Capital Institutional Services Will Provide Institutional OTC Trading Services Through Bloomberg Tradebook.

Business Editors

DALLAS--(BUSINESS WIRE)--March 15, 2000

Plan Sponsors Can Now Use Tradebook to Direct OTC Trades To CIS

for Commission Recapture

Capital Institutional Services, Inc. (CIS), one of the nation's leading institutional brokers, will offer trading services to institutional customers using Bloomberg Tradebook, a leading electronic communication network (ECN).

Under the agreement, Tradebook customers will be able to use the service to direct transactions to a designated broker - CIS - that can provide third-party research and satisfy commission recapture requests. CIS's link with Bloomberg Tradebook - part of a new Correspondent Clearing Network offered by the system - will be effective beginning March 20, 2000.

Since 1977, CIS has provided global agency trading, electronic trading solutions and independent investment research services to asset managers and plan sponsors, serving more than 800 institutional clients throughout North America and Europe. The CIS Plan Sponsor Division allows customers to achieve best execution and decrease overall plan expenses through global directed brokerage programs utilizing global equities and fixed income transactions.

"We are extremely excited about the addition of Tradebook to CIS's existing global execution offerings. This will give our investment manager and plan sponsor clients a readily available means to generate soft dollar and commission recapture credit, using Tradebook," said Ralph Davis, CIS Senior Vice President.

"Now, sponsors or money managers who use Bloomberg Tradebook will have a readily available means to generate soft dollars or recapture commissions at the same time that they are achieving `best execution' on their OTC trades," said Mr. Davis.

Bloomberg's Tradebook is an electronic communications network (ECN) that facilitates continuous matching of customer buy and sell orders for Nasdaq-listed securities and provides those orders with direct electronic access to the Nasdaq National Market System. Tradebook provides institutional equity traders, agency brokers and market makers innovative access to multiple sources of liquidity, on one electronic platform. The service represents orders in the Nasdaq National Quote Montage and interacts with general order flow across the Nasdaq system or specifically accesses liquidity from individual market makers or ECNs.

Launched in 1996, Tradebook currently averages approximately 90 million shares matched daily.

CIS offers electronic trading systems based on industry standard platforms and protocols as well as the ability to customize trading approaches to fit specific technology requirements and trading needs.

CIS's electronic trading services include:

- Capis 2000: CIS's proprietary electronic execution and allocation system

- Batch One: A file transfer system which enables customers to send orders from
spreadsheets, portfolio management systems, trust accounting systems, and order
management systems using a customizable batch profile

- Order Routing Networks: CIS has connections to the following networks:
Bloomberg, Reuters Intertrade Direct, MacGregor's MFN, Thomson TradeRoute, TNS
and Trinitech

- Other Trading Systems: Customers can send electronic orders from the
following systems: AutEx+, Bloomberg EET, Reuters Intertrade Direct, OptiMark,
and Tradeware

- Order Management Systems: Orders can be sent to CIS from any order management
system using the FIX protocol

- CIS is FIX compliant and has been at the forefront of FIX integration since
1996. CIS's FIX test engine is one of the most widely used in the industry. CIS
has the ability to execute FIX block and DOT orders as well as send indications
of interest.

Working with Bloomberg, CIS offers its customers equity trading services through Bloomberg's Electronic Equity Marketplace, an equity trading platform that, via the Bloomberg terminal, allows institutional investors to receive indications of interest for specific equities and route their orders electronically, in addition to accessing all of Bloomberg's other news and information services.

Note to Editors:

About Capital Institutional Services, Inc.

CIS provides trading in listed and over the counter equities, U.S. government, agency, corporate, mortgage, and municipal bonds, and international equities. Founded in 1977, CIS is a member of the New York Stock Exchange, the American Stock Exchange, and the National Association of Securities Dealers. The company maintains offices in Dallas; New York City; Westchester County, New York, and London.