Shadow Financial Launches Clearing Interface To DTCC's MQSeries Settlement Services

Maple Securities USA Links to DTCC and Global One Through Use of ShadoSuite for Settlement and Clearing

Edison, NJ, December 23, 2002 - Shadow Financial Services, a provider of integrated back-office systems to the capital markets industry, announced today that its real-time interface to the new MQSeries®-based Settlement Services of the Depository Trust Company, a subsidiary of The Depository Trust & Clearing Corporation (DTCC) is now online. It has been brought into production at Maple Securities USA, an international self-clearing broker-dealer that has successfully implemented ShadoSuite for clearing and settlements through both the DTCC and OCC. In addition, Maple is using a newly developed interface to the Global One(tm) international securities borrowing and lending system.

"Maple has a reputation for innovative use of technology, and our integration of ShadoSuite enables us to minimize human intervention, reduce risk and improve our efficiency in settlement date processing," said Robert Kirby, COO of Maple Securities USA. "Trade and position information that was previously handled in paper reports and batches is now visible on-screen, where we can not only monitor transactions in real-time but make changes interactively. In addition, Shadow's interfaces now allow us to draw securities lending data seamlessly from Global One with a direct DTCC linkage for settlement."

ShadoSuite was chosen after a rigorous competitive evaluation of vendor offerings, by Maple to bring its self-clearing activities entirely in house after using a facilities management service for several years. Maple selected ShadoSuite for the state-of-the-art technology of Shadow's Auto Cage settlement module, the responsiveness of Shadow to requests for customization, and the cost advantage of ShadoSuite.

The DTCC recently redeveloped its Settlement Services to use IBM's MQSeries messaging. Through the ShadoSuite interface, Maple is the first firm to use the MQSeries messaging service for securities payment orders (SPOs) and pledges.

"In our mission to provide a comprehensive back-office solution for trading and asset management operations, the addition of interfaces to DTCC and Global One are an important step forward, particularly for institutions looking to automate their domestic and international securities lending operations," said Donald J. Marino, CEO of Shadow Financial. "We welcome Maple Securities USA to our customer group, and look forward to supporting their straight-through processing initiatives."

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