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FPL Announces New Pricing Structure and Enhances Member Value Proposition

October 6, 2004 - The Global Steering Committee (GSC) of FIX Protocol Ltd. (FPL) is pleased to announce several key changes to FPL’s membership fee structure as part of a strategic effort to enhance the value proposition for FPL membership. These changes include eliminating "per committee" membership fees, targeting buyside firms, and a reduced pricing policy with clear qualifications for small firms with limited financial resources who contribute with volunteer resources. Overall, this structure is envisaged to facilitate greater participation from member firms geographically and across products, improve buyside participation, and establish a fair and equitable way to include small firms.

"We presented the proposed pricing structure and member benefits to the membership for feedback and the general comments were positive and quite consistent with the proposed plan. We have completed several important steps recently including the launch of the new FIX website and this is just another step in our efforts to continue enhancing the benefits of FPL membership," stated Scott Atwell of American Century Investments and Co-Chair of the FPL Global Steering Committee.

The GSC’s strategic objectives concerning the non-profit organisation’s membership and funding include:

· Increasing the number of firms who join FPL

· Recognizing and including startup firms and independent individuals who can contribute volunteer resources more easily than cash

· Significantly enhancing the FPL membership value proposition

· Identifying and implementing opportunities to make the operation of FPL more cost efficient

· Establishing alternative sources of funding thereby reducing FPL’s dependency on membership dues as the sole source of funding.

Since its membership expansion in early 2002 which included opening the organization to vendors, exchanges, ECNs/ATSs, and industry associations and creating two additional product committees, FPL has more than tripled its membership with over 120 member firms at present. "Member firms continue to participate, influence, and promote the development and use of a protocol they use to conduct their business on a daily basis. FPL looks to continue to contribute to the success and ongoing viability of the FIX Protocol and initiatives such as this will make it possible," stated Alan Line of F&C Colonial Management and Co-Chair of the FPL Global Steering Committee.

Firms interested in joining FPL should visit the FIX website and contact the FPL Program Office.