Tradeum Customer CATEX Marks Milestone in First Month of Trading; Over $1 Billion Dollars of Risk Insurance Posted Using Tradeum's New CATEX 2000 Trading System.Business Editors/High Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Jan. 5, 2000 Tradeum, the leading innovator in building and hosting digital marketplaces, and CATEX CATEX Categorical Exclusion , the world's largest neutral Trading Exchange for the Insurance Industry, today revealed the volume of offerings posted during the first month of operation of the CATEX 2000 Trading System The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . Designed and implemented within twelve-weeks, Tradeum's digital marketplace solution has helped CATEX subscribers post over $1 billion dollars in insured limit to its exchange. "This is a huge validation of both the potential for insurance trading over the Web, and the ability for Tradeum to rapidly deliver the right market model to our customers helping to create entirely new markets on the Internet," said Zev Laderman, chief executive officer of Tradeum. "Our unique capability to simplify the complex process of bringing buyers and sellers together online is vital to helping digital marketplaces such as CATEX build liquidity faster than ever thought possible." Using its XML-based technologies and an in-house design team, Tradeum worked closely with CATEX to completely redesign, implement and host the CATEX 2000 exchange within a twelve-week period. The marketplace is hosted thru Tradeum's relationship with Exodus Communications Exodus Communications was a high-flying internet hosting and service provider to dot-com businesses that went broke along with their customers. Exodus inception Exodus was founded in 1992 as Fouress, Inc., and reincorporated in 1994 to Exodus Communications. , a leader in complex Internet hosting and managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality . During this first month of operation, CATEX witnessed increased global participation across its network, improved communications and faster trading for all its market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. . Currently, over 1,500 subscribed users have posted risks and offers to provide coverage to the exchange, totaling $1 billion from over 80 cities across the globe. "CATEX 2000 has received such an encouraging response from our subscribers because it makes trading within our exchange so much easier and faster," said Frank Fortunato, chief executive offer of CATEX. "This is only the beginning of our relationship with Tradeum, and over the next few months we will continue to roll-out new services to further improve the quality of our system for our customers." About Tradeum Driving the B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Digital Economy As the leading innovator in building and hosting digital marketplaces, Tradeum enables buyers, sellers and third-party service providers to quickly and easily discover and complete their optimal transactions. For Global 2000 companies and Net Market Makers, Tradeum's XML-based solution, industry templates and hosting capabilities enable a faster, more reliable time-to-market with higher transaction volumes. Headquartered in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , Tradeum can be reached at www.tradeum.com or 1.877.TRADEUM. About CATEX CATEX is licensed by the 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 Insurance Department as a reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. intermediary that acts in a neutral capacity. CATEX now has over 150 subscribers located in 19 countries with over 1,500 authorized traders on the system. The CATEX trading platform is an extensive online marketplace with powerful exchange functionality tailored to the unique business requirements of each customer. As a market maker, CATEX unites buyers and sellers of risk to streamline business processes, enhance productivity and reduce costs. CATEX customers include insurance and reinsurance companies, risk managers, banks and brokerage firms. The company is headquartered in Princeton, NJ with offices in New York, London and Bermuda. For more information, visit CATEX at www.catex.com. About Exodus Exodus communications, Exodus and Service Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. are trademarks of Exodus Communications, Inc., and may be registered in certain jurisdictions. All other trademarks mentioned in this document are the property of their respective owners. |
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