BRAZILIAN CLEARING HOUSE CBLC MOVES TO REAL-TIME IN ALGO MARKET VERSION 4.4

TORONTO, CANADA - February 26, 2004 - Algorithmics Incorporated, an international leader in enterprise risk management, today announced Brazilian clearing house CBLC is upgrading to version 4.4 of Algo Market for market risk. The migration to version 4.4 allows CBLC to take advantage of Algorithmics' Mark-to-Future technology framework and perform margin and limit calculations for market and settlement risks now in real-time for the 80,000 trades it sees roughly a day.

CBLC is the clearing house for Sao Paolo stock exchange known as BOVESPA, and is responsible for all of Brazil's equity and equity derivative markets. In addition, it provides risk management services to its clearing members and brokerages.

"Algo Market is a high reliability system that has allowed us to introduce a smart combination of investors' collateralization and participants' mutualization and to reduce our margin requirements by roughly 500 million dollars," said Franciso Carlos Gomes, head of risk control at CBLC. "This opens up a tremendous amount of business opportunities where their associated costs may have deterred us before."

He adds, "We already use Mark-to-Future in our central risk processing to measure exposure for our members and brokers," "Mark-to-Future allows us to calculate the incremental risk of individual trades as well as different risk measure from portfolio data swiftly and efficiently."

"CBLC is a perfect example where Algorithmics' clients use advanced risk management systems to free up significant capital reserves for profit opportunities," said Michael Zerbs, Chief Operating Officer at Algorithmics. "The risk data services and drill down tools CBLC delivers to its clearing members provide a transparency to the market because it is not just a single risk number. The migration to version 4.4 allows CBLC to take advantage of the latest developments in Mark-to-Future to scale its operations for future growth and provide accurate, real-time risk calculations that minimize cost passed onto the market."

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