TOTAN CAPITAL MARKETS TOKYO SELECTS kACE™ FROM KALAHARI AND SIGNS UP FOR NEW US$ OIS MODEL

-- Kalahari continues to strengthen its customer base in the Asia Pacific markets --

Global. 4th July, 2005 – Kalahari, a global provider of real-time price discovery and analytic solutions to banks, brokers and other financial institutions, today announced that Totan Capital Markets Tokyo, the leading liquidity provider in the Tokyo money markets, has selected kACE™ as their primary pricing tool for their Dollar Interest Rate Swaps desk. Totan Capital Markets has also signed up to use Kalahari’s recently launched US$ OIS model.

kACE provides financial institutions with a single calculation platform across the maximum number of instruments. All traders’ calculations are routed through one global calculation engine, and pricing and valuation standards are consistent across the enterprise.

Commenting on its selection of kACE, Satoshi Tamura, General Manager of Foreign Currency Swaps Desk of Totan Capital Markets said: "We chose kACE because of its superior pricing capability and the flexibility that allows bespoke design for each of our traders, which empowers the business to respond rapidly to product-, client- or market-driven change."

"This has been a great win for Kalahari, we are delighted that one of the leading brokerages in the Asia Pacific region has selected Kace," commented Graham Mansfield, Director at Kalahari. "This success is another endorsement of the capabilities and quality of kACE, and our overall strength as a solution provider for the financial trading sector."

kACE is the industry’s leading real-time price discovery and analytics solution designed for enterprise-wide use at broking firms, banks and other financial institutions and corporations. With flexibility and control as the driving design principles, kACE gives traders the tools and the freedom to innovate and concentrate on what they do best – calculate and effect the trading opportunity. With built-in flexibility that enables traders to create customised mathematical models quickly and easily, functions created in applications such as Excel can be seamlessly incorporated into kACE, combined with resident calculations from the world’s leading maths libraries, and the results published across the network. kACE collects real-time prices from all the major data platforms. Data can be analysed in two and three dimensions and in both numerical and graphical formats allowing traders to view the information in any way they want.

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