IntercontinentalExchange Selects Gemstone's Software

GemStone Systems Inc announced that its versatile and adaptable e-business application server software was chosen as the foundation for IntercontinentalExchange's B2B Internet trading platform for globally traded over-the-counter (OTC) commodities. IntercontinentalExchange will be the world's first Internet-based exchange for the trading of OTC derivatives when it begins operation later in 2000. It will initially focus on the trading of energy and metal OTC derivative products, but will expand into other related areas over time.

The exchange is backed by some of the world's largest financial institutions and diversified energy and natural resource firms.* Powered by GemStone, IntercontinentalExchange's B2B e-commerce marketplace will revolutionize the trading of OTC commodity derivatives, which is currently conducted through time-consuming telephone trading networks. "In order to accommodate the rapid pace and demand for new features in the OTC trading markets, our developers will need to make many changes rapidly while ensuring a high quality of service," says Edwin Marcial, vice president of IT at IntercontinentalExchange.

GemStone's e-business solution with Extreme Clustering technology will enable IntercontinentalExchange to provide its customers with a real-time trading exchange for increased market transparency, liquidity and secure transactions. In addition, millions of transactions can occur more quickly, and multiple traders will more efficiently access, share and retrieve huge amounts of data and information simultaneously. " GemStone's e-business software solution is a ‘best-of-breed' platform for our marketplace needs," said Marcial. "Its Extreme Clustering technology will provide us with the scalability and adaptability required for a high-volume, real-time exchange."

GemStone's product is architected for today's B2B environments and will enable straight-through processing of trade information for OTC products. GemStone's application server will also allow developers to make needed programming changes without having to take the system down. This means the system will provide market participants with global trading support around the clockseven days a week. New functionalities can be added dynamically to the system without interrupting the operation of the exchange.

"I believe that, just as financial products have quickly and efficiently moved onto electronic trading platforms, so too will commodity products," states Jeffrey Sprecher, president and CEO of Intercontinental Exchange. "Energy and metals are just a natural start, but not an end to this venture. The growth for this method of trading for OTC commodity products will be exponential."

"We are extremely pleased that IntercontinentalExchange has selected GemStone and recognizes the unique and robust capabilities of our product platforms that serve the e-commerce exchange marketplace," said Ken Irinaga, president and CEO of GemStone Systems. "We look forward to our role as the application infrastructure for IntercontinentalExchange as it revolutionizes the future of global commodity trading."

About IntercontinentalExchange

IntercontinentalExchange will be the world's first Internet-based exchange for the trading of OTC derivatives when it begins operation later in 2000. It will initially focus on the trading of energy and metal OTC derivative products, but will expand into related areas over time. *The seven firms include: BP Amoco, Deutsche Bank, The Goldman Sachs Group, Morgan Stanley Dean Witter, Royal Dutch/Shell Group, SG Investment Banking, and the Totalfina Elf Group.

About GemStone Systems Inc

GemStone Systems Inc has today's platform for tomorrow's business-tobusiness Internet commerce applications and sites. GemStone's JavaSuccess technology initiative provides e-businesses with faster time-to-market and enhanced competitive advantage for their Internet marketplaces. The GemStone e-business software solution combines a mix of unique technologies and industry standards in the most advanced, integrated architecture of any product in its class. Today, customers are deploying production environments using GemStone's Extreme Clustering technology in all walks of the dot-com world.

From B2B auction sites to vertical portals, from Internet communities to supply chain management, from highly complex dot-com sites to application service providers, GemStone is customer-tested and proven scalable, secure, adaptable, and reliable. GemStone strategic partnerships include IBM, Mercury Interactive Corp, Oracle Corporation, Sun Microsystems Inc, and Systems & Computer Technology Corporation. Headquartered in Beaverton, Oregon, GemStone distributes and services its products worldwide through offices in the United States, UK, France, Germany, Sweden, and Switzerland, as well as through a network of distributors. For detailed product and company information, please visit www.gemstone.com.

Contact GemStone Systems Inc, Eric Odell 503-533-3571 erico@gemstone.com.