Hotspot FXi Adds Bear Stearns as a Prime Broker and Market Maker on its Foreign Exchange ECN

Watchung, New Jersey, April 7, 2003-Hotspot FXi today announced that it has
added Bear Stearns as a Prime Broker and Market Maker on the company's foreign exchange (FX) electronic communications network (ECN).

Hotspot FXi provides the most transparent market for the institutional FX trading community. It is the first marketplace that allows institutional
investors at major hedge funds, Commodity Trading Advisors, asset managers,
other financial institutions and corporations to trade currencies directly
with one another or with banks on an instantaneous and anonymous matching
platform. The Hotspot FXi ECN enables clients to see the depth of market for
all of the major currencies and offers a powerful application programming
interface that provides real-time programmatic execution capabilities and

Ross Taylor, senior managing director at Bear Stearns, said, "As a leading
investment bank and trading firm, our clients depend on us to deliver
cutting-edge tools that offer excellence in execution with unparalleled access to the market. Our partnership with Hotspot FXi builds on that commitment and serves as another way we can offer our clients a transparent marketplace for foreign exchange, built on a secure and reliable technological platform."

"We are very pleased to have Bear Stearns join the Hotspot FXi platform as a
prime broker and market maker," said John H. Eley, President and CEO of Hotspot FXi. "For years, institutional FX traders have been requesting the powerful combination of anonymous trading on an ECN coupled with the ability to offer clearing and delivery services that have traditionally been done by banks. This partnership is a testament to our commitment to offering the most efficient trading tools and dramatically lowering the total cost of execution and market impact of trades."

"As an ECN, Hotspot FXi enables institutional investors to execute trading
strategies in real-time and by using a truly programmatic trading environment," Mr. Eley added. "This is a dramatic departure from the way foreign exchange was traded in the past."

Users can access the Hotspot FXi ECN by establishing a prime brokerage
relationship with a Hotspot FXi participant. Bear Stearns joins four leading
financial institutions currently providing Prime Brokerage services to
customers using the platform. The platform has a highly visible, simple
color-coded display that enhances the trading process for clients, and helps
them to quickly process information and respond to changes in the market.

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