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Kestrel Technologies Inc. Licenses its RAPTr Fixed-Income Trading System to RBC Capital Markets

NEW YORK, NY, July 23, 2004 - Kestrel Technologies Inc., a leading provider of high performance software solutions, licensed its RAPTr fixed-income trading system to Canada-based RBC Capital Markets. The RAPTr system went live at the end of June.

RBC’s Global Equity Derivatives Division will use the RAPTr System - which provides comprehensive benchmark pricing, trade capture, position and risk management functionality - to support the activities of its New York-based proprietary fixed-income trading desk.

Mr. John Locksley, EVP, Kestrel Technologies Inc., says: “We are delighted to add RBC as a client. The bank’s proprietary traders needed a fixed-income trading system in a hurry and Kestrel was able to deliver one within four weeks of the project start date.

Mr. Raymond Cooney, CAO, RBC Global Equity Derivatives, added: “The RAPTr System provides a stable platform that will be instrumental in helping our proprietary trading group manage its activities in the fast-moving fixed-income markets."