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Renaissance Trading Technologies, LLC Successfully Launches First Product

Stamford, CT - April 29, 2003: NYFIX Inc. today said that its affiliate, Renaissance Trading Technologies, LLC, after the recent launch of its Renaissance Trader Workstation product suite, has now successfully gone into full production with its first client, JMP Securities, Inc. The Company has signed several contracts and is scheduled to roll out the Renaissance Trader Workstation suite for the NASDAQ market to additional clients during the second quarter. In addition to the current product offering, the Company is finalizing development of two more products - an integrated Quote Management System and Smart Order Routing product for delivery to the market later this year.

"While the interest in our product has been nothing but overwhelming, reaching successful client production is the real qualification milestone for our company," said Ed Brandman, Chief Executive Officer of Renaissance Trading Technologies.

"We have passed the technology due diligence process and are in the contract review phase with many clients. They, and the market in general, have been looking for modernized alternatives to the current providers. With a successful launch and more clients going live this quarter, we are quickly eliminating any uncertainty that prospective clients may have with committing to a stronger but younger upcoming product," Mr. Brandman added.

The Renaissance Trader Workstation suite, was originally developed as a high profile, high budget state-of-the-art project over a three year period at Robertson Stephens. After successfully rolling out the product to Robertson's Trading desk, Ed Brandman, former Robertson CIO; Ken DeGiglio, former Robertson NASDAQ Technology Chief; and Dan Ryan, former Robertson CFO, founded Renaissance with the objective of commercializing the technology. After forming a strategic partnership with NYFIX, Inc. (NASDAQ: NYFX) for financial, marketing, infrastructure and operational support, Renaissance and NYFIX acquired the source code and rights to the product and was joined by the twenty-person Robertson development group as members of the team.

"The functionality and scalability of the Renaissance Trader Workstation will significantly improve our traders' abilities to compete in the highly competitive sell-side marketplace, while at the same time providing the firm's management with improved compliance and risk management capabilities, which are more critical in the new environment," said Robert Goddard, Head of Trading for JMP Securities. "Our respect for the system has been surpassed only by the professionalism and dedication of Renaissance's support team," added Goddard.

In addition to converting to the Renaissance Trader Workstation for its NASDAQ trading desk from a well established competitor's platform, JMP also implemented NYFIX's FIXTrader technology for its sales traders and listed desk, creating a single paperless straight-through-processing engine for cash equities. "By partnering with NYFIX, we feel that we accelerated our time to market by at least a year while we in return have strengthened NYFIX's position," said Renaissance's Ryan.

Renaissance Trader Workstation is designed to enable market-makers and principal and agency traders to electronically receive orders in NASDAQ stocks from multiple sources, execute orders according to best execution rules, route orders to Super Montage, ECN or ATS destinations, and better manage risk. Renaissance Trader Workstation is highly configurable and has the flexibility to accommodate over 6,000 trading strategies. The system's enforcement of held order-handling rules and best execution facilitation of customer orders allows traders to focus more of their attention on trading, and less on IT or compliance issues. The system was designed over several years with industry initiatives such as decimalization and Super Montage in mind, and has as its primary objectives, ease-of-use, scalability, flexibility and compliance. Through its strategic partnership with NYFIX, Renaissance also provides a unified and integrated Listed Market and NASDAQ solution branded and marketed under the name "NYFIX Platinum."

Renaissance Contact:
Ed Brandman,
President and CEO
Renaissance Trading Technologies, LLC