SunGard and Cognotec collaborate on delivering seamless FX solution

London, 5 March 2002: Cognotec, the leading provider of foreign exchange e-commerce solutions to the financial industry, has announced a strategic collaboration with SunGard to provide connectivity to SunGard’s STN Treasury, a multi-bank trading platform for foreign exchange and money markets.

The collaboration will enable Cognotec’s bank clients to deliver seamless pricing and straight-through processing to their customers via SunGard’s STN Treasury service. STN Treasury was launched in 2001 to enable SunGard clients to take advantage of the price and compliance benefits of using a multi-bank platform, combined with increased levels of straight-through processing.

John Beckert, President of Cognotec Americas and Head of Global Sales, Cognotec said: “Cognotec is pleased to be working with SunGard to deliver connectivity between the fully automated environments of our respective companies, this will enable the leading market making institutions using Cognotec to provide virtually unlimited pricing and deal execution on a 5 day x 24 hour basis to their extensive buy side client base currently using SunGard’s STN Treasury service. This partnership demonstrates our commitment to ensuring that the banking industry can serve its clients with the same high level of service, regardless of the connectivity channel used.“

Shawn McMorran, STN Treasury’s President, says, “SunGard’s STN Treasury is already connected to a community of buy side clients who trade FX online. Putting buy-side demand for FX and money markets out to banks that use Cognotec to make prices allows us to further enhance the service to them and expand our own global reach. Collaborating with Cognotec allows SunGard to deliver seamless straight-through processing to more of our FX and money market customers; this will mean that Cognotec bank clients will be able to make prices to our customers at the flick of a switch, with no extra effort, along the same delivery channel.”

This partnership comes in the wake of similar partnerships already announced by Cognotec to allow banks using the Cognotec’s AutoDeal LITE trading platform to connect to FXall, Atriax and Currenex multi-bank trading platforms and is part of Cognotec’s strategy to ensure that its flagship service, the internet-based trading platform AutoDeal LITE, continues to be the banking industry’s trading and connectivity platform of choice.

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