City Networks Supplies Commonwealth Bank of Australia with Matching for CLS

Sibos, Singapore - 20 October 2003, City Networks, provider of software and services to the treasury, securities and derivatives markets, announced today from Sibos that Commonwealth Bank of Australia (CBA) has purchased its CityNet Matching for CLS module for implementation in Sydney and London.

CBA is one of Australia's leading financial institutions. The CityNet Matching for CLS module is to be used for four-way matching, including the CLS status match, allowing CBA improved automation and a greater rate of STP. This capability is viewed by CBA as a very effective method of increasing processing efficiency, and reducing the time-delay in information transfer.

The module will replace a one-way match system in Sydney that interfaces between the client and CBA, and in London it will replace a system that requires high levels of manual intervention, with users relying on running print report batches throughout the day. This new installation will complement existing operations at CBA to further reduce elements of risk from the transaction process.

Michael Mynett, Global Foreign Exchange and Trade Executive Manager for Commonwealth Bank of Australia commented: "This is an exciting time and a new frontier in our processing capabilities. We are confident that working with City Networks will provide us with the valuable increase in transaction efficiency that we seek to provide to our clients"

Guyon Hayklan, MD for the Asia Pacific region at City Networks added: "We value the opportunity to contribute further to Commonwealth Bank of Australia's STP needs, and look forward to implementing strategies that reduce operational risk from the transaction process."

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