LONDON, 22 June, 1999 - MCI WorldCom (NASDAQ: WCOM), one of the
world's leading providers of Internet, voice and data communications,
has been chosen to supply the new backbone network to underpin
electronic trading for members of EASDAQ, the pan-European stock market
for international growth and technology companies. The network will
provide improved connectivity for brokers and market makers based in
cities across Europe and Israel, enabling them to carry out real-time
transactions in EASDAQ stocks. The all-new network will equip EASDAQ to
thrive in the new era of online trading, enabling vast numbers of
real-time transactions on a daily basis and facilitating future growth
in trading volumes.
EASDAQ began reviewing network providers in September 1998 to
identify a secure, robust and end-to-end managed solution. The exchange
chose MCI WorldCom to develop a service using frame relay data
transmission technology that will allow EASDAQ members access to real
time market prices and to trade instantly. The network will be
implemented in conjunction with a new electronic trading system to be
provided for EASDAQ by Tibco Finance Technology Inc., a subsidiary of
Reuters. It is envisaged that the complete new solution will be
introduced during the first quarter of 2000.
MCI WorldCom's global fibre optic network, the world's most advanced
and comprehensive communications system, was a key factor in EASDAQ's
decision. EASDAQ has members with offices in 15 countries across Europe
and Israel, so it was essential for the network to have a truly
international reach. In addition, as more members join the exchange
they can be connected to the network irrespective of geographic
location.
Stanislas Yassukovich, Chairman of EASDAQ, said: "Once again, EASDAQ
will implement a change to consolidate its lead over other exchanges.
We believe that the introduction of this network will give our members
access to the most sophisticated electronic trading system of its kind
in Europe. MCI WorldCom are acknowledged as a global leader in their
field and we are pleased to be working with them to deliver an improved
and more cost-effective service to our members."
Michael Butler, Managing Director of MCI WorldCom UK, commented:
"This is a very exciting project, combining high speed data
transmission technologies with the capabilities of our 65,000 mile
broadband network. We are delighted to be involved in the drive towards
a genuinely pan-European online trading system: the financial sector
has traditionally been a key market for us, and this partnership is an
excellent complement to our work with other exchanges, notably
Nasdaq."
MCI WorldCom has built and operates a 2,000 mile fibre-optic system
in Europe linking metropolitan area networks in London, Paris,
Frankfurt, Hamburg, Düsseldorf, Amsterdam, Rotterdam, Brussels, Zurich
and Stockholm. This network will extend to over 6,000 miles by the end
of 1999 with the completion of national networks in the UK, France and
Germany.
MCI WorldCom is a global leader in communications services with 1998
revenues of more than $30 billion and established operations in over 65
countries encompassing the Americas, Europe and the Asia-Pacific
regions. MCI WorldCom is a premier provider of facilities-based and
fully integrated local, long distance, international and Internet
services. MCI WorldCom's global networks, including its
state-of-the-art pan-European network and transoceanic cable systems,
provide end-to-end high-capacity connectivity to more than 40,000
buildings worldwide. MCI WorldCom is traded on NASDAQ under WCOM. For
more information on MCI WorldCom, visit the World Wide Web at
http://www.wcom.com.
