The agreement defines the conditions for execution and implementation of the utility and outlines the structure for delivery to industry participants. Axion4gstp was founded by SIS SegaInterSettle, Swift and TKS Teknosoft/Tata Consultancy Services to develop, market and sell GSTPA's cross-border matching system.

Art Thomas, chief operating officer, Merrill Lynch securities services division and chairman of GSTPA comments: "This is a significant milestone and clearly demonstrates the commitment of all parties to the project. Our goal of achieving initial production by mid-2001 is on target."

Francis Remacle, executive in charge of Swift's securities industry business, speaking for the board of axion4gstp, says: "As we have over the past six months, we will continue to work in close co-operation with all the participants to deliver this industry-owned solution to the full satisfaction of the users."

GSTP AG, the Association's Swiss-based operating company, is currently in the process of finalising funding for the initiative. In addition to axion4, further funding is expected from industry members. "More than 40 firms have expressed their intent to provide funding, which in total will exceed EUR70 million. This funding will enable the development and operation of the utility over the coming years," adds Thomas.

Steve Crosby, acting chief executive of the GSTP AG states: "Following its selection in December 1999, axion4 has been working with a number of industry committees and groups to refine the utility's business and technical requirements and prepare for its launch. Specifications and a blue print for participants and the vendor community have already been created. The team is looking forward to announcing the final publication schedule to get information into the hands of all members of the community in the coming weeks."