Pipeline Executes Over 14.8 Million Shares

NEW YORK, NY -- (MARKET WIRE) -- 05/25/2005 -- 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 14,850,000 shares on May 24, 2005, with an average trade size over 47,200 shares per trade.

"As the Pipeline community continues to grow, more block traders from a wide variety of buy and sell side firms are realizing the benefits of getting large blocks traded in a single anonymous execution," said Fred Federspiel, President of Pipeline. "Pipeline is the source for mega-blocks at the midpoint -- 94% of the shares traded Tuesday were executed at the midpoint of the National Best Bid and Offer."

Pipeline was introduced in September 2004, offering a unique electronic platform that enables block traders to 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.

"Pipeline's mission is to re-invent a Block Trading marketplace where practitioners can freely exercise all their skills to achieve great executions for their clients," said Federspiel.

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