Rolfe & Nolan Systems Inc. Announces North American Strategy for 2005; Global Merlin Investment to be Increased 50%

Boca Raton, FL, March 16 2005 - The U.S. arm of Rolfe & Nolan, the leading independent supplier of specialist software and services to the exchange-traded derivatives market, has announced its investment initiatives for 2005. On the heels of a record profit year, the second full year since the company completed its Management Buy Out in early 2003, Rolfe & Nolan's North American initiatives will include continued aggressive investment in critical products and the strengthening of its senior management.

"Our product strategy will be to continue to enhance current front-end and back-office solutions, and aggressively develop applications that position us for the future of processing," said Bob Sylverne, chief executive officer at Rolfe & Nolan Systems Inc. (RNSI). "To help us achieve these goals, we have recently hired several talented individuals to enhance our already experienced staff."

Bohannon Hire Stresses Commitment to Front End

To underline its commitment to the RANorder front-end solution, RNSI has acquired industry veteran Mark Bohannon as vice president of order routing technology. He is responsible for the North American business for RANorder, the front-end order management system, with a focus on EDGE, the company's Java-based trading front end. He also oversees North American marketing of Rolfe & Nolan's middle office product suite.

Jim Gary appointed Special Advisor

To further develop its global products and services, RNSI has sought the counsel of Jim Gary, former global head of futures for ABN AMRO. As Special Advisor to the RNSI board, Gary will greatly contribute to the development and positioning of the company's North American products and services such as Process by Region (PBR) and enhanced fee processing initiatives. PBR allows firms to consolidate databases from multiple regions into a single global environment that can then be operated by specific regions 24 x 7.
RNSI's Extended Fee Module currently features tiered fees by volume and sliding scale fees, and will continue to be enhanced to address this dynamic industry area.

Mike Smith appointed New North American COO

Exchange partnerships continue to be a critical initiative, as reflected in the appointment of Mike Smith as RNSI COO. Smith brings nearly 20 years'
experience at Prudential Financial as manager of IT and communications. He has also been a member of the Board of Directors of the Futures Industry Association (FIA) for the past 15 years, and served as its President 2002-2004.

"Mike Smith's extensive FIA experience will serve us well as we continue to develop strong relationships with exchanges," said Sylverne. "Mike, Mark Bohannon, and Jim Gary are great additions to our staff, and will be critical in helping us design and deliver solutions that meet the industry's ever-evolving processing needs."

Global Merlin Investment to Rise 50%

With regard to the future of the back office, the Rolfe & Nolan group will further increase its investment in Merlin, its "next generation," modular, platform-independent, standards-based, cross-asset capable processing solution. Last year's development spending on Merlin was over $2m - this is set to rise a further 50% this year. Specifically, the money will be deployed on advancing the roll-out of the Trade & Position Management
module, the central core of the new system. Merlin Commissions and Merlin
Margin are both complete. The third Merlin module, Exchange Links, is undergoing development and testing. This module captures, filters, converts and outputs exchange-provided data in a single user-specified format, such as the FIXML protocol, soon to become an industry standard for transmitting and processing trade data. Also nearing completion is Fees Direct, a Merlin-based, ASP-delivered, real-time commission and fee calculation web product targeted at the front office for use as a commission negotiation tool and at customer services, back office and accounts departments as a verification tool.

"We remain committed to the development of customer-driven, industry-standard products and will continue to employ the industry's most talented people to help grow those products," said Sylverne. "This twofold focus will allow us to continue to give our customers top quality products and services, and positions us to remain the industry's leading derivatives solution provider."

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