WAVE SECURITIES PARTNERS WITH PORTWARE TO PROVIDE AUTOMATED TRADING SOLUTIONS TO INSTITUTIONAL CLIENTS

Chicago – January 20, 2004 - Wave Securities, an institutional broker owned by Archipelago Holdings, today announced the addition of Portware, a portfolio-based trade management system, to its suite of front-end products provided to its buy-side customers. By offering Portware, Wave’s institutional traders can now easily automate, control and customize their basket, algorithmic and program trading activities while maintaining full anonymity and neutrality.

"Wave’s customers are increasingly demanding the best automated trading tools available, and for many that means Portware," said Joe Lombard, President of Wave Securities. We have three installations near completion and look forward to working with Portware to expand that base in the coming months."

"Wave’s sophisticated customer base and extensive experience with buy-side electronic trading technology provide a perfect partner for Portware," said Eric Goldberg, co-founder and CEO of Portware. "It has become increasingly apparent that the industry as a whole is expecting flexible, portfolio-based, algorithmic trading functionality, coupled with low transaction costs. Our partnership with Wave will allow customers on the buy side to access this functionality through the Portware trade management system. We’re excited for the industry to begin realizing the benefits of this partnership."

Portware, a real-time, broker-neutral trade management system, offers securities professionals increased capacity, decreased market impact, zero transaction costs and unparalleled power and control over order routing and handling. Portware specializes in basket, index and automated quantitative trading of global equities, futures, options and FX for the institutional buy-side, sell-side and hedge fund communities.

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