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The Bank of Tokyo-Mitsubishi, Ltd. expands use of Cognotec AutoDeal+ to take the lead in delivering FX online trading services in Japan

London, 2nd September 2003: Cognotec, the world’s leading provider of foreign exchange trading solutions to the financial community, today announced that The Bank of Tokyo- Mitsubishi, Ltd. (BTM) has extended its use of the Cognotec AutoDeal+ platform for internet based foreign exchange trading to its client base throughout Japan. BTM has also introduced Online FX Services to its North American franchise using the Cognotec service.

BTM originally went live with the Cognotec AutoDeal LITE solution in 2001 to deliver automated pricing and trading capabilities to its clients via the FXall multi-bank foreign exchange trading portal. The bank has since expanded its use of the Cognotec solution to AutoDeal+, and introduced its own branded internet based foreign exchange trading service, named “[email protected]”. Since the launch of the [email protected] service BTM has seen significant growth in online transaction volumes. The bank expects to see a five-fold increase in the number of [email protected] clients in Japan before the end of 2003.

In addition, BTM is using [email protected] to enable its branches and clients in North America to transact quickly, efficiently and economically with its main North American dealing room in New York.

"Since the initial deployment, BTM has generated impressive trading volumes on the [email protected] service. This has been achieved through the successful marketing and implementation effort of the [email protected] service by the Treasury Department of the bank, and the full support of the project by the BTM trading floor," commented Denis Sweeney, Managing Director Cognotec Japan.

Mr. Kenichi Nakao, Senior Manager, Foreign Exchange & Treasury Division, commented, "At an early stage we recognized the power of a single, truly global foreign exchange pricing engine. We have been able to leverage this to provide fast, consistent FX pricing to a wide variety of our clients, including global FXall clients, proprietary clients and regional banks throughout Japan, and also our international branch network. On the [email protected] Service our clients and branches enjoy real-time FX price updates and much improved internal workflow because of the ease of importing trade data into their own internal applications. The Cognotec AutoDeal+ service also gives us a means to easily integrate into our own internal systems for real-time position keeping, settlement, and pre-deal credit checking."

Mr. Tsuyoshi Chida, Manager, Foreign Exchange & Treasury Division adds, "A single pricing engine for multiple FX trading channels also comes with the advantage of a trading desk application that provides our dealers with a single view for all FX price requests from our clients. The ability to view requests before trade execution gives our dealers a real-time view of potential FX flows, which in turn gives us the ability to manage our risk appetite more efficiently."

Concludes Denis Sweeney, "The success of the [email protected] project to date could not have been achieved without a strong, dedicated and knowledgeable project team. Cognotec is working closely with BTM to provide even greater benefits going forward. For the local Japanese market we have introduced functionality that allows end-clients to request multiple trades simultaneously in order to achieve a common spot rate. We are also working closely with BTM to provide even greater workflow efficiencies between end-client and bank, both for trade capture and trade confirmation and reconciliation. These and other initiatives demonstrates how Cognotec has consistently been able to anticipate the foreign exchange industry’s changing requirements, enabling banks to easily deploy solutions with the assurance that Cognotec will continue to meet their changing needs. We believe the ongoing working relationship that Cognotec has built over time with the Bank of Tokyo-Mitsubishi proves this point."