Global Crossing's IXnet Selected by TRADESCAPE.com Inc. to Host and Deliver Leading Next-Generation Direct Access Trading Platforms and Technologies.

Business/Technology Editors

NEW YORK--(BUSINESS WIRE)--Oct. 24, 2000

Thousands to Access TRADESCAPE.com's Products & Technologies

Over Global Crossing's IP-Based Financial Extranet

IXnet, a Global Crossing Ltd. (NASDAQ:GBLX) company and provider of a high-performance global Extranet for the financial services community, announced today that TRADESCAPE.com(TM), Inc., a world leader in direct-access trading, has signed a three-year agreement with IXnet to host and distribute its complete range of premier trading technologies and applications.

The world of professional electronic investors on IXnet's secure global financial Extranet, which reaches more than 1,400 leading financial institutions in 44 financial centers, will be able to efficiently access TRADESCAPE.com's next generation brokerage, execution and trading technologies. Active individual traders will be able to access many of those same technologies over the Internet.

IXnet will host and manage a range of TRADESCAPE's solutions and connect TRADESCAPE customers through the Financial Extranet and through the Internet. IXnet will enable direct access to TRADESCAPE's advanced trading software platforms used by over one-thousand professional on-site traders. This trading platform allows remote traders to experience the superior software functionality and performance formerly only available to on-site trading floors.

TRADESCAPE employs Smart Order Routing Technology(SM) (SORT(SM)) to analyze the connected markets using proprietary algorithms that combine variables such as latency and liquidity. Its Electronic Communication Portal(SM) (ECP(SM)) offers traders a single point of access to multiple sources of liquidity by consolidating the ECNs, Nasdaq, NYSE and regional market information into one interface for execution and data. Access to all of TRADESCAPE's systems will be available worldwide over the IXnet Extranet.

TRADESCAPE's proprietary technologies and policy of neutrality, flexibility and compatibility with existing systems and protocols positions the company as the preeminent next-generation brokerage, execution and trading technology firm.

"We've been a customer of IXnet since the inception of our company," said Scott Graczyk, co-president, TRADESCAPE.com Institutional, "and look forward to continuing to grow with them. While IXnet has focused on developing the global Extranet, we have focused on creating a proprietary technology which creates unlimited venues for electronic commerce. TRADESCAPE has enabled a true connection from end-to end between the consumer and the markets, ECNs, Nasdaq and NYSE and the IXnet Extranet makes the implementation of that model possible in an efficient, immediate way. We have successfully grown our business strategies, and look forward to an even greater acceleration with IXnet as a business partner over the next several years."

"The strategic fit creates a win-win-win situation," said Jim Demitrieus, president, IXnet. "This is a win for TRADESCAPE.com because it will have immediate access to the thousands of firms already on our Extranet, and the benefit of a fully managed solution, from hosting to distribution to customer service. This is a win for our on-net customers who, through a single existing IXnet connection, can receive all the benefits connectivity to TRADESCAPE.com delivers to its traders in an efficient, secure way. This is clearly of course a big win for IXnet and Global Crossing, whose mission it is to provide the finest global IP-based optical network capable of delivering the most compelling content to business professionals around the world."

Demitrieus continued, "With our global IP-based optical network, advanced technologies available through the Financial Extranet, and our intense commitment to understanding and meeting the specific needs of the financial services community, IXnet has all the necessary elements in place to deliver a comprehensive, super-efficient global network solution for TRADESCAPE."

TRADESCAPE's recent acquisition of MarketXT created a revolutionary network, enhancing market access for retail customers who use MarketXT for access to extended-hours trading, as well as active investors using the TRADESCAPE.com software platforms to execute trades. The merger created a robust platform that has extended the direct access model with SORT to institutional investors. IXnet was the network services provider for MarketXT when it was launched in 1999.

About TRADESCAPE.com, Inc.: TRADESCAPE.com, Inc. seamlessly connects and empowers securities buyers and sellers in today's fragmented electronic marketplace through its ownership of several financial services companies. TRADESCAPE.com recognizes that traders - from the active online investor at home to the trading desks at the largest financial institutions in the world - all have the same common needs: access to liquidity, low-cost trades, and high-speed order execution. The TRADESCAPE.com companies have taken "a revolutionary step in e-brokerage services," becoming the first providers to offer an end-to-end solution through:

-- An advanced high-speed, direct-access trading platform;

-- Access to the major sources of liquidity through an Electronic
Communications Portal(SM) (ECP(SM));

-- Smart Order Routing Technology(SM) (SORT(SM)) that optimizes the customer's
ability to execute trades; and

-- A wholly-owned ECN.

Headquartered in New York City, TRADESCAPE.com owns the broker-dealers TRADESCAPE.com Securities(TM), L.L.C. and Momentum Securities(TM), L.L.C., both members of NASD and SIPC. TRADESCAPE.com also owns MarketXT, Inc., an ECN.

TRADESCAPE.com's broker-dealers are share and volume leaders among direct-access e-brokers in the United States. Through its wholly-owned broker-dealers and third-party licensing arrangements, an average 150,000 trades per day were executed in the second quarter 2000 on TRADESCAPE.com trading platforms.

TRADESCAPE.com is backed by investment partners who are leaders in technology and financial services, including SOFTBANK, Morgan Stanley Dean Witter, and Salomon Smith Barney. The largest investor in TRADESCAPE.com is SOFTBANK, through its SOFTBANK Finance subsidiary. SOFTBANK, the Japanese Internet pioneer, also has investments in Yahoo, Inc. (NASDAQ: YHOO) and E*Trade Group (NASDAQ: EGRP). For more information, visit the TRADESCAPE.com Web site at http://www.tradescape.com.

About IXnet: IXnet, a Global Crossing Ltd. company (NASDAQ:GBLX), provides a high performance global Extranet designed primarily for the financial community and similar service providers. Through a single connection, IXnet delivers end-to-end multiple data and voice communications solutions around the world, 24 hours a day. Customers get voice and data connectivity, plus financial content and transactional capabilities, through the IXnet Extranet without having to access multiple disparate public networks or rely on multiple customer service organizations. With users in more than 44 financial centers worldwide and more than 1,500 customer access nodes, IXnet serves more than 1,400 of the world's top financial firms. For more information about IXnet, please visit www.ixnet.com.

About Global Crossing: Global Crossing Ltd. is building and offering services over the world's most extensive global IP-based fiber optic network, which will have more than 101,000 route miles, serving five continents, 27 countries and more than 200 major cities. Global Crossing's operations are headquartered in Hamilton, Bermuda, with principal offices in Los Angeles, California; London, England; Amsterdam, The Netherlands; Morristown, New Jersey; New York, New York; Rochester, New York; Sunnyvale, California; and Miami, Florida. Visit Global Crossing at www.globalcrossing.com on the Web.

This press release may contain forward-looking information, including statements regarding strategic direction. These comments constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) which involve significant risks and uncertainties. Actual results may differ materially from the information discussed in these forward looking statements. Among the factors that could cause actual results, performance or achievement to differ materially from those described or implied in the forward-looking statements are general economic conditions, competition, potential technology changes, changes in or the lack of anticipated changes in the regulatory environment in various countries, the ability to secure partnership or joint-venture relationships with other entities, the ability to raise additional capital to finance expansion, and the risks inherent in new product and service introductions and the entry into new geographic markets.