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Strategic Partnership between Gissing Software and ITRS Delivers Results with Four Customers already Live and More in Evaluation

December 3rd 2007 � Gissing Software and ITRS have announced that four customers are in live production with their joint solution. Bank of America and Mitsubishi UFJ Securities International are among the customers using ITRS�s Geneos product suite alongside Gissing Software�s multi-vendor contribution system. A real-time interface to the ITRS Geneos product suite within Gissing ConteX MCS allows users to proactively manage and resolve any potential issues that arise, ensuring no disruption to their mission-critical real-time data contributions.

Truviso Delivers Innovative Next-Generation Analytics Solution

April 1st 2008 - Enterprises seeking to cope with increasing business velocity must revolutionize their analytic and decision-making foundations, says Truviso. The company today announced the latest version of its software, which features added high-availability configurations, an expanded analytics development framework, and simplified integration with enterprise data sources and user interfaces. Truviso enables businesses to implement a massively scalable, grid-ready solution for analyzing high volumes of data generated by dynamic, many-to-many business applications with virtually no disruption to their existing IT infrastructures.

SR Labs Connects to BATS

23rd July, 2008 - SR Labs now connected to the high-speed, low latency BATS trading platform

FED offers Commercial Paper Funding Facility (CPFF) - liquidity to Term Funding Mkts

The FED is announcing the creation of the Commercial Paper Funding Facility in hopes of unfreezing the CP markets and helping to lower rates, especially in longer dated paper. Treasury sees the need for the Commercial Paper Funding Facility to "prevent substantial disruptions to the financial markets and the economy".Â FED will deposit funds with NY FED to support the CPFF. Money Market Mutual Funds and Investors have not been willing, of late, to fund Commercial Paper - especially the longer dates.Â Commercial Paper issuance has shrunk as a result, become increasingly expensive and, in increasing amounts, has to be refinanced each day.Â Intermediaries are having an increasingly hard time placing CP as funding dries up.Â With the assurance of the CPFF as a backstop, the FED hopes to draw short term CP funders back to the market, helping to drive down rates and make longer term funding more liquid. The CPFF will provide a liquidity "backstop" to U.S. issuers of commercial paper thru a Special Purpose Vehicle (SPV) that will * buy 3 month UNSECURED PAPER * buy Asset - Backed Commercial Paper from "eligible issuers" *SPV to be financed by Federal Reserve that will be secured by the assets of the SPV * Non Asset Backed Commercial Paper will be backed by up front FEEs paid by issuersÂ "or other forms of security acceptable to the FED in consultation with Market Participants.

FED offers Commercial Paper Funding Facility (CPFF) - liquidity to Term Funding Mkts

The FED is creating a Commercial Paper Funding Facility to unfreeze CP markets and help lower rates, especially in longer-dated paper. Treasury sees the need for the Commercial Paper Funding Facility to "prevent substantial disruptions to the financial markets and the economy." The FED will deposit funds with the NY FED to support the CPFF. Money market mutual funds and investors have not been willing, of late, to fund Commercial Paper - especially the longer dates. Commercial Paper issuance has shrunk as a result, become increasingly expensive and, in increasing amounts, has to be refinanced each day. Intermediaries are having an increasingly hard time placing CP as funding dries up. With the assurance of the CPFF as a backstop, the FED hopes to draw short-term CP funders back to the market, helping to drive down rates and make longer term funding more liquid. The CPFF will provide a liquidity "backstop" to US issuers of commercial paper through a Special Purpose Vehicle (SPV) that will: * buy 3-month UNSECURED PAPER * buy asset-backed CP from "eligible issuers" * be financed by Federal Reserve, secured by the assets of the SPV * Non-asset backed CP will be backed by up front fees paid by issuers "or other forms of security acceptable to the FED in consultation with market participants." Read the full FED release here: http://www.federalreserve.gov/newsevents/press/monetary/20081007c.htm

FED offers Commercial Paper Funding Facility (CPFF) - liquidity to Term Funding Mkts

FED Offers Commercial Paper Funding Facility (CPFF) - Liquidity to Term Funding Mkts

The FED is creating a Commercial Paper Funding Facility to unfreeze CP markets and help lower rates, especially in longer-dated paper. Treasury sees the need for the Commercial Paper Funding Facility to "prevent substantial disruptions to the financial markets and the economy." The FED will deposit funds with the NY FED to support the CPFF. Money market mutual funds and investors have not been willing, of late, to fund Commercial Paper - especially the longer dates. Commercial Paper issuance has shrunk as a result, become increasingly expensive and, in increasing amounts, has to be refinanced each day. Intermediaries are having an increasingly hard time placing CP as funding dries up. With the assurance of the CPFF as a backstop, the FED hopes to draw short-term CP funders back to the market, helping to drive down rates and make longer term funding more liquid. The CPFF will provide a liquidity "backstop" to US issuers of commercial paper through a Special Purpose Vehicle (SPV) that will: * buy 3-month UNSECURED PAPER * buy asset-backed CP from "eligible issuers" * be financed by Federal Reserve, secured by the assets of the SPV * Non-asset backed CP will be backed by up-front fees paid by issuers "or other forms of security acceptable to the FED in consultation with market participants." Read the full FED release here: http://www.federalreserve.gov/newsevents/press/monetary/20081007c.htm

CPFF details

* CPFF authorized under Section 13(3) of Federal Reserve Act * FED will lend to SPV of CPFF at FED FUNDS TARGET RATE * Draws on facility will be on overnight basis secured by all assets in SPV * FED monies will be secured by the following; SPV will buy USD denominated 3m paper from eligible issuers at aÂ spread over 3m overnight swap index rate (OIS).Â FED will communicate with market participants to find the appropriate spreads that might exist under normal market conditionsÂ - ie/ 100bps. Asset Back CP must be RATED A1/P1/F1 by NRSRO (the usual suspects) and not rated below same by any NRSRO (assuming S&P, Moody's, Fitch). Only U.S. issuers are eligible for the program BUT can be U.S. issuers with a foreign parent company NON-Asset Backed Commercial Paper can be secured by; * The issuer paying the SPV an upfront fee based on CP initially sold to the SPV plus another fee based on subsequent CP sales above that amount * Issuer obtains and endorsement or guarantee of isssuer's obligations on the CP sold to the SPV to the satisfaction of the FED * Issuer provides collateral arrangements satisfactory to FED * Issuer otherwise provides security satisfactoy to the FED The FED will ask market participants about other methods non - ABCP issuers might use to secure their paper LIMITS per issuer - average amount of the commercial paper the issuer had outstanding in AUGUST 2008 minus any of the issuer's outstanding commercial paper held by investors outside the SPV TERMINATION DATEÂ - April 30, 2009 unless the FED agrees to extend; the FED will continue to fund the SPV of the CPFF after this date until the underlying assets mature.

UK Q3 GDP Seen Down 0.2% -- NIESR Estimates

UK GDP is estimated to have fallenÂ by 0.2% in the third quarter,Â according to a reportÂ from theÂ National Institute of Economic and Social Research (NIESR).Â Â TheÂ Q3Â estimateÂ is the first quarterly fall in output that the UK think-tank has identified since it began the series ten years ago. The office of National Statistics will release preliminary estimates of Q3 GDP on October 24. NIESR is now calling for BOE policy makers to to cut UK rates by 50 basis points at this week's meeting. A consensus has been growing that the BOE will now lower UKÂ rates by 25 bps this week after a slew of negative reports on the manufacturing and service sectors.Â The BOE will announce its decision on Thursday, 9 October at 1200 BST. "At the same time an interest rate cut cannot be expected to have much effect in the current circumstances and it is more important that the BOE works with the government on measures to prevent a sharp reduction in the availability of credit," the NIESR said in a statement. Â Â

Fixed Income: European Outlook

European debt futures are likely to open higher, in line with overnight Treasuries and as Asian stock markets sell off. Ongoing financial market tensions and concerns about the health of banks are remain in focus as the financial crisis continues to unfold. Central banks are struggling to restore confidence in the interbank market. Money market rates continue to rise and there are no indications of a revival of interbank lending. The local calendar has German August industrial production, where we look for a 0.4% m/m increase (median -0.6%), in a bit of a correction after July's sharp 1.8% m/m drop. Meanwhile, the third release of Q2 eurozone GDP is expected to be confirmed at -0.2% q/q and 1.4% y/y. In the UK, an overnight report from NIESR showed that growth contracted by an estimated -0.2% in the 3 months to September, versus -0.2% in August, indicating that the UK is entering recession.