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IWL consolidates its settlement platform in Australia with iBROKER from CMS

24 May 2006 - IWL Ltd, a leading provider of wealth management solutions, has selected iBROKER from Capital Market Solutions (CMS) as the settlement platform to support its broking operations in Australia.

Following significant expansion of its broking operations in Australia, through its acquisitions of Sanford Securities, Australian Clearing Services, Avcol Stockbroking and, more recently, JDV, IWL was looking to consolidate its online operations in Perth on to one settlement platform. After an extensive evaluation of solution offerings from both domestic and international suppliers, including IWL’s in-house offering, IWL selected CMS as being able to provide the best overall solution and was particularly impressed with its’ strong commitment to the Australian marketplace.

Otto Buttula, IWL Chief Executive, commented on the decision: “Following the acquisition of JDV and expansion of our broking activities, we were looking for synergies across our online broking operations and identified early on the benefits of moving to one settlement platform for all of our Perth based operations. CMS not only offered IWL a solution that was customised for our agency clearing and direct broking operations, but that could additionally support our online, ‘white label’, retail and institutional trading activities. We were impressed with the partnership that CMS had already established with JDV and attracted to the benefit of using iBROKER as a single platform to process our entire online equities and options transactions.”

Ralph Horne, Chief Executive of CMS, said: “For IWL to select CMS as a strategic supplier is tremendous news for CMS in the Australian market. IWL has a clear strategy to be the leading provider of world class wealth management technology and operating solutions, and we are delighted to be an integral part of delivering that service.”

Since de-merging from global software vendor, Misys plc, two years ago, CMS has firmly established itself as a leading provider of equity settlement solutions across the Asia Pacific marketplace.