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Kimberly Neumann
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STAMFORD, Conn., July 26, 2004 - Telekurs (USA) Inc. will today begin direct sale and distribution of its Valordata Feed™ (VDF) to financial institutions in the U.S. The move will not affect customers and users of Telekurs market data contracted and licensed through U.S. distributors and sales agents.

The VDF is regarded as an especially rich source of securities master data and corporate actions information, and is unique in that the data is presented in a structured, encoded format. Providing the basis for straight through processing (STP), the VDF provides information and valuation prices for nearly 2 million financial instruments.

In addition to VDF, Telekurs will also directly offer its other securities processing products to the American market. These products include: the Valordata Browser, the highly efficient search tool/companion to the VDF; TB II, the widely used predecessor to VDF; plus intraday and end of day portfolio pricing services. In addition, Telekurs will offer products for cross-border securities identification and entity exposure management that the company has developed with third party partners.

Prior to this change in its American sales and distribution agreements, the company successfully focused on its streaming market data feeds in the U.S. market. The ability to distribute the back office data solutions already widely used in Europe now enables Telekurs (USA) to offer its local market a complete financial information solution.

Barry Raskin, president of Telekurs (USA), said: “Our change in tactics is a necessary response to increasing demand for integrated market data packages sourced directly by the provider. Our modified distribution agreements allow Telekurs to concentrate on servicing new U.S. and Canadian customers for VDF and our entire suite of securities processing products.”

Telekurs VDF data is sourced and analyzed at the company’s data centers in 12 countries to provide unrivaled depth and coverage of global markets. Additionally, since VDF is delivered in a fully structured and encoded format, it provides the high degree of automation necessary to facilitate STP.

Interest in Telekurs VDF in the American market has jumped as a result of its widespread acceptance in Europe, where there are more than 200 subscribers, including major global custody banks and depositories.”

Mr. Raskin added: “We recognize that if our back office data solutions are to duplicate their European success in the Americas, we have to adopt a ‘hands-on’ approach to sales, service and maintenance. Our fully automated feed and the richness of the data are making VDF a prominent choice for moving back office operations closer to STP.”

Telekurs' complete package of global financial information is unique in its ability to provide customers the highest quality data in whatever form is best suited to the particular business area: from trading to risk management to portfolio pricing to settlement and clearing.