BNY Brokerage Launches DEx To Broaden Direct Market Access for Institutional Investors.

NEW YORK -- BNY Brokerage Inc., a subsidiary of The Bank of New York and member of BNY Securities Group, has launched DEx(SM) (Direct Execution Services), a suite of direct market access trading solutions to help institutional investors take direct control of their trading strategies and execution management.

Powered by the electronic trading capabilities that BNY Brokerage recently acquired from Sonic Financial Technologies, DEx provides clients with direct access to all primary ECNs, Nasdaq, market makers and multiple listed equity markets through a set of self-directed trading tools for single-stock and program trading that consolidate market data access. DEx also incorporates BNY Direct Execution(SM), which offers direct access to floor brokers at the New York Stock Exchange.

Carey S. Pack, president of BNY Brokerage, said, "The DEx platform cements our standing as the leading agency brokerage, able to meet the full array of institutional investors' needs for top-tier technology, unconflicted expertise and anonymous access to all liquidity points. DEx allows clients to take full advantage of the markets' continuing evolution toward electronic direct access trading without foregoing high quality trader expertise where desired."

"We recognize that direct market access represents a rapidly growing trend driven by enhanced technologies that provide institutional traders with greater control. As a result, our clients desire more choice in execution venue and we are committed to providing the solutions to meet their diverse trading needs," explained Joseph M. Velli, senior executive vice president of The Bank of New York and Head of BNY Securities Group.

SonicSuite: Top-Tier Tools in Front-End, Strategy Server and Market Gateway

DEx's electronic trading capabilities are delivered through SonicSuite(SM), a comprehensive array of sophisticated trading tools that provide clients with unprecedented choice and flexibility to connect to in-house applications, including order management systems (OMS), proprietary analytics and back-office technologies. SonicSuite's three primary components are:

--SonicPort(SM), a front-end trading interface that provides access to all market centers for both listed and OTC equities, sophisticated trading strategies, and full depth of ECN book display. It can be used on a stand-alone basis or linked to the client's own OMS.

--SonicSmart(SM), a part of the trading strategy server that employs intelligent routing algorithms and synthetic logic to search all available liquidity points. Its unbiased routing seeks best execution across all venues.

--SonicCentral(SM), a market access gateway that provides simultaneous direct connectivity to all points of liquidity, including ECNs, Nasdaq's order routing systems, the NYSE and other exchanges.

Complementing the DEx platform, BNY Brokerage's Institutional Trading Services unit encompasses the firm's broker-enabled offering where expert sales traders serve as an extension of the client's trading desk. These traders provide order flow, liquidity management, market color, trading strategies, and quality execution.

BNY Brokerage continues to offer client-centered service and support, together with installation, rules set-up, training, strategy support, trade and technical support. The firm is committed to enabling clients to take direct control over their entire order book, while still having access to sales trading expertise or support when needed.

BNY Brokerage is a leading institutional agency brokerage firm offering a broad range of execution and commission management services to money managers, institutional broker-dealers, and plan sponsors. Additional information on BNY Brokerage is available at www.bnybrokerage.com.

BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York Company, Inc. It provides institutions, broker-dealers and corporations with a broadly diversified suite of services and "The Power of Choice" through multiple business models. Through its broad range of businesses, BNY Securities Group offers creative solutions in trade execution, commission management, independent research, securities clearing and financial services outsourcing. BNY Securities Group is the largest provider of commission management services, has 21 New York Stock Exchange seats, and offers global execution and clearing services in over 80 markets with offices in the U.S., Europe, Asia, and Australia. BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. is a member of NYSE/NASD/SIPC.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.

DEx, SonicSuite, SonicSmart, SonicPort, SonicCentral, BNY Direct Execution and BNY Brokerage are service marks of BNY Brokerage Inc.