City Networks Wins 2003 Technology in Treasury Award from The Banker

London and Monaco - 4th June 2003, City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced from the Trema World Forum in Monaco, that the company has won The Banker's Technology Treasury Award for its CityNet Confirmation Matching (TRAM) for CLS product.

There were more than 1000 entries in 41 categories and City Networks' win in the treasury category recognises the success of Confirmation Matching (TRAM) for CLS since its launch at Sibos last September. The award is independent recognition of the solution's technical innovation in providing exception management in the quickest way possible and four-way matching between Bank, Broker, Counterparty and CLS information from a single point of control.

The aim of the award is to highlight best of breed products, innovations and successes in the financial technology world. The varied range of clients using CityNet Confirmation Matching for CLS illustrates the solution's ability to process both the small volumes of CLS Third Parties, and the large volumes created by the CLS Settlement Members which process FX trades from global hubs. The judges were particularly impressed that City Networks is the sole vendor to have consistently met customer demand and market requirement by addressing the concerns of the G10 Central Banks, as detailed in the Allsopp Report on FX Settlement Risk.

Costa Christodoulou, CEO at City Networks commented today: "Winning The Banker's Technology Award for Treasury solutions is a fantastic achievement. The prestigious award commends the company's responsiveness in assessing market changes and anticipating customer needs, as well our ability to bring a complex solution to market within a short, time-critical window."

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