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  • TradeWeb Launches AccountNet

    Jersey City, NJ. February 3, 2003 - TradeWeb, the leader in online fixed-income trading and straight-through processing, today announced the official launch of AccountNet, a real-time standing settlement instructions database and web-based network that will enable institutional investors, securities dealers and custodian banks to warehouse and share settlement instructions for client accounts. Eight leading investment banks asked TradeWeb to create AccountNet for the purpose of providing a simple, inexpensive way for investors and dealers to significantly reduce processing costs, fail rates and settlement delays caused by inaccurate settlement instructions.

    The launch of AccountNet follows a successful 6-month live test of the system by ten leading primary dealers, five major investment managers and the two top global custodian banks. Participating dealers include Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Citigroup, Bear Stearns and Greenwich Capital Markets.

    Built as a stand-alone system available to all industry participants, AccountNet enables all parties to any securities transaction to access customer account data and settlement instructions from a central database. A single database with universal standards for data structure will significantly reduce the number of costly errors caused by free form data input. Furthermore, advanced system functionality allows investment managers and custodian banks to collaborate through AccountNet to reduce overhead costs and increase the accuracy of the settlement instructions.

    "AccountNet will provide validated data that, in turn, will result in better settlement instructions and lead to lower fail rates and meaningful STP," said Steve Mahoney, Director at Credit Suisse First Boston.

    AccountNet's web-based architecture provides a simple, low cost network access for investment managers, dealers and custodian banks. AccountNet's intuitive navigation allows users to efficiently accomplish common tasks such as adding, updating and cross-referencing accounts without extensive, time-consuming training.

    Chris Dunn, Vice President of Operations at M.D. Sass Investor Services said, "Innovation has always been a key to the success of MD Sass. We chose AccountNet because the innovative combination of TradeWeb and AccountNet allows us to operate more efficiently, further enhancing our ability to service our clients in this period of rapid growth for our firm."

    "With the introduction of AccountNet, industry participants can now realize the economic benefits of accurate settlement instructions," said John Burchenal, AccountNet Product Manager. "Investment managers will be able to electronically execute, allocate and attach complete settlement instructions to their trades on a single, integrated platform provided by a trusted vendor. What we have built is a quantum leap ahead of anything available in the marketplace today."

    "AccountNet is addressing the only area left in the trade settlement process that can go wrong. It will play an important part in achieving straight-through processing in the bond markets," added Michael Wyne, a Managing Director at FFTandamp;W.

    Jim Toffey, CEO of TradeWeb said, "TradeWeb is dedicated to providing unmatched straight-through-processing solutions to its customers. AccountNet is a best-of-breed, stand-alone product that will save the industry both time and money while reducing failed trades. More importantly, when AccountNet is combined with TradeXpress, TradeWeb's integrated allocation engine, our customers have access to the most powerful and efficient STP platform available."

    About TradeWeb

    TradeWeb is the leader in online fixed-income trading with more than 3 million trades executed and total volume exceeding $20 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links nineteen of the world's leading dealers of fixed-income securities with more than 1,200 buy-side institutions in North America and Europe.

    TradeWeb's proprietary auction model enables institutional investors to receive live price quotes simultaneously from their key dealers and trade instantly. Users can connect to TradeWeb's network using software that installs in minutes and runs on their existing computer hardware.

    The company also provides fixed-income market professionals with premier market data for the liquid fixed-income securities traded on its platform. Real-time market data is available either directly from TradeWeb over the Internet or through a data distribution agreement with MoneyLine Telerate.

    TradeWeb is also a leader in electronic "straight-through processing" of fixed-income trades, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpress network. For more information about TradeWeb products and services, please visit the company's websites at www.tradeweb.com or www.accountnet.net.

    For more information, please contact Tom Eady in the US at (201) 536-6580 or Helena Rowe in Europe at +44 (0) 20 7776 3263.

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