THOMSON FINANCIAL AND PIPELINE TRADING SYSTEMS TEAM UP TO OFFER LARGE BLOCK TRADING SOLUTION TO THOMSON AUTEX CUSTOMERS

NEW YORK, NY, April 26, 2004 -- Thomson Financial, an operating unit of The Thomson Corporation (TSX: TOC, NYSE: TOC) and leading provider of information and technology solutions to the worldwide financial community, today announced an agreement with Pipeline Trading Systems, a New York-based provider of high performance trading technology. Under terms of the agreement, Pipeline's innovative alternative trading system (ATS) will be available to clients using Thomson AutEx Order Routing services. AutEx Order Routing provides the transfer of order and execution messages between trading partners and is one of a suite of services available on the AutEx network, The network facilitates, through a single connection, high-speed transfer of multiple equity trading message types within a concentrated global network, streamlining connectivity between institutions and brokers.

The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large blocks of NYSE-listed companies, NASDAQ stocks and Exchange Traded Funds (ETFs). Pipeline ATS operates without revealing bids or offers, resulting in complete anonymity, and prevents leaking information to the marketplace that results in front-running, penny jumping and backing away.

"We are pleased to offer our customers connectivity to Pipeline’s unique and effective solution for trading large blocks of equities," said Ken Wagner, chief operating officer, Global Transaction Services, Thomson Financial. "There has been a growing demand for a fast, simple and fair way to execute large blocks. Pipeline provides that solution," said Wagner.

"Connecting Pipeline ATS to the Thomson AutEx Order Routing network makes sense for Pipeline, Thomson and its clients," said Fred Federspiel, president of Pipeline Trading Systems. "Pipeline offers a unique trading solution and AutEx Order Routing offers a wide distribution platform. Traders around the world can benefit from this relationship by being able to move large blocks of shares quickly and efficiently without information leakage impacting their potential return," said Federspiel.

Thomson’s AutEx is the industry's leading online real-time network and database for order routing, indications of interest, advertised trades and allocations. The network provides connectivity to more than 300 brokers and more than 500 institutions, providing easy access to global pools of liquidity and order routing through one simple connection.

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