Calypso becomes first trading system to integrate Mark-it RED

London, 5 July 2004 - Mark-it Partners Ltd. ("Mark-it"), the world's first integrated daily pricing service for global credit derivatives, cash credit instruments and syndicated loan pricing, today announced that Calypso has integrated Mark-it RED data into its core technology. The aim of the partnership is to provide financial institutions with greater automation in the trading of credit derivatives and reduce risk by lowering the number of failed trades from inconsistent data.

Calypso is a leading provider of credit derivatives trading and risk management technology to the world's largest financial institutions. The integration allows data from RED, which has been adopted as the market standard for reference data in the credit markets, to be incorporated directly into Calypso's system, giving users the ability to place trades using the standardized reference entities and reference obligations.

Mas Nakachi, Senior Business Analyst at Calypso, said, "Having access to accurate reference entity data is a major challenge in the credit derivatives markets today. Mark-it RED is invaluable in providing the transparency and consistency that firms require to conduct their business accurately and efficiently. This integration is an important enhancement for Calypso and our mutual clients will gain tremendously from this joint initiative."

Penny Davenport, Director of Mark-it RED, said, "We are able to leverage Calypso's strong technology framework to incorporate RED so that trading desks can benefit greatly from the direct access to Mark-it's standardized reference entity and reference obligation data. Firms are looking for seamless, integrated solutions for their credit trading businesses and the partnership between Calypso and RED provides exactly that."

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Notes to Editors

For further information, please contact:

Penny Davenport
Director, RED service
Tel: +44 (0) 1727 734 237
Email: penny.davenport@mark-it.com

About Mark-it Partners

Launched in February 2003, Mark-it Partners Ltd (www.mark-it.com) is an independent company offering the world's first daily service for pricing credit derivatives and cash credit instruments, providing credit data to any market participant for the first time.

The partner firms are: ABN Amro; Bank of America; Bear Sterns; Citigroup; Credit Suisse First Boston; Deutsche Bank; Dresdner Kleinwort Wasserstein; Goldman Sachs; JP Morgan; Lehman Brothers; Merrill Lynch; Morgan Stanley; TD Securities.

About Calypso

Since inception in 1997, Calypso's focus has been on providing banks and brokers with a solid infrastructure for automating their trading desks, based on robust, flexible, modern technology that is rapid to deploy, capable of supporting a range of asset classes.

For further information, please visit www.calypso.com.