NextSet TransForms ViewTrade

PALO ALTO, CA -- February 25, 2002 -- NextSet Software Inc., a provider of Web-based trading software for financial institutions, today announced the successful implementation of the NextSet TransForm (TM) message translation solution at ViewTrade (TM), a cross-border equity trading service.

PALO ALTO, CA -- February 25, 2002 -- NextSet Software Inc., a provider of Web-based trading software for financial institutions, today announced the successful implementation of the NextSet TransForm (TM) message translation solution at ViewTrade (TM), a cross-border equity trading service.

NextSet TransForm enables ViewTrade to accept orders and transmit trade confirmations to financial institutions (including the Europe-based Société Générale), using the FIX and SWIFT® messaging protocols. NextSet TransForm receives order messages from ViewTrades clients over the SWIFT network. It validates them in real-time, and then translates them into the equivalent FIX messages required for processing and execution. The software also translates post-trade confirmation messages, generated by ViewTrades back office system, to the SWIFT format for transmission to ViewTrades clients.

NextSets TransForm lets us route SWIFT-formatted orders for our global customers and process them on any exchange in the world," said Zohar Hod, ViewTrades Chief Executive Officer. The ability to transform messages from a wide variety of sources gives us tremendous competitive advantage by allowing us to bring new customers on line very easily."

We chose NextSet because they have the leading technology for translation between the SWIFT and FIX formats," said Kenneth J. Chan, ViewTrades Chief Information Officer. Over the last few months, we have worked together closely to design the solution, and NextSet has put a tremendous amount of effort and talent into ensuring that the system is fully compliant with the latest SWIFT protocols."

Today, NextSet TransForm is ahead of the industry by at least 8 to 10 months for FIX / SWIFT translation. ViewTrade is currently processing orders using the system, and we plan to go into high-volume production at the end of this month with our client Société Générale," added Chan.

We are very pleased to be working closely with ViewTrade, and believe their business model of cross-border equity trading and settlement will lead to increased liquidity in the worldwide marketplace," stated Simon Yencken, NextSets CEO. NextSets TransForm is playing a pivotal role by providing reliable high-performance translation and validation of orders for ViewTrades current client base. And, the product supports a variety of message formats and protocols to ensure an ever greater number of members can participate."

NextSet TransForm is a message translation infrastructure designed specifically for financial services. NextSet TransForm performs validation and translation of trade data in real time and in batch mode. It features input and output handlers for FIX, SWIFT, xml, html, and proprietary formats. NextSet TransForm is fully integrated with IBM® MQSeries® and industry-standard FIX Engines and can interface with SWIFT Alliance software through MQSA (TM). NextSet TransForm has easy-to-use GUI-based mapping tools, and it facilitates selection and custom-creation of data validation and parsing rules.

In addition to enabling cross-border trading, NextSet TransForm is especially beneficial to Straight-Thru-Processing (STP) initiatives, where its real-time operation helps to minimize the time required for settlement, thereby reducing risk and increasing a financial institutions readiness for the approaching T+1 mandate. NextSet TransForm is used in this context within NextSets Private Trading eXchange (PTX) online trading system.

About ViewTrade

ViewTrade provides a global network that enables real-time cross-border equity transactions for financial institutions such as broker/dealers, banks and financial professionals. ViewTrades network offers direct execution enabling its clients to place trades electronically on the major U.S., European and Asian stock exchanges. ViewTrade already provides top Asian and European financial institutions with real-time order executions on the US market. ViewTrades cost-effective solutions allow financial institutions and professionals to extend market reach for their products and services, and so allow investors to profit from a wide array of global investment opportunities.

ViewTrade was founded in 1998 by an experienced team of institutional brokers, and an IT team that meets todays needs and tomorrows challenges. ViewTrade is a member of the NASD, SIPC, and MSRB.

For more information, please visit our website at www.viewtrade.com.

About NextSet

NextSet Software provides systems that enable financial institutions to trade online with their institutional and corporate clients.

NextSet is a private company headquartered in Palo Alto, California. NextSet maintains a state-of-the-art technology and development center in India and has a regional office in Melbourne, Australia.

For more information, please visit our website at www.nextset.com.

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SWIFT, IBM, and MQSeries are registered trademarks of their respective owners. ViewTrade, FIX, and MQSA are trademarks of their respective owners. NextSet TransForm is a trademark of NextSet Software Inc.

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Contact:

John Slater
Director, Marketing
NextSet Software
(650) 251-4017
jslater@nextset.com   

Robert Biczek
VP Sales
NextSet Software
(650) 251-4165
rbiczek@nextset.com