GL TRADE : Sovereign Bank Now Live With SIERRA First Order From GL TRADE Capital Markets Solutions

Regulatory News:

GL TRADE (Paris:GLT), a global provider of multi-market and multi-asset solutions for international financial institutions, today announced that Sovereign Bank, a leading financial institution with principal markets in the Northeast United States, has gone live with GL TRADE's SIERRA First Order. Sovereign Bank will now be able to provide its clients with a sophisticated web-based trading tool to strengthen its retail FX business.

SIERRA First Order is a web-based order management engine that provides distributed, cross product trading tools. Designed for both institutional market making and retail-trading environments, SIERRA First Order automates the transfer of deal capture activities from customers and institutional clients to the trading room desktop.

Patrick Cannon, managing director of GL TRADE North America Capital Markets Solutions business unit said: ?In the rapidly growing FX retail market, banks have to adopt high technology solutions to increase customer satisfaction, operational agility and flexibility. The implementation of SIERRA First Order will allow Sovereign Bank to achieve straight through processing (STP), keep improving its investment performance, lower risks, and reduce costs for its FX retail trading operation?.

?At Sovereign Bank, we are always looking for ways to better serve our clients,? said Robert F. Murray, Sovereign's senior vice president, Capital Markets. ?We understand the FX business is important to our clients so we have aimed to provide the best FX retail trading experience for them. SIERRA First Order enables our clients to have easy access to streaming rate dealing, position management, deal status check and current market quotes. The decision to select SIERRA First Order to complement our ASPEN offering allows us to streamline our retail and interbank FX operations by fully automating the transaction workflow.?

Sovereign has been a GL TRADE customer since 2006 when they selected ASPEN, an ASP trading solution that provides comprehensive real-time position management, risk analysis, and gap exposure in a straight through processing environment. Now, with the addition of SIERRA First Order, Sovereign achieves a streamlined FX trading workflow under a single database for all customer, product, and financial information.

www.gltrade.com

About Sovereign Bank

Sovereign Bancorp, Inc., the parent company of Sovereign Bank, is a financial institution with principal markets in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management, and insurance. Sovereign Bank's roots reach as far back as 1902, when the bank began as a Wyomissing, PA building and loan association created to help textile workers become homeowners. The Bank officially took the name ?Sovereign? in 1986, and a year later formed the parent company, Sovereign Bancorp, Inc. Further information about Sovereign bank can be found at www.sovereignbank.com

About GL TRADE

GL TRADE provides the international financial institutions with software solutions to cover the entire order flow from the front to the back office for the buy and sell side: Trading & Order Management, Execution Management System, Treasury and Risk Management, Settlement, Network and Market Data.

Headquartered in Paris, GL TRADE has presence in 25 countries worldwide and employs more than 1400 people. GL TRADE is listed on Euronext Paris (ISIN FR 000007208) and is part of SBF 250. GL TRADE also joined Next economy segment.

Marianne Quentin
GL TRADE Group Marketing & Communication
+ 33 1 53 40 43 98
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or
Charlotte Crivelli
Metia
+1.917.320.6452
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