equity trading to institutional clients on a global basis. The company is a member of both Liffe and Eurex Exchanges and also offers brokerage services on a number of other Asian, European and U.S. markets.

Graeme Anderson, Associate Director of the Futures & Options Department at Daiwa Securities SMBC Europe Limited commented: "We have been looking for a solution to manage our back-office operations and found that Ubitrade could provide us with a truly open solution that fits well with our global strategy towards a higher level of ‘Straight Through Processing’. We are currently working on several projects to reduce the number of manual tasks in our operational processing chain. We are also impressed with the high quality of Ubitrade’s response to client requests and overall support.!"

Didier Bouillard, Chief Executive Officer, Ubitrade, commented: "Ubitrade Futures & Options is an open system where data can be accessed freely, we therefore anticipate an easy integration of our solution with Daiwa Securities SMBC Europe Limited’s other systems such as General Ledger and Regulatory Reporting applications."

Didier Bouillard added: "This deal confirms Ubitrade’s position as the alternative specialist provider. We are delighted to be creating value for our clients by offering them a modern, STP and Internet–based solution. We are hopeful that this deal will incentivise other Liffe and EUREX members to review their current arrangements and demand a product that fully meets their needs. A strong and reliable back office package is necessary to successfully support and develop our clients’ activities. Ubitrade Futures & Options offers a cost effective, easy to tailor and highly flexible solution."