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MERRIN DEVELOPS THE FIRST INTERACTIVE TRADING WORKSTATION FOR WALL STREET

 NEW YORK, April 7 /PRNewswire/ -- Merrin Financial, Inc. has developed the first interactive trading workstation for Wall Street brokers, market makers, traders and money managers.
 The PC network-based Merrin Financial Trading Platform, which costs $2,500 a month in its base configuration, can be used to generate and execute simple or complex strategies and trades; calculate real-time portfolio profit and loss and currency conversions; enforce securities law regulations and internal restrictions; eliminate time-consuming, error-prone paperwork; and in the future, will be able to access important research and news items.
 Institutional brokerage and money management firms say it enables them to increase trading volume, improve performance, and reduce overhead.
 More than 50 firms with over $750 billion, or about one sixth of all assets under management, use the Merrin Platform to process an estimated 30-50 million shares a day, or 10-15 percent of all U.S. daily trading volume. These firms include some of the most familiar names on Wall Street -- General Electric Investments, Travelers Investment Management Company, Steinhardt Partners, L.P., and Mutual Series Funds, Inc.
 The Merrin Platform can be used for institutional money management and brokerage, OTC market makers, fixed income, and global trading, and can be enhanced with the real-time CompALERT compliance system. It runs on off-the-shelf IBM compatible PCs and Novell networks under the DOS operating system. Windows and Unix versions will be available next year.
 Due to its large market share and customer base, the Merrin Platform is being increasingly used as an industry-standard gateway to connect money managers to a growing number of on-line quote, brokerage, execution, clearing and custodial systems, and at a future date, will interface into research and news systems.
 Seth Merrin, president of Merrin Financial, said, "Since the computer was developed, Wall Street's Holy Grail has been for `The Ultimate trading workstation' that could do everything. Based on what people tell us, we think we've got it."
 Susan Russell, head trader, Travelers Investment Management, with almost $3.8 billion in assets, says "It was terrific when we first installed Merrin. There's nothing like having that power at your fingertips -- especially when you're busy." Ms. Russell estimates that Merrin enables her to "comfortably work 50-60 trades per day compared to 20-25" for a 150 percent increase in productivity.
 Damian Maroun, head trader, GE Investment Management, with $41 billion in assets, says the Merrin Platform is "saving us time and money. It's making our portfolio managers and traders more efficient and productive. It has sharpened our trading capabilities."
 Michael Price, president, Mutual Series Fund, Inc., says "We could not have grown from $2 billion to $5 billion without Merrin Financial's trading and compliance systems."
 Lisa Addeo, general partner, Steinhardt Partners, L.P. says, "When we got Merrin, we came out of the dark ages. We're able to do so many more trades, so much more efficiently, there's no end to what you can do."
 With the Merrin Platform, portfolio managers can generate within seconds complex trading strategies affecting multiple accounts, check potential purchases against overselling a position, and then electronically send those tickets to the trading desk.
 Traders can electronically send orders to any one of the growing number of electronic trading execution/list/matching systems and receive electronic confirmations that would automatically update all portfolios, while, at the same time, automatically calculate commissions. "It's bringing real Electronic Data Interchange (EDI) to Wall Street," said Merrin, "much like the technology employed by large retailers like Wal- Mart, to streamline their inventory and ordering process."
 The Merrin Platform also provides features previously unavailable to the securities industry, such as:
 -- On-line portfolio P&L statements so money managers can determine at the touch of a button how much money they are actually making -- or losing -- any time during the day.
 -- On-line, before-the-fact compliance that prevents traders, brokers and managers from entering orders that would violate any SEC, customer or firm rule or regulation.
 -- On-line currency conversion, exchange, tax, fee and clearing calculations so traders and managers can never be tripped up by the hidden costs of global trading.
 The Merrin Platform can be connected to virtually any internal or external system to update accounting, portfolio, custodial and clearing systems, eliminating the time, expense and errors from the multiple rekeying of data into separate systems.
 To date, the Merrin Platform can manage, integrate and disseminate trading information from more than three dozen internal and external portfolio management/accounting systems; clearing/service bureaus and custodian banks; quote services with on-line pricing feeds; and a growing number of execution/list/matching systems.
 "Electronic trading is becoming critical for money management firms to provide relief from the segmentation of the order management process," Merrin said. "Electronic trading will not happen if money managers are forced to live with `swivel chair technology' in which they have to install dozens of separate terminals to trade with their brokers, nor do they want to be limited to electronically trading with only one broker.
 "The success of the increasing number of electronic trading systems depends on the integration of trading information with the money manager's daily order flow, providing them with an easy-to-use system that increases both trading volume and the opportunity to execute trades more efficiently." Moreover, Merrin Platform users have the largest concentration of assets of any similar vendor, "providing the critical mass of order volume our money managers and brokers need to make electronic trading a reality."
 Merrin Financial, Inc. of New York is the leading provider of value- added, PC-network based institutional order management systems for the securities industry. More than 50 institutional money management and brokerage firms use the Merrin Trading Platform. In addition to handling 30-50 million shares a day, or 10-15 percent of all U.S. daily trading volume, the Merrin Platform processes 20 percent of all money market assets and a total of $300 billion of U.S. fixed income assets.
 -0- 4/7/93
 /CONTACT: Seth Merrin or Scott Saber both of Merrin Financial, Inc., 212-563-3700, or Kiersten Wolf of the Hudson Stone Group, 212-983-8550, for Merrin Financial Inc./


CO: Merrin Financial, Inc. ST: New York IN: CPR SU: PDT

LD -- NY006 -- 3717 04/07/93 10:31 EDT
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Date:Apr 7, 1993
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