ROLFE & NOLAN AND ECCO ENTER INTO INVESTMENT AND DISTRIBUTION/LICENSING AGREEMENT

London and Chicago, 23rd April 2001 - Rolfe & Nolan, the world's leading supplier of derivatives technology solutions, has announced that it has entered into a straight through processing (STP) agreement with ECCO, providers of innovative software for electronic trading. The agreement enables Rolfe & Nolan to provide derivatives industry participants with advanced, fully integrated solutions for front-end order capture, order risk management and exchange routing and access.

Under the agreement, ECCO will integrate their uniquely positioned pro-trader order execution product, currently marketed as T-Ware, into Rolfe & Nolan’s existing order capture, risk management and exchange routing infrastructure. As part of the agreement, Rolfe & Nolan has made an equity investment in ECCO and will gain global distribution and sublicensing rights, on a private-label basis, to the ECCO product line.

ECCO products are designed predominantly for professional futures traders and institutional users who need to price and trade spreads across different contracts, rapidly and seamlessly - allowing users to effect an arbitrage and spread between correlated markets automatically.

Dan Eccleston, managing director of ECCO, commented, "Given our extensive experience in the trading markets and our close relationships with the major exchanges, we have been able to develop unique functionality for the derivatives trading industry. We are very excited about our new relationship with Rolfe & Nolan, as it allows us to leverage our product expertise into Rolfe & Nolan’s existing ASP-based order entry, management and routing architecture."

Bob Sylverne, chief executive officer of Rolfe & Nolan’s North American operations said, "The integration of ECCO’s unique trading front-ends into our ASP architecture allows us to extend our front-to-back single vendor solution to meet the needs of the professional trading community. Our trading front-end ‘plug and play’ approach is unique - users can trade any market, electronic or otherwise, through a totally outsourced, cost-effective infrastructure that provides real time pre-trade risk management, exchange connectivity and full integration with back-office processing."

Mr. Eccleston continued, "We selected Rolfe & Nolan because of the substantial progress they have made in supporting the industry’s move towards STP. They continue to deliver solutions focused around industry needs for front-end connectivity, order administration and outsourcing of technology infrastructure. From our experience in the front-end market, we know clients want a single technology infrastructure that supports all of their niche front-end requirements, including retail browser based order entry, brokerage firm order desks and professional trading applications. The combined Ecco and Rolfe & Nolan product offering, utilising a new standardised market depth API, allows us to meet and support these client objectives."

Mr. Sylverne went on to say, "Regarding order administration, firms are very interested in a single solution for management of trading risk, routing of orders and for the delivery of trading and account information. We have a unique ability to manage trading risk, as we have access to order/fill information, actual bookkeeping position data and real time market price data. On the order routing front, we will soon be in production with API access to CBOT Order Direct, A/C/E, EUREX, LIFFE, NYBOT and SFE (Sycom4).

Rolfe & Nolan develops and markets advanced software applications for international banks, brokerage firms and exchange members active in the clearing and processing of futures and options transactions. The company whose securities are traded on the London Stock Exchange is based in London with offices in Chicago, New York, Singapore, Hong Kong, Sydney, Milan and Frankfurt.

Additional background

Leading the futures and options industry’s move towards STP, Rolfe & Nolan now provides order entry/management and Internet access products to over 20 derivatives brokerage firms. Rolfe & Nolan’s fully outsourced STP applications include: private label web infrastructure, retail and professional order capture front-ends, pre-trade risk management, exchange API access, market quote distribution and real time Internet access to back-office account data, reports and statements. All of Rolfe & Nolan’s Internet products are multi-lingual, multi-currency and designed to fully accommodate any firm’s branding and corporate image requirements.

For further information contact:

Alima Atta or Emma Twyman
Anderson Soames Communications
Tel: 020 8614 9000
Fax: 020 8614 9001
Email: alima@andersonsoames.com or emmat@andersonsoames.com

Or

Kirsty Lowe
Marketing Communications Manager, Rolfe & Nolan Plc
Tel: 020 7374 4841
Fax: 020 7374 0732
Email: kirsty.lowe@ranplc.co.uk


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