FINANCIAL SOFTWARE SYSTEMS LICENSES MARGINTRAC TO OVERSEA-CHINESE BANKING CORPORATION

Oversea-Chinese Banking Corporation ("OCBC") has selected Financial Software Systems’ MarginTrac system to manage its foreign exchange margin trading business. OCBC initially will utilize MarginTrac in its Singapore office.
OCBC is a Singapore-based financial services group with assets of SGD 84 billion (USD 48 billion) and operations in 14 countries including China, Japan, Malaysia, Australia, the United Kingdom and the United States. OCBC has more than 125 branches and representative offices around the world and offers a broad range of specialist financial services, including consumer, corporate, investment, and private banking, global treasury, asset management and stock broking.

MarginTrac is a complete Client Relationship Management solution for FX margin trading and collateral management. MarginTrac provides straight-through-processing of spot, forward, and option trades, from deal capture in the front-office -- including trading over the Internet -- to the generation of general ledger accounting entries in the back-office. MarginTrac will provide OCBC with P&L calculations, management of client collateral, calculation of margin positions and margin calls, and monitoring of counterparty net open position limits. MarginTrac provides real-time margin calculations based upon changes in clients' positions, changes in clients' collateral, and changes in market revaluation rates. MarginTrac’s calculation engines have demonstrated in production environments the ability to process over 10,000 transactions a day in a 24-hour trading environment across multiple financial centers.

Les Khan, Financial Software Systems’ General Manager, Asia Operations, stated, "We are pleased that OCBC, one of the leading banks in Southeast Asia, has selected MarginTrac to manage its FX margin trading business. OCBC had the opportunity to examine MarginTrac and other systems in depth, and the bank's choice of MarginTrac is a strong endorsement of MarginTrac's functionality and technology. A key component in OCBC's decision was the fact that MarginTrac was developed in conjunction with Financial Software Systems’ core treasury solution, Spectrum. MarginTrac's close ties with Spectrum, and the breadth of Spectrum’s financial instrument coverage, will allow OCBC to expand its margin business with new products in the near future. In addition to the promise of expanded business opportunities for the future, MarginTrac will easily integrate with OCBC’s existing front-office and back-office systems in the short-run. We believe that MarginTrac will be fully integrated into OCBC's systems environment in a matter of months."

MarginTrac will be installed at OCBC on a Windows 2000 platform utilizing Microsoft's SQL 2000 database server. Financial Software Systems also offers MarginTrac on a UNIX database platform and the Sybase Database Server. Financial Software Systems will tightly integrate MarginTrac with OCBC's core banking system, SilverLake, for client account management purposes. In addition, Financial Software Systems will build an interface from MarginTrac to OCBC's wholesale position management system so that the risk of client positions can be managed at the wholesale level.

Financial Software Systems is headquartered in Horsham, Pennsylvania, producing foreign exchange and interest rate risk management software for banks, fund managers, and corporations. Financial Software Systems supports some of the leading financial institutions around the world.

For further information, please contact Michael Snoek in London at (44) 207 709 7766, Les Khan or Michael Wee in Singapore at (65) 6438 3733, or Leigh Ann Wolfe in the United States at (1) 215 784 1100.

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