BNY Brokerage Offers Hosted Algorithmic Trading Solution

NEW YORK, October 25, 2005 - BNY Brokerage Inc., a subsidiary of The Bank of New York and member of BNY Securities Group, has begun offering FlexTRADER linked to DEx, a hosted program trading application that provides direct market access to major sources of liquidity, as well as a full range of
algorithmic trading options. DEx is BNY Brokerage's direct execution
platform.

This new offering brings a full array of algorithmic trading capabilities to
DEx and can be easily deployed on clients' desktops without any hardware
installation. Trading algorithms include off-the-shelf pairs, risk-arb,
long/short, VWAP, PWAP, benchmark and minimum market impact strategies.

FlexTRADER linked to DEx provides BNY Brokerage's buy-side clients with
increased speed, quantitative capabilities and integrated end-to-end
functionality, including pre-trade cost estimation, smart order routing,
real time risk management, execution algorithms, quantitative trading
strategies, real time access to full depth of book, and transaction quality
management. FlexTRADER is a broker-neutral algorithmic trading platform
developed by FlexTrade Systems Inc.

Carey S. Pack, president of BNY Brokerage, said, "FlexTRADER linked to DEx
is a key development in our relationship with FlexTrade and complements our
DEx suite of direct market access capabilities, providing our clients with
the most advanced algorithmic trading tools available without requiring a
major IT investment on their part. We are committed to enabling our
customers to take control of as much of their trading as they wish, even as
we continue to provide expert broker assistance whenever it is needed."

Vijay Kedia, president of FlexTrade Systems Inc. said, "FlexTRADER will
deliver our leading algorithmic platform to BNY Brokerage clients with the
same robust functionality and speed relied upon by hundreds of institutional
traders worldwide."

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