Pipeline Volume Sets Record

Agency Destination Trades Over 21 Million Shares

Pipeline Trading Systems LLC, a registered broker/dealer and the marketplace of choice for large block electronic trading announced that it executed a record 21,560,000 shares on September 30, 2005.

"Traders are realizing the tremendous advantage Pipeline delivers over electronic systems that contribute to price formation pre-trade," said Fred Federspiel, President and Founder of Pipeline. "With Pipeline, no one knows whether you're buying or selling pre-trade, so you don't have to impact the market to execute a large block. Free from the information leakage that accompanies indications or small trades, Pipeline's open, leakproof approach is consistently delivering mega-block transactions at current market prices -- our most recent data show an average trade size of 43,821 shares, with 94% trading at the midpoint of the best national market quotes."

Pipeline offers a unique electronic platform where block traders can enter firm 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. In a little over one year, 290 buy and sell side firms have embraced the Pipeline marketplace, while new clients are being added to the community on a daily basis.

"We set out to re-invent a Block Trading marketplace where traders are empowered to achieve great executions for their clients and significantly avoid what we think are unnecessary market impact costs," said Federspiel. "The response from across the institutional investment community is very encouraging, and reinforces our commitment to this mission."

About Pipeline Trading Systems

New York City-based Pipeline Trading Systems LLC is a registered broker/dealer and operator of Pipeline, an Alternative Trading System (ATS) that enables institutions and brokerage firms to quickly and efficiently trade large blocks of NYSE, AMEX, and Nasdaq listed issues, ADRs and Exchange Traded Funds (ETFs). To date, Pipeline's fill rates and the percentage of trades executing within the National Best Bid and Offer have both been strong. While Pipeline expects those trends to continue, we do not guarantee similar performance in the future. Although there has been no indication to date, high volumes, congested system access and price volatility may impede trading activities. Pipeline Trading Systems LLC is a member of the NASD and SIPC. For more information, visit www.pipelinetrading.com.

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Distributed by Market Wire