Executive Update

Thomas Costa elected president of GSCC/MBSCC; SunGard Securities Processing names two new executives; Dennis Burgett appointed director of sales at Gilson & Associates; Peter Jones named president and COO of Castek Software Factory Inc.

Thomas Costa has been elected president of the Government Securities Clearing Corporation (GSCC) and MBS Clearing Corporation (MBSCC) by the boards of both organizations. He is replacing Ron Stewart who is stepping down after 10 years of holding the position. Both companies are members of the Depository Trust & Clearing Corporation, the largest financial services post-trade infrastructure in the world. Costa has been chief operating officer for both GSCC and MBSCC since 2001 and will maintain these responsibilities as president. He joined the NSCC in 1984 as vice president, coming from nine years experience at the National Association of Securities Dealers, and later helped to establish GSCC in 1986.

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SunGard Securities Processing, an operating group of SunGard, has named Michael Cox their new president and Michael Nemerowski senior vice president of strategic planning. Cox has been at SunGard for six years, most recently holding the position of chief operating officer at SunGard Wealth Management Services. Nemerowski previously worked on SunGard's Phase3 system and has 24 years of experience in the design, development and management of securities processing software systems.

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Gilson & Associates, an Atlanta-based software technology company that provides consulting and software solutions to the financial services industry, has named Dennis Burgett director of sales. Burgett's previous experience includes a stint as vice president of sales for the Home Account Network. He has also held executive positions at Sun Microsystems.

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Peter Jones has been named president and chief operating officer for the Castek Software Factory Inc, a Toronto- based company that creates strategic business software for P&C insurance. Jones previously held the position of president and CEO of Personus, a business-process outsourcing company. He has also held the positions president & COO of SNS/Assure Corp and president and general manager of Apple Computer in Canada.