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L'udova Banka Licenses Financial Software Systems' Spectrum Treasury System

Ludova Banka, headquartered in Bratislava in the Slovak Republic, has licensed Financial Software Systems’Spectrum Treasury System, including the integrated module to support collateralized trading of foreignexchange instruments. Ludova Banka will utilize Spectrum for front-office, middle-office and back-officeTreasury operations.

L’udova Banka is a subsidiary of Volksbank International AG, which is a joint venture based in Vienna, with bankholdings across Central and Eastern Europe. Volksbank International AG is jointly owned by ÖsterreichischeVolksbanken-AG (Austrian Volksbank), Banque Fédérale des Banques Populaires (of France), and DZ Bank /WGZ Bank (of Germany). As one of the leading banks in the Slovak Republic, L'udova Banka has assets inexcess of 1.5 billion U.S. dollars and a network of about 50 full branches and sub-branches. The bank hasgrowing businesses in the mortgage financing, private banking, corporate banking, international banking andreal estate financing areas. As part of the international Volksbank network, L'udova Banka offers its bankingservices in English, French, German, Italian and Slovak.

Spectrum is a comprehensive Treasury System for the management of foreign exchange, money market, fixedincome, equity and derivative trades. Spectrum handles margin trading (collateralized trading) of FX spot,forward, and swap contracts, plus vanilla and exotic OTC FX options. Spectrum provides complete front-office,middle-office and back-office functionality, with true straight through processing of transactions from dealcapturein the front-office to producing general ledger accounting entries in the back-office. The margin tradingmodule of Spectrum provides management of client collateral, calculation of clients' margin positions, andpreparation of margin calls.

Spectrum is built on Microsoft's .NET platform. Spectrum is distinguished by a middle-tier calculation engineand middle-tier data distribution service. The calculation engine and data distribution service make possiblereal-time credit checks and real-time collateral checks for margin trading. L'udova will implement Spectrum withMicrosoft's SQL Server database, and Spectrum's middle-tier engines will run on Windows 2003 servers.

Michael Snoek, Financial Software Systems’ Director of Sales for Europe, the Middle East and Africa,commented, "We are very pleased to welcome L'udova Banka to our growing list of clients in Europe. L’udova'sdecision to license Spectrum was largely driven by two factors: Slovakia's planned entry into the Euro inJanuary, 2009, and the bank's desire to offer more sophisticated financial products to its clients. In preparationfor the Euro, L'udova identified a need to upgrade its Treasury systems and to do so in a timely manner. Thefact that Financial Software Systems can implement Spectrum in a short and manageable timeframe means thatL'udova will beat an anticipated systems freeze by the Central Bank of Slovakia. Apart from the Euroconsideration, L'udova also plans to offer more sophisticated financial products to its clients as part of its growthstrategy for its corporate and private banking. Spectrum's powerful margin trading capability will allow L'udovato extend its Treasury offerings to both Slovakian and cross-border clients."