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FPL and TowerGroup Announce the Results of the 2005 FIX Global Survey

December 8, 2005 – FIX Protocol Ltd. (FPL) and TowerGroup are pleased to release the results of the 2005 Global Survey of the Financial Information eXchange (FIX) Protocol user and provider community. The Survey has been considered an enormous success, drawing from nearly 600 firms worldwide, and provides a comprehensive perspective on the adoption and utilization of the FIX Protocol across the global capital markets industry.

The objective of the survey was to understand the current and future adoption of FIX technology and processes across four primary segments of the global market. The survey addresses the highest priority issues facing capital markets firms globally:

· Current and future leverage of FIX across all products, including Equities, Fixed Income, Foreign Exchange and Derivatives

· Views on Market Structures and Electronic Trading

· Data Management, Standards, and Processing Efficiencies

· FIX Capabilities of Market Participants and Vendors

The survey structure was segmented according to the type of firm responding, the size of the firms business and its geographic region in order to ensure the statistical integrity and significance of the results at a granular level, and to provide meaningful insights to all members of the industry worldwide.

Overall there was a balanced distribution of respondents across the globe and the results indicated that in the next 24 months, firms throughout the world plan to aggressively expand their usage of FIX. Over the next two years, both buy-side and sell-side firms expect to focus substantial efforts on further expanding FIX across non-equity products including fixed income, derivatives, and foreign exchange trading. In addition, over three quarters of the exchanges surveyed support a FIX interface and the majority handle over 25% of their total trading volume via FIX.

While buy-side firms will be focusing on Direct Market Access (DMA) via FIX, sell-side firms plan to expand their usage beyond DMA into algorithmic and program trading via FIX. Additionally, over 80% of buyside firms and over 95% of sell-side firms currently or plan to support FIX allocations.

"FPL is pleased with the results of the survey and participation was much greater than expected. The respondent pool represented a diverse representation of many facets of the industry with a great balance of global geographic coverage," commented Brian Nathan, Director of Advanced Trading Solutions, Macgregor and the FPL member who was responsible for managing the process for producing this survey. "The responses clearly demonstrate that FIX usage will continue to grow rapidly across asset classes, regions, and trading methods. This survey will serve as an initial benchmark for future surveys by providing a panoramic snapshot of global FIX usage."