SLK AND EZE CASTLE SOFTWARE OFFER AN INTEGRATED TRADING SOLUTION

A SINGLE PLATFORM FOR ORDER MANAGEMENT,

DIRECT ACCESS, AND MULTIBROKER ROUTING


NEW YORK, NY - May 28, 2003 - Spear, Leeds & Kellogg, L.P. (SLK), a leading provider of electronic execution services to institutions, hedge funds, and broker-dealers, and Eze Castleâ Software (ECS), the premier order management solution with over 170 hedge fund and institutional customers, announced today a unique real-time trading solution bringing together order management, routing, and execution.

For the first time, traders will have an order management system (OMS) that offers full integration with a direct market access and market data provider.

"Our partnership with ECS underscores our commitment to providing our clients with unique, cutting-edge technology tools that enhance their trading experience," said Duncan Niederauer Co-CEO of SLK. "The integration of our REDIPlusâ with ECS's Traders Console(tm) will further our leading position as a provider of destination neutral direct access to the markets. Traders will now have a single solution for order management, direct access, and multibroker routing to the destination selected by the customer in a simple and efficient manner."

This integration goes beyond simply linking the two products via FIX and embeds SLK's REDIPlus product in Traders Console 4.0 (TC), ECS's latest release, creating a more robust and seamless OMS. Together, these two systems provide all of the order management capabilities of Traders Console with the smart order routing, direct market access, and real-time market data of REDIPlus.

"We rolled out the integrated product to a number of clients in Q1 2003 with the goal of closing the existing gaps between order management, real-time market data, and execution," said Sean McLaughlin, founder and CEO of Eze Castle Software. "Our clients no longer have to leave the OMS environment to access market data or execute orders; it is now available through the Traders Console front-end."

More than 8,500 buy, sell, and active-retail traders use REDIPlus, SLK's flagship product developed in 1996. This customizable and intuitive trading application is a leading solution for execution of stocks, options, and futures in the US and European markets.

Released in January 2003, Traders Console 4.0 (TC) is an n-tier, real-time message-based OMS. TC interfaces with over 60 back-office systems, including portfolio accounting systems, virtual matching utilities, prime brokers/custodians, and other third-party applications. Traders Console's suite of products also offers clients FIX connectivity, real-time market data integration, portfolio modeling, "what if" analysis, trade compliance, real-time profit/loss, and real-time cash calculations.

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