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MAJOR WALL STREET FIRMS FORM NEW ELECTRONIC TRADING NETWORK

 NEW YORK, June 15 /PRNewswire/ -- Twelve major Wall Street brokerage firms and Merrin Financial Inc. today announced the first totally electronic trading network.
 The Intermarket Trading Network (ITN) connects money managers, brokers and exchanges into one seamless network that enables pension and mutual funds and other institutional money managers to execute more trades in less time; obtain faster, more accurate trading information; and eliminate paperwork.
 Participating brokers include: Merrill Lynch & Co. (NYSE: MER); Salomon Brothers (NYSE: SB): Morgan Stanley & Co. (NYSE: MS); PaineWebber Incorporated (NYSE: PWJ); Herzog, Heine Geduld; Fidelity Investments (ILN); Execution Services, Inc. (ESI); Investment Technology Group (POSIT and QuantEX); Troster Singer; Capital Institutional Services, Inc. (CIS); AZX Inc. (Arizona Stock Exchange); and The Robinson-Humphrey Company, a subsidiary of Primerica/Smith Barney/Shearson (NYSE: PA).
 Several money managers, including $78 billion New York-based Scudder, Stevens & Clark, are already using ITN. Peter Jenkins, Scudder head trader, said, "It increases your productivity, cuts overhead, and can help you increase performance."
 Meanwhile, ITN enables the brokerage firms to capture trading volume from institutions that use the Merrin Financial Trading Platform. Merrin clients account for an estimated 30-50 million shares a day or 10-15 percent of all U.S. daily equity trading.
 Seth Merrin, president of Merrin Financial, said: "It's surprising to think that this has never been available -- until now. That's why most people think this is the most significant advance computerized trading."
 Most money managers and brokerages process trades through a time consuming, labor intensive, error prone method of writing paper tickets, telephone tag and rekeying critical financial data into different and separate computer systems. As a result, most money mangers don't know exactly how much money they have made -- or lost -- until the next morning.
 Using ITN and Merrin's inexpensive, PC-based Trading Platform, money managers can electronically create simple or complex trades -- for small or large block orders -- and electronically send them to any combination of participating brokerage firms. As the trade is electronically executed, ITN updates all clearing, custody, back office, inventory, portfolio and accounting systems with crucial information.
 Execution Services Incorporated (ESI), a leading agency brokerage, was the first to connect to ITN. By this summer, Merrill and Salomon will go live. The others are expected to connect in the fall.
 The Merrin ITN communications network is supported by Sprint Corp.'s (NYSE: FON) SprintNet(R) data network, one of the world's largest global value-added data networks. SprintNet provides users the traditional error-protection, diverse routing, reliability and security associated with an X.25 network.
 Merrin Financial Inc. of New York is the leading provider of PC- network based institutional order management and electronic trading systems for the securities industry. In addition to handling an estimated 10-15 percent of all U.S. daily trading volume, more than 20 percent of all money market assets and $300 billion of U.S. fixed income assets are traded via Merrin's Trading Platform.
 -0- 6/15/93
 /CONTACT: Seth Merrin, president, or Alan Rubenfeld, vice president, of Merrin Financial Inc., 212-563-3700, or Kiersten Wolf, or Gary Fishman, both of The Hudson Stone Group, 212-983-8550, for Merrin Financial Inc./


CO: Merrin Financial Inc.; Intermarket Trading Network ST: New York IN: FIN SU:

SM-LD -- NY024 -- 1993 06/15/93 09:42 EDT
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Date:Jun 15, 1993
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