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Macgregor and Pipeline Trading Systems Forge Strategic Relationship For Advanced Electronic Trading

BOSTON--Jan. 29, 2004--Macgregor (R), a global provider of buy-side trade order management systems (OMS) and FIX network services, today announced a strategic relationship with Pipeline Trading Systems, a New York-based provider of high performance trading technology. Macgregor's buy-side OMS clients will enjoy improved trading efficiencies and performance through a seamless blotter-to-blotter interface to Pipeline's innovative new alternative trading system (ATS).

The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large blocks of NYSE-listed companies, NASDAQ stocks, and Exchange Traded Funds (ETFs). Pipeline's book operates without revealing bids or offers, resulting in complete anonymity and without leaking information to the marketplace that can result in front-running, penny jumping, or backing away.

"As part of our continuing effort to improve performance on every trade, we constantly search for new or innovative trading strategies to minimize market impact," said Robert Rasile, Managing Director of the Charlotte Equity Trading desk for Evergreen Investment Management Company. "Having Pipeline integrated with our Macgregor OMS provides our traders with a system to quickly and efficiently access blocks of stock while maintaining anonymity."

"We are always looking for ways to bring additional value to our clients. Adding new leading-edge companies like Pipeline to the stable of liquidity sources available over the Macgregor Financial Network (MFN) adds to our clients' choices for achieving best execution," said Stephen Alepa, EVP Macgregor Financial Network. "We aim to provide a solution that enables traders to achieve their investment strategies, whatever their trade size or execution destination. Customers seeking a way to quickly trade large blocks will appreciate the Pipeline offering."

"Macgregor is regarded in the industry as the leading OMS provider for a reason - Macgregor has proven its ability to help firms achieve best execution and improve trading performance for many years," said Pipeline President Fred Federspiel. "We are pleased to join the top financial technology companies that are part of the Macgregor Financial Network offering best-in-class solutions to leading buy-side firms."