CIBC to deliver next generation e-FX with Cognotec

26th May 2005, Stockholm: Cognotec announced today that it has signed an agreement with Canadian Imperial Bank of Commerce (CIBC) to license the latest version of Cognotec’s AutoDeal+™ e-commerce autodealing platform as part of a customized, on-site global deployment scheduled to commence live service in July.

The new AutoDeal+™ platform, which will be fully integrated into the bank’s front, middle and back office infrastructure, will provide pricing and deal execution across virtually all currencies, instruments, tenors and price formats. The service will be deployed as an enterprise wide solution supporting the bank’s client base.

The AutoDeal+™ service platform will include Cognotec’s industry leading Market Rate Manager application which will be used to automate CIBC’s wholesale FX trading operation. The bank will also utilize Cognotec’s unique Liquidity Linq™ technology to automate wholesale price making and taking among many of the world’s leading banks using Cognotec technology. "Cognotec provides strong external connectivity options in terms of ECNs, portals and other electronic marketplaces which we will be considering over the next few months" stated Craig Ellis, Managing Director, CIBC World Markets. "Internal connectivity will also play a key role in defining many aspects of our e-commerce solution. Full integration between front, middle and back office systems will reduce deal ticket costs and enhance real time client services available to our staff and end clients" added Mr. Ellis. The AutoDeal+™ platform’s "Sales Desk" application will be used to automate pricing and deal entry for phone based trades being executed throughout the bank’s North American foreign exchange sales desks.

"This new technology base is obviously a key component of our broader plans to expand and enhance the bank’s e-commerce capabilities and presence," stated Sean Hefkey, Executive Director, CIBC World Markets. John Beckert, President – Cognotec Intl. added, "it is exciting to be working with a partner that has the vision and ambition to aggressively introduce a comprehensive, next generation e-commerce solution aimed at significantly enhancing their franchise profile within the FX market. This effort has led to significant innovation, as well as some new initiatives which will be announced over the course of the next several weeks."

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