<AsiaNet>Calyon Financial Introduces VWAP and TWAP Algorithmic Execution Tools

(CHICAGO, IL., Oct. 10 AsiaNet = 연합뉴스)

Calyon Financial today announced the introduction of eight new algorithmic

execution tools exclusively available for the brokerage firm's clients. The

algorithms have been designed by Calyon Financial's industry-recognized

Research Group to help clients minimize the market impact of their orders on

many of the leading global futures contracts under a variety of market

conditions and trading-day scenarios.

The algorithms are based on extensive testing and a comprehensive,

historical market depth tick database on actively traded CME, CBOT, Eurex,

Euronext.Liffe, ICE and MX contracts assembled by Calyon Financial. In addition

to offering the eight algorithmic executions, Calyon Financial also can utilize

the data to assist in addressing specific client queries on how best to work an

order and to analyze how well a given algorithm has behaved after the trade has

occurred.

Calyon Financial, a top-tier global brokerage firm that provides

institutional clients with execution and clearing services on more than 70

financial and commodity exchanges, is an agency model brokerage and does not

engage in proprietary trading. This provides clients with the added assurance

that their trades, algorithmic or traditional, receive top priority and

confidentiality.

With the new algorithmic offerings, Calyon Financial clients can now

request that their orders be worked utilizing either a VWAP or TWAP strategy

with four different execution tactics ranging from aggressive to patient for

each strategy. Brief descriptions of the strategies and execution tactics are:

Strategies

-- Volume Weighted Average Price (VWAP). VWAP seeks to match the volume

weighted average price for a specified time period.

-- Time Weighted Average Price (TWAP). TWAP slices an order evenly over

time.

Execution Tactics

-- VWAP/TWAP Type 1. Aggressive execution using market orders to achieve

immediate fills.

-- VWAP/TWAP Type 2. Slightly less aggressive tactic that pegs limit

orders at a specified price over the bid or below the ask.

-- VWAP/TWAP Type 3. Patient execution tactic that provides a "sticky"

peg to the bid (if buying) or offer (if selling), allowing the client

to be a provider of liquidity.

-- VWAP/TWAP Type 4. Highly patient execution tactic functions like the

Type 3 tactic with an added conversion to a historical value if the

order slice is not filled within a specified time.

Calyon Financial clients utilizing these algorithmic strategies can send

instructions to Calyon Financial via FIX or by the traditional methods of phone

or e-mail.

About Calyon Financial

Calyon Financial (http://www.calyonfinancial.com) is a leading global

brokerage firm dedicated to providing institutional clients efficient access to

all major markets. The firm ranks among the top futures commission merchants in

the world and has access to more than 70 financial and commodity exchanges.

Headquartered in Chicago, Calyon Financial has a presence in 16 major global

financial centers. Calyon Financial is a wholly owned subsidiary of Calyon S.A.

(http://www.calyon.com), the corporate banking arm of Credit Agricole. Calyon

is a major player in financial markets and among Europe's leading corporate and

investment banks. Credit Agricole and Calyon each hold AA credit ratings.

On August 8, 2007, Calyon and Societe Generale signed the final agreement

relative to the merger of the brokerage activities currently carried out by

their respective subsidiaries, Calyon Financial and Fimat. The operational

launch of the new entity is scheduled for early 2008, subject to the approval

of supervisory authorities.

The resulting entity, Newedge, will be controlled 50/50 by Societe Generale

and Calyon and will have bank status. It will be headquartered in Paris, and is

expected to have a combined staff of around 3,000 located in the world's main

financial centers.

In a fast-growing market, Newedge will rank as a world leader in execution,

in particular electronic execution, as well as in clearing derivative products

traded in the Americas, Europe and Asia-Pacific.

Nothing contained herein should be considered as an offer or the

solicitation of an offer to sell or to buy any financial instruments discussed

herein. Calyon Financial SNC is authorized by Banque de France. In the UK,

Calyon Financial SNC's London Branch is regulated by the Financial Services

Authority for the conduct of designated investment business in the UK. In

France, Calyon Financial SNC is regulated by the Autorite des Marches

Financiers and by the Commission Bancaire. Calyon Financial Inc. is a member of

SIPC and FINRA. (C) Calyon Financial. All rights reserved.

Contact: Barry Neumann,

Calyon Financial Corporate Communications

+1-312-441-4564

barry.neumann@calyonfinancial.com

SOURCE: Calyon Financial

CONTACT: Barry Neumann,

Calyon Financial Corporate Communications,

+1-312-441-4564,

barry.neumann@calyonfinancial.com

Web site: http://www.calyonfinancial.com

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