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Raymond James Implements ShadoSuite for International Trading

Edison, NJ, October 28, 2002 - Shadow Financial Systems, a provider of integrated back-office systems to the capital markets industry, announced today the successful implementation of ShadoSuite at Raymond James (Financial) & Associates, member New York Stock Exchange/SIPC. Raymond James chose Shadow to support multi-currency trade processing, clearing and settlement for international transactions.

"ShadoSuite provides us with the ability to significantly improve straight-through processing for our international activities," said Jay Phillips, vice president of international trading, research & operations at Raymond James. "Its multi-currency functionality supports both dollar and native currency accounting, which enables us to integrate our international business with our core systems and provide detailed reporting to our clients. The system supports the growth in our international trading business."

Raymond James selected ShadoSuite after a competitive evaluation of back-office solutions. The decision was based on Shadow's benefits in breadth of instruments covered, multi-currency functionality, small-footprint technology and cost. The Raymond James implementation includes SWIFT-based communication among counterparties, as well as an interface to the firm's core accounting system.

"We are pleased to welcome Raymond James into the expanding ShadoSuite customer group, which includes firms in brokerage, fund management, clearing and fund administration areas," said Donald Marino, CEO of Shadow Financial. "ShadoSuite was designed to fully support the back-office needs of international trading and settlement operations. We look forward to supporting Raymond James in efficient and cost-effective operations."

ShadoSuite is an integrated solution that includes trade processing, accounting, clearing and settlements. Its advanced auto-cage system for transaction flow and exception processing provides state-of-art support for straight-through processing. Full multi-currency capability enables accounting in native currencies as well as core accounting in single-currency mode. Shadow offers off-the-shelf interfaces to SWIFT and DTCC with ISO 15022 compliance to be operational this month.