Pipeline Volume Sets Another Record

Over 17 Million Shares Executed

NEW YORK, NY -- (MARKET WIRE) -- 06/28/2005 -- Pipeline Trading Systems L.L.C., a registered broker/dealer and the only continuous electronic block trading marketplace open to all participants, announced that it executed a record 17,320,000 shares on June 28, 2005.

"In Pipeline's secure, pay-to-play trading environment, every order benefits from access to hidden liquidity across all sources of large blocks, not a restricted subset dictated by other models," said Fred Federspiel, President and Founder. "Free from the information leakage that accompanies indications or small trades, Pipeline's open, leakproof approach is proving its merits -- our most recent data show an average trade size of 53,128 shares, with 93.2% trading at the midpoint of the best national market quotes."

Pipeline offers a unique electronic platform where block traders can enter priced orders for large blocks of stock without the fear of the predatory practices that can occur in traditional trading venues. While Pipeline reduces such predation to the point of extinction, it expands a trader's control in an auto-ex environment.

"We set out to re-invent a Block Trading marketplace so practitioners can freely exercise all their skills to achieve great executions for their clients," said Federspiel. "The response from across the institutional investment community is very encouraging, and reinforces our commitment to this mission."

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