IBM and Wilco International Announce Advanced Business Partner Agreement

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White Plains, NY & London, Engl - 03 May 2001: IBM and Wilco International today announced that they have entered into an Advanced Business Partner Agreement. IBM will provide sales and integration services for Wilco's global securities processing and settlement system, Gloss, which Wilco will continue to develop, market and sell. Additionally, Wilco's Gloss will provide the back office securities processing and settlement component of the IBM Straight Through Processing (STP) Workbench for e-business for broker/dealers.

Wilco's Gloss is a real-time integrated system for trade processing, clearing, settlement and accounting. Gloss can support a wide range of financial instruments, including international equities and warrants, as well as bonds such as international sovereign debt, non-sovereign debt, emerging markets and floating rate notes. It offers a broad range of functional support for principal and agency business, collateral management, investment banking, and treasury.

The IBM STP WorkBench is a modular set of offerings comprised of consulting, re-engineering and integration services as well as hardware and software components from IBM and select industry-leading software business partners. The IBM STP WorkBench helps broker/dealers, global custodians and investment managers settle trades more quickly, reduce costs, lower operational risks and improve customer service. The IBM STP WorkBench leverages IBM technology to support the integration of new functions and existing systems operating on a variety of platforms.

"Gloss's multi-market and multi-currency functions make it the ideal product to support the consolidation of securities operations for clients looking to lower cost, promote increased operational efficiency and facilitate expansion into new global markets," said Tom Shaw, Director, Straight Through Processing, IBM Global Financial Markets. "Wilco's Gloss combined with IBM's integration services make it a powerful solution for securities firms that look at STP as not only an industry mandate but also a business growth opportunity."

"The IBM global presence and long-standing relationship with major financial services institutions extends our capabilities in the global markets," said Donal O'Brien, IT director, Wilco International. "IBM's e-business services and specifically their commitment around STP and Wilco will help us position our customers for T+1."

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