ROLFE & NOLAN REAFFIRMS COMMITMENT TO ASP MARGINING MODEL WITH BIt SYSTEMS AND KEDRIOS DEAL

London and Milan, June 19th, 2003.

Rolfe & Nolan announced today that after extensive evaluation its ASP service offering, Merlin Margin, is being provided to Borsa Italiana's technology arm, BIt Systems S.p.A. and Kedrios S.p.A., the company of the SIA Group focused on back office outsourcing services.

As a result of this agreement, BIt Systems in cooperation with Kedrios has implemented its new trading risks management service Cross Margin Control, which covers CCP-eligible products in the Italian Cash Equity Market (MTA) and in the Italian Equity Derivatives Market (IDEM). Cross Margin Control gives clients the ability to cross margin cash & derivatives positions and also perform intra-day margin recalculation for the positions of General, Non and Direct Clearing Members with the clearing house.

Colin Wade, European Sales Director at Rolfe & Nolan commented: 'This agreement underlines the fact that our ASP margin solution is a value-added service for exchange members. This initiative embraces three of our key strategies: exchange-enablement; the delivery of ASP services; and the roll-out of Merlin, our next-generation modular processing solution.'

Paolo Pagani, Rolfe & Nolan's Director of Sales for Southern Europe said: "Our successful partnership with Kedrios dates back to 1994. We are delighted to widen further our close involvement with the Italian market by extending our business relationship to embrace BIt Systems".

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