BNY ConvergEx Group Announces Unique, Patent Pending Process for its Dark Liquidity Pool Participants

New York, NY - 16 April 2007

BNY ConvergEx Group, LLC, a leading provider of agency brokerage and investment technology solutions, today announced the addition of VortExSM, a new dark liquidity pool, to its list of liquidity management technologies. VortEx uses a patent- pending process in which ConvergEx streaming orders intersect with dynamic IOIs from a broad network of liquidity providers, including Electronic Market Makers, Alternative Trading Systems and Exchanges.

Reg NMS presents many new challenges to the equities marketplace. One of the effects of NMS is the proliferation of alternative liquidity pools. Through our innovative technology, VortEx creates a unique, aggregated pool of liquidity that minimizes information leakage, market impact and latency by interacting with only those liquidity providers that are ready to trade.

VortEx is one of several new, innovative strategies in ConvergEx’s comprehensive liquidity management offering. These strategies provide institutional investors with the ability to gain access to liquidity while minimizing market impact and bringing cost efficiency to transactions.

The combination of ConvergEx expertise, advanced technologies and commitment to service effectively deliver the performance-based capabilities clients require to access global points of liquidity and help them to achieve the best possible overall results for their trades.

Joseph M. Velli, Chairman and CEO, BNY ConvergEx Group, commented, “We are very excited about bringing this innovative, new technology to market participants. The VortEx patent pending process continues to position us as a major liquidity provider in the marketplace. This new offering, together with our recently launched ConvergEx Cross, gives clients another tool to seek liquidity and minimize exposure.”

Carey S. Pack, President, BNY ConvergEx Execution Solutions, added, “Our goal is to roll out the best solutions to meet clients’ liquidity management requirements in the evolving equities market. VortEx is a prime example of an innovative, advanced technology that serves as a meeting place for our institutional clients and a network of liquidity providers, many of whom are our wholesale clients.”

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