James M. Demitrieus Named President and Chief Operating Officer of IXnet and IPC.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 10, 2000

IPC Communications, Inc. (Amex: IPI), the world's leading supplier of voice trading systems to the financial services community and its subsidiary IXnet, Inc., (Nasdaq: EXNT), provider of a high-performance global Extranet to the financial services community, today announced that Chief Financial Officer James M. Demitrieus has been named President and Chief Operating Officer of both companies. Mr. Demitrieus has also been named a Director of the IXnet Board. He succeeds Gerald E. Starr, who will continue to work with both companies heading up global business development during the transition.

"We are very fortunate to have a leader of Jim Demitrieus's caliber and experience to guide our two companies," commented Chief Executive Officer David A. Walsh. "Since joining us last year, Jim has strongly influenced our strategic direction and value creation, and knows how to organize, motivate and operate both high-growth entrepreneurial and large, established companies. This combination of strengths will propel our business as we go to the next level."

Jerry Starr said, "The accomplishments of IPC and IXnet over the last several years, and in particular during this last year, have been tremendous. We have built the companies into a global powerhouse, poised for even greater growth. I am delighted to continue to work with Jim and the sales and customer service teams to continue to build visibility, reach and customer relationships."

Mr. Demitrieus succeeds Charles F. Auster as Chief Operating Officer. Mr. Auster, a founder of IXnet who managed day-to-day operations of the company leading up to the initial public offering in August 1999, and who subsequently headed up mergers and acquisitions, will continue in his role as Executive Vice President and a member of the Board. "Chuck has been a key architect in IXnet's establishment and evolution," said David Walsh. "By bringing MXnet, Saturn Global Networks, Business Networks of New York, and SPNC into our sphere, Chuck has been a driving force in IXnet's growth and rapid global expansion. We will continue to leverage his acumen in putting together strategic transactions over the coming months."

In a related matter, IPC and IXnet also announced that David A. Walsh, Chief Executive Officer of IXnet, was also named Chief Executive Officer of IPC.

About IXnet and IPC:

IXnet, Inc. (Nasdaq: EXNT) provides a high performance intelligent global extranet designed exclusively for the financial community. Through a single connection, IXnet delivers end-to-end managed data and voice communications solutions to the financial services community around the world. IXnet uniquely offers superior performance, reliability and security along with rapid provisioning and dedicated customer support -- keeping market participants in constant contact 24 hours a day. Customers receive voice and data connectivity, plus financial content and transactional capabilities on IXnet's global extranet without having to access multiple disparate public networks or rely on multiple customer service organizations.

With offices in financial centers around the world, Network Operating Centers in New York, New Jersey and London, points-of-presence in 37 countries and over 1,400 customer access nodes, IXnet serves more than 500 of the world's top financial firms.

IXnet is part of IPC Information Systems, Inc., a subsidiary of IPC Communications, Inc. (Amex: IPI) - the world's leading supplier of voice trading systems to the financial services community with a sophisticated suite of globally integrated voice and data telecommunications products. IPC's patented digital TRADENET MX(R) is the most widely installed voice trading system in the world. IPC's comprehensive portfolio also includes its ALLIANCE MX(TM) voice trading system, TradeSmart CTI(TM) Solutions, and complete customer care programs.

IPC focuses on serving the financial trading environment by designing, manufacturing, installing, and servicing products that allow traders around the world to communicate with each other instantly and reliably. With a global customer base comprising thousands of the world's largest financial services firms, IPC's reputation for quality and service is unmatched.

IPC owns approximately 84% of IXnet's shares outstanding.

IXnet and IPC have agreed to be acquired by Global Crossing, Ltd.

For more information about the companies, please visit www.ixnet.com and www.ipc.com.

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 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.