STORM Networks Collaborates with Major Financial Institutions to Launch New Online Application Service Platform for Corporate Bank Loan Market

Business Wire, Oct 20, 2008

STORM Loan Marketplace[TM] Designed to Reduce Risks and Costs While Expediting Primary and Secondary Trade Settlement

HAWTHORNE, N.Y. -- STORM Networks, LLC, solutions provider for the global financial services industry, today announced the introduction of a new online application service platform for buy and sell-side institutions participating in the corporate bank loan market. Developed in conjunction with Bank of America, Credit Suisse and Morgan Stanley, STORM Loan Marketplace[TM] is the only platform using real-time agent bank data driven across a dedicated, secure network to power the processes, procedures and functions relating to new issue and secondary settlement in the par and distressed markets.

Jay Katz, managing director, STORM Networks, said, "Most solutions in the market today address only the symptoms of inefficiencies caused by deeper process or technological issues. We instead focused on building a holistic solution to address the core business issues within the process that allowed the breakdown to occur in the first place. A perfect example of this is the way in which we embrace the integration of real-time agent data, allowing a much more reliable and predictable process to occur during the life of a trade."

STORM Loan Marketplace[TM] provides buy-side and sell-side participants in syndication and secondary loan markets with state-of-the-art tools and real-time data for integrated trade matching, primary and secondary trade settlement, inventory, position reconciliation, credit documentation and other critical activities. The platform is designed for use in the United States, London and other global markets and is expected to go live in early 2009, with additional functionality to be incorporated over time.

Steve Ewald, principal, Global Markets Group, Bank of America, said, "STORM is an exciting and transformational innovation for the loan market. With the volatility we are presently experiencing in the markets and the threat of counterparty failure, certainty of settlement is crucial from a risk management perspective. The platform is a real solution that takes the loan market a long way towards accomplishing the goal of fast and certain settlement by automating what was previously an inefficient manual process. The benefits to market from a cost savings and risk reduction perspective cannot be overstated."

Howie Shams, managing director, Fixed Income Department, Credit Suisse, said, "We have been eagerly anticipating the introduction of STORM Loan Marketplace(TM) as a means of solving the difficulties embedded in the transfer of corporate loans. A solution like STORM Loan Marketplace[TM] will clearly afford the banks relief in connection with risk and costs, but more importantly, it allows us to begin thinking seriously about the long-term benefits of such greater efficiency benefits that include prime brokerage capabilities for loans, repo for loan financing and even novel new strategies for loan borrowing and lending."

Ian Sandler, executive director, North American Credit, Morgan Stanley, and vice-chairman of the LSTA (Loan Syndications and Trading Association), said, "STORM will create a clear path towards meeting the LSTA's goal of settling loan trades within three days. In addition to T 3, STORM will help drive the continued advancement of LCDS and LCDX by removing the uncertainty involved in handling the underlying instrument."

The platform is owned by STORM Networks and the three financial institutions, Bank of America, Credit Suisse and Morgan Stanley. Technology provider Quartet Financial Systems, Inc. created the state-of-the-art software platform, based on its leading-edge SOA technology. Xand Corporation, a leading provider of secure, managed infrastructure, will host the STORM platform.

Interested parties are invited to learn more about STORM Loan Marketplace[TM] by visiting the Cafe space at the annual LSTA conference at the Hilton New York on October 23, 2008.

About Bank of America

Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial products and services. The company's Global Corporate and Investment Banking (GCIB) group focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management, and research. Bank of America serves clients in 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Many of the bank's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit www.bankofamerica.com.