Bermuda Stock Exchange chairman Arthur Sculley is taking advantage of two conferences beginning on the Island today to launch an electronic management service for asset backed securities.

Mr. Sculley is chairman of IntraLinks, Inc., an electronic document distribution service primarily targeted at the loan syndication market.

IntraLinks, which uses the Internet and the IBM Global Network, is contracted by companies to replace most of the paperwork sent between parties in placing a syndication.

IntraLinks (intralinks.com) has been used in about $100 billion worth of loan syndications, including the Bank of Bermuda's $500 million credit facility created earlier this year.

In an interview with The Royal Gazette Mr. Sculley said the company could shave about 30 percent off the cost of financial transactions by electronically replacing all the paper information, memoranda, prospectuses, agreements and messages sent back and forth in offering a loan syndication.

Now he is expanding the service to the asset backed securities market with the creation of IntraABS. The company has already done two deals worth about $100 million each.

Mr. Sculley will be taking advantage of his Bermuda connections in selling the service to participants at two major conferences being held on the Island this week.

About 1,100 delegates are attending The Investors' & Issuers' Summit on Asset Securitisation at the Marriott's Castle Harbour Resort. Another 500 delegates are attending the Bermuda Asset Backed Securities Symposium at the Southampton Princess.

Top executives from some of the largest firms involved in the estimated $220 billion a year industry will be speaking at the conferences.

Along with information packages on IntraABS Mr. Sculley will be handing out samples of perfume and lotion from the Perfume Factory in Hamilton Parish. Mr.

Sculley is part owner, along with his two brothers John and Arthur, in the perfume manufacturer. The three are sons of the late Margaret B. Smith of Bailey's Bay and American Jack Sculley. They are related to the Smith and West families in Bermuda. Arthur Sculley is the former head of private banking at JP Morgan & Co. Inc.

Asset backed securitisation refers to the use of the capital markets by companies to issue securities based on packaging such items on their balance sheets as credit card transactions, and automobile loans. The securities are issued to generate cash flow for the issuer.

NEW SERVICE -- Arthur Sculley BUSINESS BUC