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OM uses Microsoft .NET for new settlement system, Exigo CSD

Sydney Futures Exchange will be first CSD to benefit from increased performance, ease-of-use and reduced cost of standardised solution

London - OM, the trading technology provider and owner and operator of
Stockholmborsen, today announced that it has used the Microsoft .NET
Framework to develop EXIGO, its standardised solution for Central Securities
Depositaries (CSD).

The quick development time associated with .NET has enabled OM to already be
in the second beta testing stage with its first customer, the Sydney Futures
Exchange (SFE). The Sydney Futures Exchange is on track to migrate from its
outdated proprietary system to EXIGO in March 2004.

Martin Stockley Smith, General Manager at the SFE, says: "We wanted
technology that would put us at the leading edge of CSDs worldwide and
provide us with a strategic platform for growing our business. EXIGO's web
services integration capabilities and the ease of use of the client
application means that it quietly coexists on our clients' desktops with all
of their other applications and since it is so tightly integrated it is very
straightforward to extract data from our systems directly into their
reconciliation packages."

The system is completely secure and enables CSDs to perform securities
issuance, safekeeping, corporate actions, linking to payments and external
CSDs. It is specifically designed for cross-border environments that support
batch netting or real-time gross settlement.

EXIGO's scalability means that a CSD can manage large numbers of clients,
while the "second generation" functionality of the system provides CSDs with
the ability to move from a local (securities, currencies or participants)
level to a global level.

Johan Eriksson, Chief Architect for Trading Systems at OM says: "Using a
single modern development language and productive development environment
means that we have been able to focus on supplying value to our CSD
customers. If we had used Java to develop EXIGO there would have been
substantially more expense involved. Using Microsoft technology made good
business sense."

"We are delighted to be able to assist OM in helping CSDs like the Sydney
Futures Exchange address the pressures of their industry," comments Paul
Shetler, Financial Services Industry Manager, Microsoft EMEA. "The use of
.NET in the development of EXIGO enables the system to be easily adapted to
different markets worldwide. The success of this project so far really
demonstrates how .NET and web services are enabling financial services providers to integrate and customise systems more quickly and more securely
than ever before."