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For immediate release Friday 31 March, 2000
LAUNCH OF THE WORLD'S FIRST INDEPENDENT DERIVATIVES POST TRADE
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MANAGEMENT AND SETTLEMENT COMPANY: ARCORDIA
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Arcordia, the world's first independent internet-based derivative management and
settlement company is launched today by X.X. Xxxxxx in partnership with EDS.
Arcordia will provide transaction management and settlement services via the
Internet for derivative products to financial institutions and corporations
world-wide. This pioneering service, founded on the derivatives transaction
management and settlement expertise of X.X. Xxxxxx, and the renowned global
information technology (IT) resources of EDS, will offer clients:
- 24 hour access to a leading internet based infrastructure for management
and settlement of derivatives trades
- The option of fully or partially outsourced management and settlement
services
- An efficient and secure environment for handling high volume and complex
transactions
Arcordia will provide clients with the following benefits:
- Substantial savings on future transaction, management and investment costs
- Flexibility to respond to changes in the marketplace, peaks in volumes and
the arrival of new products
- The benefit of years of investment in client servicing capability from one
of the world's leaders in derivatives technology.
XXXXX XXXXX, CHIEF EXECUTIVE OF ARCORDIA COMMENTED:
"Arcordia provides a unique solution to eliminate capacity constraints, easily
integrate new products, improve client servicing and reduce ongoing investments
in a secure and controlled environment."
XXXXXXXXXX XXXXX, CHIEF OPERATING OFFICER X. X. XXXXXX EUROPE, COMMENTED:
"Arcordia is the perfect illustration of X.X. Xxxxxx'x global strategy for
operations in the e-economy. Our objective is to leverage the best expertise and
capabilities, whether they lie inside
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X.X. Xxxxxx or not, to improve our product development cycle, client services
and efficiency."
XXXX XXXXXXX, HEAD OF GLOBAL MARKETS AT X.X. XXXXXX, COMMENTED:
'Following the success of our other e-commerce initiatives like LabMorgan,
Cygnifi and Market Axess Arcordia shows X.X. Xxxxxx to be at the cutting edge of
change in the market place. Arcordia will offer its clients the ability to stay
ahead of these changes and provide the best value for their clients.'
XXXX XXXXX, EDS CORPORATE VICE PRESIDENT, COMMENTED:
"The global marketplace in every industry is drastically different in today's
digital economy and continues to change rapidly. Every business, whether
traditional or new economy, must infuse e-business into their existing business
strategy to meet unprecedented competition. Arcordia can pave the way in the
financial services industry."
PRESS PRESENTATION
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A PRESS PRESENTATION WILL BE HELD AT 1015 FOR 1030 ON FRIDAY 31 MARCH IN ROOM
10, 60 VICTORIA EMBANKMENT, LONDON.
FOR FURTHER INFORMATION CONTACT:
XXXXXXXXX XXXXXXX, CORPORATE COMMUNICATION 0171 325 4289
XXXXXXX XXXXXX, CORPORATE COMMUNICATION, NEW YORK 000 000 0000
Notes to Editors
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EDS may hold as much as a 9% stake in Arcordia, given the terms currently under
discussion. X.X. Xxxxxx will retain a minority stake as other partners join.
Arcordia is a US based entity that will leverage technology and marketing
expertise from its UK subsidiary based at 0 Xxxxx Xxxxx, Xxxxxx. The group will
initially employ 300 people many of whom will be transferred from X.X. Xxxxxx'x
own derivatives support staff. Employees will be offered a shareholding in the
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company. The Chief Executive Officer will be Xxxxx Xxxxx, Xxxxx Xxxxxxxx will be
IT Solutions Director and Xxxxx Xxxxxxxxxxx Marketing and Business Services
Director. All three were formally senior executives at X.X. Xxxxxx.
The Partners
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X.X. Xxxxxx is a leading global financial services firm that meets the critical
financial needs of business enterprises, governments and individuals. The firm
advises on corporate strategy and structure, raises capital, makes markets in
financial instruments, and manages investment assets. It also commits its own
capital to promising enterprises and invests and trades to capture market
opportunities. The firm's web address is xxx.xxxxxxxx.xxx.
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EDS is a recognized global leader in providing E-business and information
technology services to 9,000 business and government clients in about 50
countries around the world. Having founded the IT services industry more than 35
years ago, EDS delivers high value management consulting, electronic business
solutions, business process management, and systems and technology expertise to
help clients simplify complexity and achieve superior value in the digital
economy. The company brings deep industry practice knowledge to solve challenges
in a wide variety of industries, including communications, energy and chemicals,
financial services, government, healthcare, products and retailing, and travel
and transportation. EDS reported revenues of $18.5 billion in 1999. The
company's stock is traded on the New York Stock Exchange (NYSE:EDS) and the
London Stock Exchange. To find out more about the EDS vision, visit EDS via the
Internet at xxxx://xxx.xxx.xxx.
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