Macgregor Deploys 100th Algorithmic Trading Component to Buy-Side Client Base; CSFB and Morgan Stanley Confirm Macgregor's Ability to Rapidly Deploy and Support These Components.

BOSTON -- Macgregor(R), a leading provider of execution process technology for the global financial community, announced today that they have deployed 100 algorithmic trading components to their buy-side client base including Credit Suisse First Boston's (CSFB's) Advanced Execution Services(R) (AES) and Morgan Stanley's Benchmark Execution Strategies (BXS). Macgregor XIP Order Management Network(TM) (OMN(TM)) clients have been able to adopt these components at an astounding rate and with very little effort. As of today, twenty-four of Macgregor's clients have at least one algorithmic trading component integrated into their workflow. Some of Macgregor's clients are using ten of the eleven components that are currently in production. For a complete list of those that are available plus the other 340 services that are accessible through the Macgregor XIP OMN please visit www.macgregor.com.

Manny Santayana, Managing Director, AES Sales, Americas at CSFB stated, "In October of 2003 Macgregor integrated our AES suite of algorithmic trading strategies into their system. Today several of Macgregor's clients have the full functionality of AES integrated into their workflow. Macgregor's Order Management Network has been an effective vehicle for our joint clients to adopt the AES platform and access new strategies and tactics as they become available."

"Macgregor has been proactive in the delivery of algorithmic trading tools to customers", stated Scott Stickler, Executive Director of Electronic Trading Services at Morgan Stanley. "Macgregor's distribution network was a key determinant in approaching them when we decided to make our Benchmark Execution Strategies (BXS) available directly to our mutual buy-side clients. Their seamless implementation will be beneficial for our clients as we rollout new strategies in the near future. Today, a good number of our clients are now using BXS through Macgregor's OMN and we expect that number to continue to rise."

Stephen Alepa, EVP, Client Services at Macgregor stated, "Signing a deal with a broker to offer their algorithms is the easy part--developing, deploying and supporting an integrated solution is the real challenge. To our clients and partners advantage, we have developed our entire solution including the FIX engine and we support everything from end-to-end. There are no additional third party vendors to coordinate with and very little for our buy-side clients to do. Add to that a team of people in R&D that are dedicated to just our advanced trading components and its easy to see how our model has enabled us to achieve this level of success."

About Credit Suisse First Boston 

Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and high net worth clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital and asset management.

AES is CSFB's suite of award-winning quantitative execution algorithms, which help institutions and hedge funds worldwide reduce market impact, improve performance versus benchmarks, and add consistency to their trading process. AES is connected to markets in more than 23 countries and is available to its clients through one simple connection. The AES strategies use large amounts of historical data and complex real-time data to assess current trading conditions and respond appropriately. Clients control the big picture while the AES system handles the details. For more information, visit http://www.csfb.com.

(a)Advanced Execution Services is a registered trademark and AES is a trademark of CSFB.

About Morgan Stanley

Morgan Stanley is a global financial services firm with leading market positions in securities, asset management, and credit services. The quality and breadth of Morgan Stanley's financial services, such as underwriting, sales and trading, capital raising, and mergers and acquisitions, are highly regarded globally.

Morgan Stanley's Electronic Trading Services provides a complete spectrum of services for pre trade analytics, execution and post trade execution performance analysis, all backed by a global support organization. Morgan Stanley offers electronic access to research, market expertise and insight, historical trade and portfolio data, and equity portfolio analytics coupled with first-rate execution capabilities.

The Benchmark Execution Strategies (BXS) represent systematic and dynamic execution strategies that augment a trader's skills and improve productivity. These strategies are designed to dynamically manage the relationship between impact and market risk on the basis of changing market conditions, while minimizing the information disseminated to the market.

About Macgregor

Founded in 1991, Macgregor(R) has set the standard in execution process technology for the global financial community with the Macgregor XIP(TM) Order Management Network(TM) (OMN(TM)). XIP combines powerful portfolio management, compliance, trading and post-trade applications with a fully integrated and supported financial services IP network. By connecting all internal systems and external parties involved, XIP enables buy-side firms to execute their investment decisions with unprecedented speed, accuracy and efficiency resulting in improved investment performance. For sell-side firms, custodians and other service providers, XIP provides a unique mechanism for quickly and efficiently delivering services to our buy-side users' desktops.

With offices in Boston, New York, London and Madrid, Macgregor helps nearly 400 firms experience the unique efficiencies and power that can only be achieved through a large, diverse and well-connected community of users. For more information on Macgregor visit www.macgregor.com.