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Brian Lynn, Global Electronic Markets





GEM and Systemwire announce OTC derivatives trade matching and business rule solution

London, UK, 25th March 2003

London-based Systemwire Ltd. and New York-based Global Electronic Markets LLC today announce a new software platform for automated trade matching and rule-based trade validation. The new "FpML Mediator" platform integrates the companies' xlinkit and GemDelta products, and is the only complete automated trade matching and business rule validation solution that works "off the shelf" with the rapidly growing FpML standard for over-the-counter (OTC) derivatives.

Trade matching and data validation during settlement are two of the biggest problems facing the derivatives industry today, and millions are being lost every year due to delays caused by immature, manual matching processes or data quality problems (source: 2003 ISDA Operations Benchmarking Survey). The innovative FpML Mediator product fills a gap that has been identified as critical in a recent ISDA Operations Strategy Implementation paper, and that will be a topic of discussion by senior operations managers at the upcoming ISDA AGM.

Brian Lynn, founder and CTO of GEM, said, "Finally, there is a simple, robust, and cost effective way to automatically reconcile inventories of complex derivatives as tracked by different parties, organizational units, or systems." Ramin Dilmaghanian, founder and Managing Director of Systemwire, said "By combining our xlinkit rule engine with GemDelta we have created an innovative product that adds real value: it is now possible to assess very quickly and precisely why mismatches occur, cutting short operations time and taking a big step towards T+0 settlement".

Systemwire and Global Electronic Markets are committed supporters of the FpML standard. Brian Lynn, of GEM, is one of the founders of FpML and is chair of the recently set up Pricing and Risk working group. Christian Nentwich, Technical Director of Systemwire, is the chair of the Validation working group that gathers, standardises and formally specifies business validation rules.

Sales of the FpML Mediator will begin in April 2004. Interested parties in London should contact Ramin Dilmaghanian (ramin@systemwire.com) directly, and parties in New York should contact Brian Lynn (brian.lynn@global-emarkets.com).

About Systemwire

A spin-off from University College London, Systemwire Ltd. (www.systemwire.com) is a software company specialising in products and services for data and transaction control. Its goal is to help clients are companies that are highly data driven and continually work with complex and rapidly changing data and processes. Systemwire helps these organisations minimise the risk associated with inconsistent data, and reduce time to market for data driven products and services.


About Global Electronic Markets

Global Electronic Markets (www.global-emarkets.com) provides services and products for firms using FpML and related standards. GEM's services include standards development and advice, technology management consulting and portfolio reconciliation services using GEM's FpML toolset. GEM Development supports a set of products focused on enabling the creation, reconciliation, transformation and storage of FpML and related standards. Brian Lynn, GEM's CTO, is an editor of the FpML standard, a member of the FpML Standards Committee, and chair of the FpML Pricing and Risk working group. GEM is based in New York City and Ulster County, NY.

About FpML

The Financial products Markup Language (FpML) is the industry-standard protocol for complex financial products, developed by the International Swaps and Derivatives Association (ISDA). All categories of privately negotiated derivatives will eventually be incorporated into the standard. The mission behind FpML is to streamline the process supporting trading activities in the financial derivatives domain through the creation, maintenance and promotion of an ecommerce language for describing these products and associated business interactions based on industry standards.

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