Trayport, a leading supplier of electronic trading systems, today
announced it has signed CM Capital Markets (Capital Markets), a Spanish brokerage
house, to launch a Spanish power market trading screen. The implementation follows
increased liquidity within this market and demand from participants for a flexible platform
to receive and transact power prices.

The company is the first to launch a trading screen within the Spanish OTC market.
Trayport’s screen provides the broker with electronic trading capabilities to support its
voice operations and facilitate a hybrid brokerage model. Furthermore, it will help Capital
Markets extend its penetration in the European power market and attain greater liquidity.
The platform was successfully deployed in three weeks, including connectivity with all the
major Spanish power traders, indicating an appetite for hybrid trading in this market. The
first trade took place as soon as the platform went live on Wednesday, 4th May 2005.

Eduardo Delpico, Head of the Energy Desk at Capital Markets, said: “We wanted to be
able to launch the system quickly and offer a screen that gives our clients electronic
trading capabilities to support our voice service. Trayport was the natural choice as it
offers key flexibility and has proven success in the European energy market.”
“Capital Markets is a good example of how brokers can use Trayport’s GlobalVision
Broker Trading System as part of a hybrid approach that gives their clients the choice of
voice- and/or electronic-trading. We are delighted to welcome Capital Markets as a client
and we look forward to supporting their business in many asset classes for years to
come,” said Edmund Hor, Managing Director at Trayport.

Capital Markets is also considering using Trayport’s screen for other instruments and/ or
to extend its implementation to other counties, such as France, Italy and Brazil.