CRAY RESEARCH-ATLANTIS SOFTWARE PACT OFFERS
POWERFUL PORTFOLIO PRICING AND ANALYSIS SOLUTION

NEW YORK, June 21, 1994 -- Cray Research Superservers, a
subsidiary of Cray Research, Inc. (NYSE: CYR), and Atlantis
Software announced an agreement that combines the CRAY
SUPERSERVER 6400 (CS6400) system with Atlantis Software's
Atlantis Portfolio Analytics (APA) system to provide real-time
responses to pricing, analysis and structuring queries involving
portfolios of complex securities, including callable bonds,
options on bonds, collateralized mortgage obligations (CMOs)
and other mortgage-backed instruments.  The announcement
was made at the Securities Industry Association show held in
New York this week.

Under terms of the agreement, Atlantis Software now offers
and supports the APA software on the CS6400 systems.  The
two companies will also participate in joint sales and
marketing efforts.

APA enables users to assemble custom applications from
highly efficient, proven modules, such as mortgage prepayment
models and CMO cashflow generators.  Collectively, these
modules offer a simple, consistent and powerful means of
pricing all bonds in real time.  The software can price tens of
thousands of bonds, including complex CMO bonds, in seconds.

For example, Atlantis Software estimates that running on a
32-processor CRAY SUPERSERVER 6400, its APA software can
calculate the option adjusted spread (OAS) over 1,000 paths
for a CMO bond in 0.4 seconds.  OAS calculations are critical to
determining the current price or present value of an interest-
rate-sensitive security.  This time-to-solution figure is more
than 250 times faster than the same calculation performed by
alternative software on a typical mainframe computer, and
more than 2,500 times faster than on a typical workstation. 
Processing speed is critically important to traders analyzing
prices, interest rate movements and volatilities in order to
identify and act on arbitrage opportunities in the bond market.  

"Our customers in the financial services industry are looking
for high-performance and an easy-to-use development
environment.  The CS6400 system combined with Atlantis
Software's APA platform provides a productive environment
that our customers require for rapid algorithm development
and offers significant performance improvements over
conventional approaches," said Jeff Pancottine, Director of
Marketing for Cray Research Superservers.

"The most valuable feature of APA is that it allows nearly
instantaneous data access, rapid customization and quick
connections with a customer's existing pricing, trading and
analysis software," said Janet Lustgarten of Atlantis
Software.  "For example, user C and FORTRAN routines can be
quickly incorporated and can run in parallel on the CRAY
SUPERSERVER 6400."

"The CRAY SUPERSERVER 6400 systems are ideal platforms for
financial services applications," said Pancottine.  "They run the
same software as Sun workstations and servers and are on the
same price-performance curve.  They combine the programming
ease of a shared memory system, the familiarity of the Sun
Solaris operating environment and scalable performance up to
64 processors."

The CRAY SUPERSERVER 6400 is the world's fastest and most
expandable SPARC/Solaris-compliant superserver.  CRAY
SUPERSERVER 6400 systems are available in configurations
from 4 to 64 processors, with up to 16 gigabytes of memory,
more than two terabytes of online storage and up to 64 I/O
channels.

Atlantis Software, based in Palo Alto, California, is a financial
services company specializing in high-performance
environments for real-time analysis of massive amounts of
data.

Cray Research provides the leading supercomputing tools and
service to help solve customers' most challenging problems. 
Data warehouse, decision support, transaction processing and
multimedia applications which challenge current technologies
are the targets for Cray Research's new line of highly scalable
CS6400 symmetric multiprocessing systems.

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