COMMONWEALTH BANK OF AUSTRALIA DELIVERS LIQUIDITY TO CLIENTS WITH COGNOTEC SOLUTIONS

London, 10th February 2003: The Commonwealth Bank of Australia (Commonwealth Bank) has announced that it will deliver automated foreign exchange pricing to customers via a multi-bank portal, in addition to its existing automated foreign exchange pricing and execution distribution channel delivered by the Cognotec AutoDeal LITE service.

With the newly adopted Cognotec FXall CONNECT service (FXall CONNECT), the Commonwealth Bank will provide customers with access to liquidity through the FXall multi-bank platform in addition to its proprietary distribution channel.

FXall CONNECT is one of a number of optional portal connection application program interfaces (API) available as add-ons to the Cognotec AutoDeal range of automated foreign exchange trading solutions.

The Commonwealth Bank’s commitment to distributing automated FX pricing and execution to its global client base via the multi-bank foreign exchange portals, in addition to its proprietary solution and its longstanding participation in the unique Cognotec Liquidity Linq network, demonstrates its continuing dedication to extend its range of FX connectivity solutions to meet its clients’ requirements.

"We’re committed to building our business around an excellence of execution model. It’s not good enough to be able to quote a rate. More than ever our clients demand speed, keen pricing, and seamless connectivity across our suite of FX products," said Peter Coad, Head of Trading and Product Management at Commonwealth Bank.

"As one of the first banks in Australia to adopt an online foreign exchange trading solution, the Commonwealth Bank is a pioneer in the field and an experienced and knowledgeable proponent of automated trading. The bank’s adoption of Cognotec’s trading solutions to enable price distribution is proof of their effectiveness as a total connectivity solution," commented Kevin Galliers, Vice President of Sales for Cognotec.

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