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Ability to Price, Quote and Trade Bonds Within Multiple Markets From Single Screen Allows London-based Team to Optimise Price Change Opportunities

London, 6 September 2004 – icubic™ AG, a leading provider of e-trading solutions, today announced that DZ BANK, the fifth largest bank in Germany and major fixed income player, has extended its usage of iQbonds, icubic’s end-to-end e-trading solution for the fixed income market, into London. DZ BANK’s Frankfurt-based bond traders have been capitalising on the straight-through processing (STP) benefits and cost efficiencies of pricing, quoting and trading within multiple markets from a single screen since February 2002. The first-phase of the London roll-out was completed when DZ BANK’s corporate bond traders went live with iQbonds via a Citrix server.

Carsten Ames, project manager for the iQbonds roll-out at DZ BANK, says: “Our decision to automate our London-based corporate bonds front office trading operations was a natural development after the success of our project with icubic in Frankfurt. We were previously using spreadsheets to price and quote, and had to have direct interfaces with the front-ends of each market to trade.”

Ralf Henke, CEO, icubic said: “Since early 2002 when the project began, the number of DZ BANK’s bond traders using iQbonds has trebled. The system’s efficiencies have allowed DZ BANK’s Frankfurt team to expand their jumbo and government bonds portfolio to include corporate, bank, classical Pfandbriefe and emerging markets bonds. DZ BANK is also our first user to deploy iQbonds for Foreign Exchange.”

Ames commented: “At DZ BANK, fixed income - and subsequently, bond trading – is a core business. icubic’s solution has brought improved efficiencies, the ability to react quickly to prices changes and has opened up new market opportunities to us. Since implementing iQbonds we have seen an impressive increase in transaction volumes on Bloomberg BBT – a market to which we didn’t previously have extensive access. ”

Les Gosling, UK managing director and head of international sales, icubic AG, says: “As the financial markets become increasingly global, it makes sense for financial institutions to roll-out technology solutions that provide real business benefits into multiple locations. iQbonds allows bond traders to work more effectively by streamlining the workflows necessary to price, quote and trade a diverse range of bonds across multiple markets into a single platform. We are delighted to continue to helping international trading teams, like the one at DZ BANK, take advantage of these efficiency gains and immediate cost benefits.”

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About icubic AG
icubic AG is a leading provider of bond and fixed income e-trading solutions.
Established in 1999, icubic began life as a specialist IT solutions and consultancy services provider for the financial services sector. Through its work with some of Germany’s leading financial institutions, icubic’s founders built its core range of specialised, proven software solutions to price, trade and quote bonds. Today, with internationally renowned German software engineering, icubic provides an end-to-end software solution to price, quote and trade fixed income securities within multiple markets.

DZ BANK was formed following the merger between the two co-operative central banks GZ-Bank and DG BANK on 1st September 2001. DZ BANK, in the banking centre Frankfurt, is the fifth largest bank in Germany on balance sheet at the end of 2003. It is the central bank for approximately 1,200 Volksbanken and Raiffeisenbanken and is a Verbund-oriented commercial bank in Germany and abroad. DZ BANK can therefore call on the experiences of over 100 years of history.

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