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Macgregor Achieves Record Revenues and Profits in 2004

XIP 7s OMN Drives Sales, Trading Volumes and Client Satisfaction to New Highs

BOSTON--March 1, 2005--Macgregor(R), a leading provider of execution process technology for the global financial community, today announced that 2004 annual revenues and profits were the highest in the firm's thirteen year history. This continues a five-year trend with revenue growing at an annual rate of 23%. The company cites market acceptance of their XIP 7s Order Management Network(TM) (OMN(TM)) as the key driver for their sales success, record trading volumes and high levels of client satisfaction.

2004 Business Highlights include:

-- 79 new clients

-- 43 new buy-side order management implementations and upgrades

-- A record six-week buy-side order management implementation

-- 6 new Macgregor Post-Trade (MPT) service bureau clients

-- 1,700 new buy-side to sell-side network connections

-- 6 new algorithmic trading interfaces built and 51 buy-side

-- First 100 million-share month in algorithmic trading

Steven Levy, President & CEO of Macgregor commented: "Our heavy investment in R&D over the past two and a half years is having a major impact on sales, trading volumes and client satisfaction. XIP's functional improvements, expanded scope and higher degrees of flexibility and customization have helped us win some very competitive deals. In fact, we have replaced competitor's products recently at both institutions and hedge funds. For existing clients, software improvements have made upgrades easier and that has helped drive our client satisfaction to new highs."

Levy continued, "For our sell-side clients and other partners, our OMN is providing a fast and efficient way for them to deliver their services to our buy-side clients' desktops. Take algorithmic trading tools for example. As of today we have ten different tools being used by eighteen different clients for a total of seventy-six now in production. Volumes through these tools alone now exceed 100 million shares per month."

Levy concluded, "We anticipate 2005 being another record year for us as we continue to win new business and add more services to our network solution. We're excited to be installing our new XIP Enterprise Compliance solution this summer as well. This is the first true enterprise class portfolio compliance solution available to the marketplace."