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BondVision to Adopt FIX Standards

Milan, June 16, 2003 – BondVision today announced an agreement with IT Software and Javelin Technologies to develop and implement a FIX engine for the BondVision market. By embracing FIX Standards, a communication standard developed for real-time exchange of securities transaction information, BondVision will allow for true Straight Through Processing.

FIX Standards will be achieved through the use of a Javelin Technology Appia Engine, which will connect to the central Engine via a soft adapter provided by IT Software. Javelin is a recognized market leader in FIX Engines, while IT Software is the European Leader in the Integration of these Engines.

"The adoption of a market standard protocol of communications for Institutional Clients using BondVision represents a natural choice for us," said Lorenzo Pelizzola, Market Director of BondVision. "The implementation of the FIX engine represents a key element in the straight-through-processing strategy we want to deliver to our client base. Teaming up with two leaders in the FIX field gives us the necessary confidence that the solution will meet Client requirements."

"As the world's leading supplier of FIX technologies, we are committed to working with the most innovative and forward-thinking companies in the industry," said Paul Kelly, European Director for Javelin Technologies. "By teaming up with BondVision and IT Software, we feel we have successfully completed some very important initiatives to help move the protocol forward in Europe and expand usage of FIX globally. We're very excited to be involved in this project."

"This project is an excellent opportunity for us to make use of our ten-year expertise in technology and services for e-finance and capital markets," said Roberto Grande, President of IT Software. "In particular, we'll benefit from our well-established know-how on FIX protocol, our skills in integrating complex heterogeneous systems and our experience in the development of software platforms for capital markets trading on behalf of some of the most prestigious financial institutions."

The first block of functionalities, which will allow Participants to seamlessly feed trade allocations to sub accounts, upload records of executed trades into portfolio management systems and feed orders to the market all via FIX protocols, is expected to be available by the third quarter of this year.