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Orc Software Connects to Additional U.S. Equity Options Exchanges

-Offers Direct Market Connections to Five Top Sources of Liquidity in U.S.
Equity Options Market

-Provides Access to Over 100 Cash and Derivatives Markets Around the World

New York, NY – October 25, 2005 – Orc Software, a leading supplier of technology for advanced market making, professional trading and brokerage,
now offers direct market connections to the American Stock Exchange (AMEX) and the Philadelphia Stock Exchange (PHLX). With these connections, Orc Software provides direct access to over 100 cash and derivatives markets around the world.

Prior to this release, Orc Software already offered direct connections to the International Stock Exchange, Chicago Board Options Exchange and Boston Options Exchange.

"The U.S. market is the largest consolidated source of liquidity for trading
equity options in the world," said Peter Sibirzeff, managing director of Orc
Software in New York. "Adding access to the American and Philadelphia stock
exchanges reinforces our commitment of providing one of the most sophisticated and comprehensive trading environments in the market today."

Orc Software’s flagship product, Orc Trader, offers advanced functionality for trading listed cash and derivatives securities, as well as OTC instruments including equities, fixed income, currencies and commodities. Prior to establishing exchange-membership connections, Orc Software had offered connections to the AMEX and PHLX via Orc ExNet, which provides access to all main liquidity pools around the world, without the need for exchange memberships.