creditex Builds B2B Marketplace for Credit Risk Management Using SilverStream eBusiness Solutions

Business Wire, August 14, 2000

Business/Technology Editors

BILLERICA, Mass.--(BUSINESS WIRE)--Aug. 14, 2000

SilverStream Solutions Speed Development of Award-Winning

B2B Web Site; Enables creditex to

Quickly Capture Share of Hot-Growth Credit Derivatives Market

SilverStream Software, Inc. (NASDAQ: SSSW), The eBusiness Platform Company, today announced that creditex, Inc. (www.creditex.com) has deployed SilverStream eBusiness solutions to create a powerful, dynamic trading platform for the $1 trillion over-the-counter credit derivatives market. Recently listed in Forbes Magazine's "Best of the Web" for business-to-business Web sites in the financial services arena, creditex is designed to help institutions more efficiently manage credit risk. The SilverStream eBusiness solutions enabled creditex to move from design to implementation in just ten weeks. Since the implementation, creditex has quadrupled its institutional subscribers and completed transactions with a notional value of more than several hundred million dollars.

The SilverStream-based creditex web site offers a centralized virtual marketplace where participants such as banks, insurance companies, corporations, hedge funds and pension funds can meet, negotiate and execute credit risk transfers with other pre-qualified counterparties from their desktop browser or via wireless devices such as the PalmPilot(tm).

"Over the last five years, financial and other institutions have increasingly traded credit derivatives to hedge credit risk, yet, even with tremendous market growth, trading has remained bound in phone- and paper-based transactions," explained Jim Miller, Chief Technology Officer for creditex. "The creditex founders saw an opportunity with Internet technology to redefine how the market trades, but for the company to capitalize on lucrative market conditions, speed was critical. SilverStream provided the ideal solution; its eBusiness Platform allowed us to move quickly to market with a full-featured transaction-based site."

SilverStream eBusiness solutions are the cornerstone of creditex's technology offering to expand the credit derivatives market, create efficiencies in trading and improve trading relationships. With subscribers such as J.P. Morgan Securities, Deutsche Bank, Canadian Imperial Bank of Commerce, and Morgan Stanley Dean Witter, creditex needed a highly flexible, scalable, solution that enabled all participants to negotiate and execute multi-million dollar credit risk transactions on the site in real-time.

Features of the creditex marketplace include:

--24-hour, global access to a standardized transaction platform

--tradetracker(tm), which provides historical information and data about credit derivative transactions

--a community and content forum that provides information including legal, accounting and regulatory developments, ratings, research, industry articles and other market information

--wireless access to the creditex online trading platform through Palm VII(tm)technology

After registering an account with creditex, a subscriber can anonymously post trade requests in the creditex online trading room. creditex monitors the transactions and facilitates the trades via online messaging. Additionally, the rich wireless application protocol (WAP) functionality of SilverStream eBusiness solutions enables creditex participants to receive real-time market information on the site from anywhere at anytime.

creditex went live in March 2000 to serve the U.S. and European markets. By year-end, service will be extended to Asia. As Miller explains, having SilverStream as a solutions partner will help to ensure the site's continued growth and ability to expand into other product areas.

"As we expand our market reach, reliability and scalability will become even more vital to our business model. With SilverStream eBusiness solutions as the basis of the creditex marketplace, we are well prepared to meet expanding demand while promoting market efficiency and growth," said Miller.

About creditex

creditex, founded in April 1999, is the only market-supported, business-to-business global electronic trading and information platform for over-the-counter credit derivatives. creditex recently introduced wireless access to its online trading platform through Palm VII(tm) technology to their U.S. users.

creditex provides a forum for a wide range of institutional participants to disseminate their needs to transfer credit risk, enter into negotiations and complete transactions. It also features an online informational community about the industry. Users of creditex include major financial institutions, corporations and institutional investors. http://www.creditex.com

About SilverStream Software, Inc.

SilverStream Software, Inc., The eBusiness Platform Company, delivers software and services that enable businesses to create, deploy and manage eBusiness applications. Used in corporations throughout the world, SilverStream Software products are changing the way business is being conducted in Global 2000 companies and large organizations such as ARCO, Ameritech, Bell Atlantic, Chevron, and the Chicago Stock Exchange.