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Macgregor Announces Strategic Relationship with Lava Trading

BOSTON--June 17, 2003--Macgregor(R), a global provider of buy-side
trade order management systems (OMS) and FIX network services, today
announced a strategic relationship with Lava Trading Inc., a leading
developer of financial technology for large securities trading floors.

Lava's technology, including the Lava Trading Floor(R) and Lava
ColorBook(R), will be integrated into Macgregor XIP, the leading
buy-side OMS. Macgregor clients will receive full depth of book
(including aggregated Level II market data), intelligent order routing
and direct connectivity to all major exchanges, ECNs and alternative
trading systems. Packaged as Macgregor Liquidity Access (MacLA), the
product represents the only available solution with Lava to combine
OMS, ECN aggregation and electronic exchange trading capabilities into
an integrated single platform that directly supports multiple
sponsoring broker/dealers.

"We are excited to be the first OMS vendor to offer Lava's
advanced trading functionality as an integrated OMS component," said
Stephen Alepa, EVP Networks, Macgregor. "Our clients are excited as
they anticipate it will give their traders a competitive advantage
with respect to increased speed to market and reduced market impact."

"We are pleased to enter into a strategic relationship with an OMS
vendor that has electronic trading expertise, a large base of
installed users, and a solid reputation for service delivery," said
Richard Korhammer, CEO, Lava Trading.

MacLA supports multiple sponsoring broker/dealers. Other
comparable solutions require routing all trades through a single
sponsoring broker. This can limit the use of a system as most firms
have obligations to trade with numerous brokers. Being able to trade
behind numerous brokers' names in MacLA also helps clients preserve
the anonymity of their trades in the marketplace.

"Imbedding Lava's leading-edge technology into Macgregor XIP will
help us achieve best execution, reduce errors and improve the
efficiency of our trading desk," adds Peter Jenkins, Managing Director
and Head of North Americas Active Equity Trading, Deutsche Bank Asset
Management. "With MacLA, we will be able to access every major pool of
liquidity from our OMS with only a few keystrokes. We will be able to
trade with more confidence as well knowing that our trades have
already been checked for compliance and trading restrictions, while
fulfilling best execution obligations at the same time."

"This announcement exemplifies our strategy of delivering complete
solutions to our clients by working closely with the best vendors,
which Lava has proven to be in the securities trading arena," said
Steven Levy, President and CEO, Macgregor.