Macgregor Reports Sharp Increase in FIX Usage for Domestic and International Trading.

Business Editors

BOSTON--(BUSINESS WIRE)--May 19, 2003

Macgregor sets record in April,

certifying one FIX Connection Every Hour(a)

Macgregor(R), a global provider of buy-side trade order management systems (OMS) and FIX network services, today announced a sharp increase in the use of FIX for domestic and international trading. In the month of April alone, the Macgregor FIX Network (MFN) certified 162 new broker FIX connections at a rate of one per hour(a). This represents a 25% increase over the past several months. Ten percent of April's connections were for non-US trading.

Stephen Alepa, EVP Networks for Macgregor commented, "Our OMS clients continue to add brokers at an incredible pace. Our typical client is now connected to 42 of their brokers via FIX and a third of our clients are using FIX to trade internationally. We even have a couple of clients now that are connected to over 100 of their brokers. Our clients are clearly realizing the benefits that FIX was intended to deliver."

Macgregor FIX Network

Established in 1997 as the first commercially available FIX network, MFN offers a unique solution to buy-side firms who want to trade with their brokers electronically. MFN is the only solution available that includes the FIX software, FIX network and the resources to certify and support a firm's broker connections. Since the brokers on MFN are also clients of Macgregor, MFN can manage the versions of FIX the brokers use to ensure compatibility with their OMS clients. The end result is Macgregor OMS clients can get live with all of their brokers much faster than they could with any other OMS vendor and never have to worry about certifying and supporting connections as that work is entirely outsourced to MFN.

Statistics

Total # of Brokers Certified and Available on MFN - 160
European Brokers Certified and Available on MFN - 20
Asia/Pacific Brokers Certified and Available on MFN - 7
# of ECNs and Alternative Trading Systems (ATSs) Certified and
  Available on MFN - 8
Average # of FIX Connections per Buy-Side OMS Client - 42
Greatest # of FIX Connections at any Single Buy-side OMS Client - 115
% of Buy-side Clients Using MFN for Non-US Trading - 33%

About Macgregor

Founded in 1991, Macgregor has set the standard in trade order management systems for the global buy-side community. Macgregor's unique architectural approach to developing workflow solutions is embodied in its Extended Order Management System, Macgregor XIP, which combines powerful decision support, compliance, trading and post-trade tools with a fully integrated and supported FIX network (MFN). This system helps move information through the entire investment process with increased speed, accuracy, and efficiency, resulting in better investment performance. Macgregor's extended architecture affords its clients and partners the efficiencies and power that can only be achieved through a large, diverse and well-connected community of users. With over 220 employees located in offices in Boston, New York, San Francisco, London, Hong Kong and Madrid, Macgregor helps more than 90 of the largest institutions in the world manage over $5.5T in global assets.

(a) Based on 20, 8-hour working days.