WestLB to deliver Streaming Executable Rates to Bloomberg with Cognotec

Stockholm, 26th May 2005; Bloomberg L.P. and Cognotec, announced that WestLB, a leading market maker in streaming executable rates and established Cognotec client, will be making available streaming executable prices to buy side clients via the Bloomberg Professional® service.

Last year, Bloomberg and Cognotec deployed the first phase of their integrated buy / sell side solution, enabling Bloomberg clients to create and view customizable displays of streaming FX rates contributed by banks using Cognotec’s automated dealing technology. Today’s announcement on the joint initiative will allow Bloomberg clients to customize their display of bank attributed streaming executable rates (SER) and execute trades in a "click & deal" format.

Trevor Cowan, Global Head of FX Trading of WestLB, commented that "West LB is excited to be a part of this joint initiative, which allows us to deliver enhanced FX services to Bloomberg’s global client base. Increasingly, advanced technology is becoming a key determinant in defining banks’ participation in the next generation of the FX marketplaces. We believe that establishing new communications channels utilizing cutting edge technology will be a major factor in banks’ ability to compete in these markets going forward."

"These new streaming executable rates will be available to BLOOMBERG PROFESSIONAL service users worldwide" stated Russel Levi of Bloomberg. He added "Integrated with Bloomberg’s in-depth market data and analytics, our FX solution provides the most advanced tool for the FX professional. This initiative underscores Bloomberg’s commitment to the FX market and the continual enhancing of the value of Bloomberg’s single-price, all inclusive market data, news and analytics service."

John Beckert – President, Cognotec Intl. expressed confidence in the continued success of this joint buy / sell side partnership stating that "Bloomberg has demonstrated an ability to make significant and rapid strides in enhancing its products and market position within the FX market".

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