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OPERATIONS

* Euroclear, Clearstream International and The DTCC announce the launch of a new service. * Shadow Financial Services licenses its product, ShadoSuite, to Pax Clearing. * Wilco International announces that Michael Simmons has authored a book entitled Securities Operations -- A Guide to Trade and Position Management.

Euroclear, Clearstream International and The Depository Trust & Clearing Corporation (DTCC) announced the launch of a new service that automates the pre-issuance information processing and ISIN allocation for new issues of European commercial paper (ECP) and related money-market instruments. This development will meet the demands of the international capital markets and contribute towards further growth of the ECP market. The new service, called European Pre-Issuance Messaging (EPIM), is a central messaging hub, linking the parties involved in the issuance of European commercial paper, including banks, dealers, issuing and paying agents, securities depositories and numbering agencies.

Shadow Financial Services, a financial-software company specializing in multi-currency back-office-clearing and accounting systems, has licensed its product, ShadoSuite, to Pax Clearing as part of Pax's new Peace Clearing system. Pax is a full-service options and stock-clearing firm with operations in Chicago, New York, Philadelphia and San Francisco. Pax provides a variety of securities-trading-related services, including option, futures and stock clearing and execution, financing, and risk management.

Wilco International, a subsidiary of Automatic Data Processing, Inc. has announced that Michael Simmons, who heads a team of securities-industry specialists at Wilco, has authored a book entitled Securities Operations -- A Guide to Trade and Position Management. The book describes the roles of the various participants within the industry, and clarifies securities-operational processing from start to finish by developing the reader's knowledge of the trade lifecycle and other operational activities in a logical sequence.

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