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Compliance Specialists Join Forces to Assist Firms with MiFID Compliance and Reduce Estimated One Billion Euros Costs

Horsham, UK – May 9, 2006 – Iconium Limited, a leading UK developer of corporate governance and compliance solutions, today announced it has joined the newly-formed MiFID (Markets in Financial Instruments Directive) Alliance, a like-minded consortia of governance specialists focused on both guiding corporations through the adoption of MiFID and on driving down its associated costs. The alliance consists of six leading companies including North Cardinal, Thales, Nimbus, Edenbrook & Infoshare.

MiFID sets the legislative framework for a single European financial services market and impacts all organisations currently governed by the Investment Services Directive. It also expands legislation to Investment Banks, Stockbrokers, Corporate Finance Firms, and others. Many analysts estimate that firms will spend over one billion Euros on the technology needed to implement MiFID standards before its introduction in November 2007.

The MiFID Alliance proposes organisations engage in a simple two-step strategy. Firstly, an Executive Planning Workshop focused on both MiFID education and a wider review of financial market risk identification and opportunity planning, and secondly, a thorough Impact Assessment & Implementation Programme. Firms adopting the MiFID alliance’s strategy will gain access to the MiFID toolkitTM , an innovative online MiFID planning tool and receive ongoing guidance and advice from industry experts, including regular implementation notices, addressing the issue of limited industry-wide MiFID resources.

Iconium’s Policy Manager, a best-in-class governance framework solution, will become an integral part of the MiFID toolkitTM. “Iconium is extremely proud to be part of this new MiFID Alliance. As British businesses have been hit hard with an onslaught of compliance initiatives in the last few years, the alliance’s aim is to provide clear advice and comprehensive tools to help firms get through the MiFID process as simply and inexpensively as possible,” commented Nigel Kilpatrick, Sales & Marketing Director, Iconium Limited. “Iconium has been able to bring Policy Manager to the alliance to sit as a foundation stone for central cross-border policy management. We are extremely pleased to be able to use our knowledge gained from previous compliance initiatives to help in this challenging and expensive European programme.”

“MiFID is not another Y2K and companies should be wary of spending large sums of money before they understand its impact, - both good and not so good. MiFID is far reaching; it will change the financial marketplace for the better and organisations that seize the opportunity MiFID presents will be the most successful over the next five years,” commented Chris Collins, Sales Director at North Cardinal. “The considerable expertise we have brought together in the MiFID Alliance and the MiFID toolkitTM not only helps resolve the shortage of MiFID resource, but also provides a “one-stop-shop” to simplify and reduce the cost of MiFID adoption. We are very pleased that Iconium has joined the Alliance. Policy Manager is one of the best-of-breed solutions in the toolkit and will enable a consistent approach to MiFID across the whole organisation.”

The MiFID Alliance will present their strategy and demonstrate the capabilities of tools such as Policy Manager on stand #B115 at Complitech 2006, taking place at the ExCel Centre, Docklands, London between 18-19 May 2006.