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Charles River and Pipeline Trading Systems Partner to Simplify Equity Block Trading

Direct Blotter-to-Block Board Integration Enhances Existing Connection Between Charles River IMS and Pipeline

Burlington, MA, London, Melbourne and Singapore – June 20, 2006 — Charles River Development (Charles River) and Pipeline Trading Systems LLC (Pipeline) today announced the availability of an expanded interface that closely links Pipeline’s alternative trading system (ATS) with the Charles River Investment Management System (Charles River IMS), increasing the efficiency and accuracy of equity block trading. The bidirectional, real-time interface will dramatically simplify traders’ workflow by having the Charles River IMS blotter automatically update Pipeline ‘watch lists,’ enabling traders to easily direct large block trades to Pipeline for execution, and automating the receipt of corresponding fills into Charles River IMS. Adjustments to price, size, or cancellations can be immediately implemented from the Pipeline front-end. While offering a new level of convenience, the integration preserves the underlying security of the Pipeline model: only firm, executable, mega-block orders interact in Pipeline. The interface, which is expected to be live in 30 days, will support backwards compatibility within existing Charles River IMS versions, making it available to all Charles River IMS users – irrespective of their current version.

Charles River is the leading provider of front- and middle-office systems to the global investment management community. Its Charles River IMS provides complete trade cycle support for all security types including tools for portfolio modeling, FIX executions and allocations, compliance monitoring, and trade settlement. The system incorporates global, real-time FIX trading via the Charles River Network, a reliable, secure, private financial network. Pipeline is a registered broker/dealer and the marketplace of choice for large block electronic trading. Through the Pipeline ATS, Pipeline enables institutions and brokerage firms to quickly and efficiently trade blocks of NYSE - listed companies, NASDAQ stocks, ADRs, and exchange traded funds (ETFs).

“This interface is another example of our execution capabilities strategy, providing clients with immediate access to liquid trading environments and critical decision-making tools such as Pipeline’s leak-proof block marketplace,” said Michael Hayes, director of connectivity and alliances. “The real-time information flow between the two systems will provide clients with a synchronized view of watch lists and completed orders directly from the Charles River IMS blotter. For example, when the Pipeline system automatically alerts traders to watch list securities, they can easily direct an order to Pipeline from Charles River IMS. The resulting execution fills are fed directly back to the blotter.”

“The integration with Charles River provides traders with a remarkably easy, yet powerful tool to incorporate Pipeline into all large-block execution strategies,” said Fred Federspiel, President and Founder of Pipeline. “The simplicity and power of one-click functionality can only lead to higher fill rates and measurably greater efficiencies.”

Pipeline reduces predatory practices to the point of extinction by systematically limiting information leakage, requiring firm executable orders for giant blocks, and arming traders with fail-safe negotiating tools. Block traders utilizing Pipeline can eliminate market impact costs via multi-destination execution strategies without competing against themselves. Additionally, the most active names on Pipeline only trade in blocks of 100,000 shares or more and ninety-nine percent of the shares trade at or better than the best displayed prices nationwide.