Standard & Poor's to distribute U.S. bond evaluations to CIBC World Markets

Reciprocal agreement extends Standard & Poor’s and CIBC’s fixed income data coverage and distribution

NEW YORK, April 6, 2005 – To meet the growing global demand for more comprehensive cross-border bond data, Standard & Poor’s today announced a reciprocal agreement with CIBC World Markets, the wholesale banking arm of Canadian Imperial Bank of Commerce (CIBC), to distribute Standard & Poor’s bond evaluations to CIBC’s Canadian clients. Also as part of the agreement, Standard & Poor’s, a leading global provider of independent research, ratings, and indices, will deliver CIBC’s Canadian bond data to Standard & Poor’s global clients.

CIBC World Markets is distributing Standard & Poor’s bond evaluations through CIBC’s PriceBase market data platform. In addition, Standard & Poor’s clients can now receive CIBC’s indicative end-of-day Canadian bond pricing data via Standard & Poor's pricing feeds with no additional programming necessary and one point of contact for customer service.

"This agreement creates opportunities for Standard & Poor’s to reach clients in Canada that we don’t traditionally service," says J.R. Rieger, Vice President of Global Pricing Services, Standard & Poor’s. "Integrating the capabilities of two quality firms helps us to meet our clients’ ever-changing and increasingly complex mark-to-market needs."

The fixed income research products and trading operations of CIBC World Markets have been consistent market leaders in Canada for nearly a decade. The agreement with Standard & Poor’s further strengthens CIBC’s leadership position by offering its clients access to securities pricing from Standard & Poor’s.

"We are pleased to partner with a world-class provider of fixed income data products," says Maurice Smith, Executive Director of Financial Markets Research, CIBC World Market. "This agreement supports our respective market-leading ability to deliver the global product coverage our clients increasingly demand."

CIBC World Markets prices approximately 15,000 securities, and it is also a price contributor to the newly launched S&P/TSX Canadian Bond Index, the first independent, multi-contributor bond index in Canada. CIBC World Markets collaborated in the development of this new index. Standard & Poor’s extensive product coverage delivers global fixed income and equity pricing services for more than three million securities, over 40,000 international fixed income evaluations, municipal and U.S. fixed income evaluations, CDs syndicated (bank) loans and municipal performance indices.

Standard & Poor’s Securities Evaluations provides independent evaluations and pricing services for over 4 million global instruments, including U.S. Municipal (including taxable municipals), US Corporates, CD’s, Syndicated Loans, Non-U.S. Fixed Income, Municipal Indices, and Global Equities.

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