J.P. Morgan includes US Treasuries on Morgan eXpress to Offer Single Platform for Live Trading of Global Government Bonds.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 12, 2000

Building on recent e-finance initiatives and the successful launch of the world's first electronic trading system for Japanese Government Bonds, J.P. Morgan, the leading innovator in the multitrillion-dollar government bond market, today expanded its bond trading electronic platform, J.P. Morgan eXpress, to include live trading of US Treasuries. The addition of US bonds through European hours to the recently launched live trading of Japanese Government Bonds through Tokyo and European hours and Morgan's existing European bond electronic trading service will produce a unique online government bond trading function. With this selection of securities, J.P. Morgan eXpress will be the first electronic trading system offering a click and trade functionality for global government bonds from a single trading platform.

J.P. Morgan eXpress provides clients with a single trading platform that has live tradable prices with a 100% automated order acceptance functionality. This enables clients to execute their orders at the price displayed in time frames of less than two seconds. The service is currently offered via Bloomberg on JPEX with further information available on www.jpmorganexpress.com.

Richard Berliand, global head of marketing for J.P. Morgan's Flow Business remarked: "Driven by client demand, the product has expanded rapidly this year to include European strips and bond options. The addition of JGB's and US Treasuries through European hours is a huge step in differentiating ourselves from other electronic systems in the marketplace. The firm expects to offer global corporate and local market bonds in the near future."

J.P. Morgan is one of the largest interest rate trading firms with 24-hour dealing capabilities. The firm's three main regions - London, New York and Tokyo - are extensively staffed in trading distribution and research, providing true global trading and distribution capabilities. Recent e-trading innovations include: BondClick, an electronic bond trading system with five other market makers; MarketAxesss, an independent company offering a comprehensive multi-dealer fixed income transaction platform serving institutional investors; Securities.Hub, a company that hosts a series of online portals linking several securities firms and dealers with institutional investors; Creditex, a platform for the on-line trading of credit derivatives supplying information on the over-the-counter derivatives market and credit risk applications.

J.P. Morgan & Co. Incorporated is a leading global financial services firm that meets critical financial needs for business enterprises, governments, and individuals. The firm advises on corporate strategy and structure, raises capital, makes markets in financial instruments, and manages investment assets. Morgan also commits its own capital to promising enterprises, and invests and trades to capture market opportunities. The company's web address is www.jpmorgan.com.