CIBC World Markets and SunGard Team to Offer Automated Cross-Border Trading of Canadian Stocks

Business Wire, Nov 22, 2004

JERSEY CITY, N.J. -- SunGard Trading Systems, an operating group of SunGard Data Systems (NYSE:SDS), today announced that CIBC World Markets Corp.'s (CIBC World Markets) proprietary execution service, Northbound Trader(TM), which automates trading of U.S. and Canadian interlisted stocks and domestic Canadian stocks, is now available through SunGard Trading Systems/BRASS' BNET broker-to-broker routing network and the SunGardTransaction Network (STN).

SunGard clients can now send interlisted stocks and orders through BNET and STN to CIBC World Markets and the Northbound Trader (NBT) system. NBT converts the stock symbol and the value into the appropriate Canadian symbol and dollar amount, routes the trade to the Toronto Stock Exchange and converts the symbol and price back into U.S. symbols and dollars so that the order can clear and settle in the U.S.

"This offering simplifies cross-border trades to Canada by bringing together the market-leading technology of SunGard and CIBC World Markets' superior execution expertise in the Canadian market," said Bruce Turner, managing director, U.S. equities at CIBC World Markets.

"CIBC World Markets and SunGard are facilitating the trading of Canadian stocks in the U.S. by providing a platform for rapid and convenient access to the liquidity in the Canadian market," added James T. Leman, president of SunGard Trading Systems/BRASS.

About CIBC World Markets

CIBC World Markets is the investment banking arm of CIBC (NYSE: BCM, TSE: CM). It offers a full range of integrated credit and capital markets products, investment banking, and merchant banking to clients in key financial markets in North America and around the world. CIBC is one of North America's largest banks with approximately C$278 billion in assets as of July 31, 2004, 36,600 employees and long-term ratings of AA (low), A and Aa3 by DBRS, S&P and Moody's, respectively.

About SunGard Trading Systems

SunGard Trading Systems offers integrated straight-through processing solutions for trading, managing and reporting of equities, derivatives, interest rates, money markets, fixed income and foreign exchange. These solutions include online transaction initiation and order management systems, integrated trading, trade matching and accounting systems. SunGard solutions are designed to make liquidity more cost-effective and accessible for trading businesses. Over 70% of Nasdaq trades flow through SunGard systems. Visit SunGard Trading Systems at www.trading.sungard.com.

About SunGard

SunGard is a global leader in integrated software and processing solutions, primarily for financial services. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 20,000 customers in more than 50 countries, including the world's 50 largest financial services companies. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenues of $3 billion. Visit SunGard at www.sungard.com.

Brokerage products and services of STN are provided by SunGard Institutional Brokerage Inc., member NASD/SIPC.

Trademark Information: SunGard, the SunGard logo and BRASS are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

Northbound Trader is a trademark of CIBC World Markets.