JPMORGAN SELECTS COGNOTEC AS PARTNER TO DELIVER GLOBAL WHITE LABEL SERVICE

London, 1 June 2004 - JPMorgan announced today that it has selected Cognotec as it’s technology partner in delivering White Label foreign exchange (FX) e-commerce solutions and related market making services to the global financial marketplace.

JPMorgan’s entrance into the growing FX White Label market is part of the firm’s strategy to expand its White Label franchise globally.

The Cognotec White Label solution will enable JPMorgan to supply its financial institution clients with their own custom branded foreign exchange e-commerce platform. The multi-product, multi-language service is fully secure and enables JPMorgan’s White Label financial institution clients to provide a global 24 hour seamless and sophisticated FX offering to their own customers by leveraging Cognotec’s proven technology.

Uniquely, the Cognotec solution offers JPMorgan clients the ability to maintain their own confidential customer data as the application is hosted at Cognotec’s independent service bureau. This solution will enable JPMorgan to provide automated prices to existing Cognotec clients via the company’s patented Liquidity Linq™ technology.

Liquidity will be supported by JPMorgan’s global market rates, which cover a full range of currencies, instruments and time zones. Clients will be able to configure their White Label service either to outsource flows automatically, or to maintain positions, based on currency, trade size, time of day, instrument and other factors.

Adam Burke, European Head of Foreign Exchange at JPMorgan, said: "We are happy to be partnering with Cognotec, a market leader in foreign exchange e-commerce solutions. We are confident that the combination of JPMorgan’s scale and sophisticated operations coupled with Cognotec's award-winning solutions, will provide a cost-effective, comprehensive and revenue-enhancing White Label service for our clients."

John Beckert, President of Cognotec International, said: "We are pleased to be working with JPMorgan to introduce a differentiated, ‘next generation’ solution for this expanding segment of the market. As the cost of participation at the wholesale end of the business increases, we expect the number of banks looking to leverage the inherent advantages of White Label service to continue growing at an accelerated rate."

Editorial contact:
John Norris
Tel: +44 (0) 20 7250 4770

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