Global Crossing's IXnet Selected to Provide Worldwide IP Broadband Connectivity to Apogean Technology e-Marketplace.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 25, 2000 IXnet Chosen As Primary Network Distributor for the First Purely Electronic Trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. System to Automate Emerging Markets Bond Trading IXnet, a Global Crossing Ltd. (Nasdaq:GBLX GBLX Global Crossing Ltd. (stock symbol) ) company and provider of a high-performance global Extranet for the financial services community, announced today that Apogean Technology has entered into an agreement to distribute its Bond e-Marketplace, the first purely electronic trading system to automate emerging markets bond trading, including Brady bonds Brady Bonds Bonds that are issued by the governments of developing countries. Brady Bonds are some of the most liquid emerging market securities. They are named after former U.S. , over IXnet's secure global Extranet. Participants on IXnet's global Extranet - which reaches more than 800 leading financial institutions in 44 financial centers - who meet Apogean's membership criteria will be able to access Apogean's Alternative Trading System (ATS), greatly enhancing the transparency and efficiency of the bond market. The Apogean solution provides straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. by addressing all aspects of the trading process, from quote entry and trade execution to settlement, including integration of the application into the dealers' desktop environment and their existing settlement and risk management systems. "IXnet provides Apogean with a fully redundant, private data network, meeting the highest standards of security and reliability set by our clients," said Michael Campbell, CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. of Apogean Technology. "IXnet's existing global network ensured us a quick time-to-market, allowing us to rapidly deploy our application to the dealers." "IXnet was a natural partner for Apogean given their leadership position within the financial markets community," said Rob Hedges, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Apogean Technology. "Working with IXnet allowed us to continue to focus on the needs of institutional dealers around the world, and to offer a first-class trading environment." "We are always pleased to be able to deliver added value to the fixed income trading community on our network," Rich Farrell, managing director of global sales at IXnet, said. "Apogean's Bond e-Marketplace for emerging markets promises to enhance the transparency and efficiency of that market, which means significant benefits to our customers." Apogean Technology offers the Brady bond ATS through its broker/dealer subsidiary company, Apogean Capital Inc., which is a member of the National Association of Security Dealers (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ) and Securities Investor Protection Corporation Securities Investor Protection Corporation (SIPC) A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms. (SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ). Access to the Apogean ATS is restricted to those institutions that are members of the Emerging Markets Clearing Corporations (EMCC EMCC See Emerging Markets Clearing Corporation (EMCC). ), and trading is available only on EMCC-eligible securities. About Apogean Technology Apogean Technology, incorporated in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in April 1999, provides through its broker / dealer subsidiary Apogean Capital Inc. an electronic marketplace for fixed income securities to financial institutions. Apogean links the dealing community and clearing corporations to provide efficiencies in trade execution, settlement, and the use of dealer's risk capital. Apogean was founded by two Wall Street bankers, Robert Hedges and Michael Campbell. Additional information can be found at www.apogean.net About IXnet IXnet, a Global Crossing Ltd. company (NASDAQ:GBLX), provides a high performance global Extranet designed primarily for the financial community and similar service providers. Through a single connection, IXnet delivers end-to-end multiple data and voice communications solutions around the world, 24 hours a day. Customers get voice and data connectivity, plus financial content and transactional capabilities, through the IXnet Extranet without having to access multiple disparate public networks or rely on multiple customer service organizations. With users in more than 44 financial centers worldwide and more than 1,500 customer access nodes, IXnet serves more than 1,400 of the world's top financial firms. For more information about IXnet, please visit www.ixnet.com. About Global Crossing Global Crossing Ltd. (Nasdaq: GBLX) is building and offering services over the world's most extensive global IP-based fiber optic network, which will have more than 101,000 route miles, serving five continents, 27 countries and more than 200 major cities. Global Crossing's operations are headquartered in Hamilton, Bermuda, with principal offices in Los Angeles, California; London, England; Amsterdam, The Netherlands; Madison, New Jersey Madison is a borough in Morris County, New Jersey, in the United States. As of the United States 2000 Census, the population was 16,530. It also is known as, "The Rose City. ; Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or ; Sunnyvale, California; New York, New York; and Miami, Florida. Visit Global Crossing at www.globalcrossing.com on the Web. This press release may contain forward-looking information, including statements regarding strategic direction. These comments constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) which involve significant risks and uncertainties. Actual results may differ materially from the information discussed in these forward-looking statements. Among the factors that could cause actual results, performance or achievement to differ materially from those described or implied in the forward-looking statements are general economic conditions, competition, potential technology changes, changes in or the lack of anticipated changes in the regulatory environment in various countries, the ability to secure partnership or joint-venture relationships with other entities, the ability to raise additional capital to finance expansion, and the risks inherent in new product and service introductions and the entry into new geographic markets. |
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