July 14, 2002

Cinnober is pleased to announce the launch of CScreen

What is CScreen?

CScreen is a neutral system for wholesale Brokers and Traders to disseminate and negotiate prices in the Equity Options market. CScreen is developed in 100% pure Java and is browser based, no installation is required. CScreen enables brokers and traders to broadcast and negotiate prices with each other in real time. It has been designed to work 'out of the box' for IDBs in the OTC and listed equity derivatives markets, but can be quickly adapted to other markets, whether financial, commodity or derivative. Being a Java applet, CScreen will run within Internet Explorer V5.5 or above, no additional installation required.

CScreen is built by Cinnober (www.cinnober.com) whose clients include the American Stock Exchange, Nord Pool and London Metal Exchange (LME).

CScreen is on trial with several Broking houses whose feedback has helped with its design. Cinnober is now releasing the first production version of CScreen (www.cscreen.com) to Brokers and Traders.

For the Trader

* Aggregated Broker prices : all prices, from all Brokers, in the same format, in same place - no more screen real estate being taken up by email and multiple Reuters pages
* Quickly sends prices to Brokers, and responds to Broker quotes or RFQs
* Free

For the Broker

* Replaces laborious updating of Reuters screens and email
* Quickly sends prices to Traders, and respond to Broker quotes or RFQs.


CScreen faces two current competitors. We believe neither company will gain widespread Trader acceptance because :
* Neither appears to be independent; one appearing to be backed by a major bank, and the other seemingly having a competing voice Broker business.
* Both plan on charging Traders for access.
* Neither appears to have experience of deploying robust large scale financial applications.

Future Enhancements

CScreen will be continually improved with suggestions from Traders. Because CScreen is written in 100% java, upgrades and bug fixes can be easily delivered to Traders and Brokers without any on-site installation. A link between CScreen and other applications (e.g. Microsoft Excel) will be available soon. CScreen can be easily adapted and will be rolled out to other markets over the next 12 months.