The Securities Industry Middleware Council, Inc.
C/O SIAC Corporate Communications 2 Metrotech Center
Brooklyn, NY 11201

Two Middleware Groups Consolidate

Contact: Pat Wood
Securities Industry Middleware Council
(c/o SIAC Corporate Communications)
212 383 2827

NEW YORK, January 12, 2000 – The Wall Street Middleware Working Group (WSMWG) has agreed to merge its membership and activities into The Securities Industry Middleware Council, Inc. (SIMC), the two associations jointly announced today. Both organizations provide financial services companies, vendors and consultants with a forum for discussing middleware solutions, standards, and best practices. SIMC was founded in 1997, WSMG in 1998.

"SIMC and WSMWG have a common commitment to improving the quality of middleware and infrastructure software in the financial services sector," said Eliot Solomon, SIMC president. "Our decision to join forces reflects the continuing importance of middleware to Wall Street, and the recognition that we can best influence the software creation process through a single industry organization."

WSMWG Larry Tabb said that the integration of the two groups would be effected through the transfer of WSMWG memberships to SIMC on an equivalent basis. "Our two organizations have been discussing consolidation plans for several months. We are now pleased to move forward with a plan to offer our members the benefit of a stronger, unified forum."

All former WSMWG members are invited to join other SIMC members at the association’s general meeting on Thursday, February 17, in New York. This all-day conference, which is SIMC’s second annual Security Update Meeting, will focus on distributed authorization services as they relate to the securities industry’s special requirements. SIMC members will discuss the challenges they are facing with distributed authorization services projects, while IT providers and security industry experts respond to the issues raised and share their insights.

For further information on SIMC membership or the Security Update Conference, which is being hosted by Chase Manhattan Bank, please visit the SIMC web site (www.simc-inc.org) or contact Tara Bernardino at (212) 383-4541.