Boston Stock Exchange Announces Launch of Automated Trading Products; Instant Liquidity Access Will Provide Immediate Execution.

BOSTON -- The Boston Stock Exchange (BSE) has announced today the launch of automated trading products that will offer the trading community instant access to BSE liquidity. ILA will be available at the BSE starting late June 2004.

"Our newest automated trading product - Instant Liquidity Access (ILA) - allows us to continue to offer highly competitive trading options," said Mike Curran, CEO of the Boston Stock Exchange. "The BSE has been a hybrid market for many years and we are not waiting for the Reg NMS debate to shake out. We are responding to the demand from the marketplace for more 'fast market' options."

ILA will offer BSE customers an immediate automated execution against the BSE book when Boston is the National Best Bid or Offer (NBBO) or is equal to the NBBO. Orders that do not execute will cancel immediately. ILA orders will be designated with a unique order type that distinguishes them from regular BSE orders.

The addition of ILA to the BSE product line, which includes the Competing Specialist Initiative and Beacon Remote, enhances the BSE's hybrid market approach. "Offering choice - immediate execution of displayed liquidity, or participation in the BSE auction market for price discovery and price improvement - will best allow us to serve our diverse customer base," said Curran.

"It is evident that access to automated trading options is critical to trading efficiently," said Whit Conary, long-time broker on the floor of the Boston Stock Exchange. "The Boston Stock Exchange is responding to the customers' need for certainty of execution that is required for automated trading."

"As market structure evolves through advanced technology, regulatory challenges and sophisticated trading strategies, ILA represents an important innovation for the automated trading of listed securities," said Jeff Brown, Director of Product Development at UNX, Inc., a leading, institutionally focused agency brokerage. "ILA's immediate execution capability provides a unique benefit to our algorithmically-driven clients seeking listed liquidity."

To The Trading Community:

Learn more about ILA by contacting: Marybeth Shay (BSE Sales & Marketing) at 617-235-2007 or [e-mail].

About the Boston Stock Exchange

Founded in 1834 as the third oldest exchange in the United States, the Boston Stock Exchange (BSE) has, from its beginnings, played a vital role as a leading regional exchange within the strongest capital market system in the world. Today, the BSE offers exceptional market quality, specialized trading services, innovative technology and outstanding customer service to broker-dealers, investment institutions and listed public companies. The BSE trades more than 11 billion shares of listed securities on an annual basis. Additional information can be found at www.bostonstock.com.