Strong Entry to Buyside Market - 40 Institutions Signed Since Launch of Offering in Third Quarter 2002

STAMFORD, CT April 29, 2003: NYFIX, Inc. (NASDAQ: NYFX), a leader in technology solutions for the financial marketplace, today announced it has signed 40 agreements with buyside institutions for these firms to connect to the Company's NYFIX Network since it began a buyside connectivity initiative last August. These first agreements, of which several are with some of the largest US institutions, are for basic services which include agreements to connect to an average of 15 brokerage firms representing more than a total of 600 cross connections - a number that the Company expects to approximately double in the next year. The Company has an approximately 90 day delivery time from agreement to installation of network circuits. The cross connections are in place relatively quickly thereafter.

The Company said that in third quarter last year, following its acquisition of Javelin Technologies, it had started a fundamental strategic initiative to provide products and services to both the domestic and international buyside institutional community. The initial effort centered on domestic equities routing and more recently, international routing and derivatives routing services and agreements have been added to the initiative.

The Company has already distinguished itself as a leader in providing electronic order-routing technology and robust central industry routing infrastructure. As the Company seeks to grow both revenues and earnings, the expansion into possibly the largest segment in the financial industry is a timely and logical step.

"The level of automated functions in the NYFIX Network and its extensive reach to the market has had an instant appeal. We are in the early stages and our scoring rate per prospective account is very high. There are many prospects in the sector and, if our sign up rate continues, this could prove to be a most important move in the direction of meeting the Company's growth goals," said Peter Kilbinger Hansen, Chief Executive Officer of NYFIX Inc.

The first and most critical step in penetrating the buyside marketplace is establishing electronic connectivity and integrating with firms' existing operations. Once NYFIX has established connectivity, the doors are opened for the Company to provide an increasing number of products and services through this connection. "While the revenue from the 40 clients signed for basic network service so far only totals $3 - 6 million per year, it is very encouraging that the infrastructure is in place to subsequently deliver our suite of value added products and services which we believe represents the true buyside market opportunity," added Mr. Hansen.

In addition to offering direct electronic access to more than 350 brokerage firms and independent floor brokers on the New York and Regional Stock Exchanges, the NYFIX Network provides seamless connectivity to a variety of trading platforms, back office and settlement systems as well as broker sponsored access to the NYFIX Millennium Alternative Trading System and other liquidity destinations. As the Company expands its infrastructure to an increasing number of buyside firms, the value add of the NYFIX Network is increasingly evident. The Company believes it has one of the largest FIX development and production engineering teams in the financial services industry. NYFIX seeks to leverage its intellectual assets to simplify the FIX certification process, and more importantly, to provide ongoing FIX application and production trade support for its customers.

"When we were looking for a system that could easily integrate with our existing technology and provide secure and reliable infrastructure for our orders, NYFIX was a natural fit. NYFIX's ability to provide seamless connectivity to an extensive list of broker/dealers and support our mission-critical trading needs without calling for additional in-house IT staff was critical in our decision to go with NYFIX," said Chris He, Head of Technology for Springline Capital, L.L.C. a Connecticut-based money manager specializing in statistical arbitrage. Springline currently uses the Javelin's Instant Integrator product hosted in the NYFIX data center infrastructure to send order flow to their brokers for execution.

NYFIX, Inc. Contact:
Jennifer Plaia
Ph: 212.809.3542

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