Howard J. Schwartz Appointed Chairman and CEO of Tradeware Systems

The Wall Street business leader, who built Lynch, Jones & Ryan into an institutional discount brokerage powerhouse, brings vision, experience and relationships to the world’s largest broker-neutral liquidity network.

New York, NY - June 28, 2005 –- Tradeware Systems Corp., a leading provider of Financial Information eXchange (FIX)-based electronic order management systems and direct market access trading connectivity solutions, today announced that Wall Street business leader Howard J. Schwartz has been appointed chairman and chief executive officer.

Mr. Schwartz brings to Tradeware nearly 40 years of experience in the financial services industry and a record of major business accomplishments. From 1991 to 2002, for example, he led Lynch, Jones & Ryan (LJR) to dominance as the world’s leading institutional discount brokerage. As chairman, president and CEO, he grew LJR’s revenue from $25 million to $150 million, an average compound annual growth rate of 23 percent, and increased profits at a similar pace. Mr. Schwartz led the 1991 buyout of LJR (now part of Instinet Group) from Citicorp.

"Howard has an outstanding track record of running successful companies," said Kerry Smithers, Tradeware’s co-founder and chief technology officer. "He understands how to maximize performance and profitability by effectively blending technology, sales and customer service to produce exceptional results. His experience in the global institutional markets will help Tradeware further its position as the leader in delivering broker-neutral trade order management and routing to the buy-side and sell-side."

At LJR, Mr. Schwartz created the concept of commission recapture, a process in which pension plans receive a rebate on equity or fixed income transactions conducted through a specified broker. This rebate allows pension plans and other similar funds to unbundle research from execution and to pay only for execution.

Following LJR’s 2000 acquisition by Instinet, in addition to his role as chairman and CEO of LJR, he was an Executive Vice President at the Instinet Group, where he managed the company’s independent research and commission recapture business. During this period he also was the Chairman and CEO of Harborview, LLC, a member of the New York Stock Exchange providing floor based executions for LJR and Instinet.

Mr. Schwartz is a former director of the Securities Industry Association (SIA) and trustee of the Securities Industry Institute at Wharton and continues to actively participate on a number of important SIA committees, including the Institutional Brokerage Committee, the Government Relations Committee, Membership Committee and as a Trustee of the SIA’s New York Area Economic Education Foundation.

"Technology is key to the strategic plans of every brokerage firm, and Tradeware holds a unique and important role in helping to shape the future of international electronic trading," Mr. Schwartz said. "With the recent formation of our UK subsidiary, Tradeware Global, our clients now have access to low-cost, cross-border settlement of securities trades on 40 major exchanges throughout the world. I am very excited about the opportunity to lead the Tradeware team and grow the business through a focus on client service and the introduction of world-class order management products for multiple currencies and asset classes."

Before joining Tradeware, Mr. Schwartz was president and CEO of a consultancy that advised technology-focused financial services firms on areas such as strategic planning, sales and training.

Mr. Schwartz holds a BA in Business Administration from Northeastern University, as well as his Series 7 24 and 63 licenses. He is an active supporter of New York Youth at Risk, and founder of a computer literacy program for the Manhattan Occupational Training Center. Schwartz resides in Greenwich, Connecticut and New York City with his wife, Gloria.

Cornell Group International led the executive search for Tradeware. Cornell Group International is a division of Ajilon and the global executive search arm of Ajilon’s parent company, Adecco, one of the world’s largest professional staffing companies.

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