Credit Lyonnais Resolves CLS Exceptions with City Networks

London, UK - 20 February 2003, City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced that Credit Lyonnais has gone live with its CLS solution; the CityNet Treasury Confirmation Matching for CLS(tm) module.

Credit Lyonnais has 1834 branches worldwide serving over 6 million individual clients and 318,000 professional accounts. The French Bank has been a City Networks customer for over 5 years now, and recently purchased this latest solution when it became convinced of the operational and cost benefits that could be attained through the product. The Confirmation Matching for CLS(tm) module has been deployed in its London branch.

As a CLS Settlement Member, Credit Lyonnais must operate in a time critical environment to comply with CLS bank requirements; The Bank, therefore, selected the City Networks' solution as it enables it to resolve trade exceptions, notified by CLS, in the quickest way possible. This comes as a result of the module's instant four-way matching ability between Bank, Broker, Counterparty and CLS. The product also fully automates the exception handling process, increases the efficiency of the back-office and brings significant cost savings for the Bank.

Warren Hyde, Manager for Treasury Operations at Credit Lyonnais says "The primary requirement for us, in evaluating solutions that process CLS trades, was to find one single system that could monitor and resolve both CLS and non-CLS trades in the quickest way possible - now all of our information is available to the User on one system. As such, staff costs have been reduced and less time is needed to cross-train new staff. I feel that this experience has been a rewarding one for both Credit Lyonnais and City Networks."

Nick Russen, Managing Director for Europe and the UK at City Networks comments "We are pleased to see our existing clients taking advantage of our best of breed product in order to satisfy all of their CLS needs and we look forward to announcing further sales in the near future."

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