Pipeline Completes Integration with ESP’s Global DMA and Electronic Algorithm Routing Network (EARN™)

New York, NY, March 21, 2005 — Pipeline Trading Systems announced today that they have completed integration of the Pipeline ATS with Electronic Specialist’s (ESP) Global DMA and Electronic Algorithm Routing Network (EARN™).

"Now clients across ESP’s network which include hedge funds, state pensions, mutual funds, investment managers and broker/dealers can access Pipeline through any of the 20+ integrated trading applications that we support" states Jarod Winters, Managing Director of Electronic Specialist. "We believe that the addition of Pipeline to our DMA Network will provide an extremely valuable source of block liquidity for our clients, particularly when used in conjunction with the suite of other algorithms offered through our EARN™ Strategy Portal."

The Pipeline Alternative Trading System (ATS) maintains a hidden book of large, executable limit orders with strict price time priority, and enables institutions and brokerage firms to quickly and efficiently trade blocks of NYSE - listed companies, NASDAQ stocks, and Exchange Traded Funds (ETFs) anonymously in single executions, while minimizing gaming.

ESP’s EARN™ Portal currently offers clients anonymous, centralized access to more than 50 algorithmic strategies and crossing networks from some of the leading providers on the street, including such strategies as VWAP, TWAP, Volume Participation, Inline Tactics, and Implementation Shortfall.

"By combining Pipeline’s large block market with ESP’s network of algorithms, clients can seamlessly integrate their tactics for achieving best execution electronically," said Fred Federspiel, Founder and President of Pipeline. "Traders will receive single-point access to a terrific suite of algorithmic tools, while using Pipeline to trade with large natural contras."

One of the major benefits that ESP provides is centralized clearing, settlement and delivery across all market destinations and algorithms, so clients get the added benefit of having their Pipeline trade executions aggregated along with all other DMA and algorithmic executions, and delivered as a single or allocated block trade.

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