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TELEKURS AND N-TIER SECURITIES PARTNER TO PROVIDE CORPORATE ACTIONS DATA SOLUTION

STAMFORD, Conn. - Oct. 27, 2004 - Following successful testing and live deployment at a New York-based broker-dealer and custodian, Telekurs (USA) Inc. and N-Tier Securities are pleased to announce a strategic alliance to provide customizable corporate actions data solutions.

N-Tier's custom loader was built to integrate Telekurs' TB II, a daily feed of master data and corporate actions covering more than one million global instruments. TB II is Telekurs widely used flat-file service that provides an events-focused subset of data provided in the company's Valordata Feed (VDF(TM)).

N-Tier designs and delivers customized corporate action and STP securities solutions to a variety of financial organizations including broker-dealers, custodians, depository banks and investment operating arms of insurance companies. In addition to the TB II loader, N-Tier is currently developing a customized loader supporting VDF, which is Telekurs flagship reference data and corporate actions service. Telekurs VDF delivers this information, along with valuation prices, in a uniquely structured, fully encoded form that was designed for full automaton of corporate actions and reference data processing.

Barry Raskin, president of Telekurs (USA), said: "N-Tier's customer base stands to benefit greatly from this partnership with the ability to trial our international data and then extend globally. Sourcing both international and domestic information from the same vendor adds tremendous value to the offering."

N-Tier's loader handles Telekurs' complete global data service. The solution gives joint customers the ability to automate corporate actions processing on a global basis for both in-house departments and white-label services to other institutions.

Eamon Moore, CEO, N-Tier Securities said: "N-Tier has enjoyed a long working relationship with Telekurs and considers Telekurs to be the Gold Standard, especially in regards to international announcement provisioning. It has been our experience that Telekurs provides the most accurate and most clearly defined announcement data in the industry."