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Paul Fox takes on COO role at Cognotec

London, 30th January 2002: Cognotec, the world’s leading provider of e-commerce FX dealing solutions, has announced the promotion of Paul Fox to the post of Chief Operating Officer. Paul was previously Chief Technology Officer. His new role extends the scope of his responsibilities beyond his technology role with Cognotec’s ground-breaking AutoDeal range of internet-enabled foreign exchange dealing solutions to include all the company’s non-sales functions.

Paul is based at Cognotec’s head office in Dublin - the nerve centre of the company’s operations since 1989 and the location of the company’s technical development team.

"This is a very exciting time for the company, as we deepen our penetration into the major markets through our strategy of excellence in both products and technology," said Paul Fox.

Now is a time of considerable momentum in the development of Cognotec’s dealing solutions. The company has recently launched AutoDeal LITE 3, the latest and most sophisticated version of its AutoDeal LITE trading service. Cognotec provides a range of internet-based connectivity solutions for banks and other financial institutions. The solutions allow financial enterprises to deliver real-time foreign exchange and money market pricing and execution services to their clients.

60 banks in 23 countries worldwide are conducting their foreign exchange dealing using Cognotec AutoDeal solutions. Industry recognition of Cognotec’s achievements has resulted in the company being voted Best Automated Dealing Software Provider by the global readership of the ‘FX Week’ publication for the last four years.

"Paul’s promotion has come at a turning point for Cognotec. Two recent agreements - which saw both Standard Chartered Bank (one of the world’s leading emerging markets foreign exchange banks) and top investment bank Goldman Sachs adopt AutoDeal solutions to facilitate their electronic trading requirements – demonstrating that Cognotec’s pioneering internet-based trading service is now the benchmark solution for the global financial community. I am very confident that Paul’s expanded responsibilities will continue to develop Cognotec’s position as the global leader in the automation of foreign exchange," commented Brian Maccaba, Chairman, Cognotec.

Paul originally worked for the company in the late 1980s as a Software Project Engineer. He returned to Cognotec in 1998 from Siemens-Nixdorf where he was General Manager in charge of the Global Center of Excellence for Secure Electronic Commerce in Dublin. Prior to that he was IT Director of a portfolio of technology companies, including Dermot Desmond's Financial Courseware. He was also Head of Development of Credo in Dublin for five years.