BNY Brokerage Integrates Its DEx(SM) Trading Platform with Pipeline Trading Systems; First company to integrate Pipeline's Block Board into its electronic trading platform

DEx users are able to access Pipeline directly throughSonicPort(SM), DEx's front-end execution management system thatprovides direct market access to all market centers for both listedand over-the-counter equities, smart routing and advanced order types,and full depth of electronic communications network (ECN) bookdisplay. Pipeline has also been incorporated into BNY Brokerage'sbroker-assisted platform as an additional source of liquidity.

The integration complements a series of enhancements to SonicPortthat increase the resources available through a single interface,including automated access to BNY Brokerage's trading algorithms;direct order routing to BNY Brokerage's NYSE floor brokers; directaccess to the BNY Brokerage block trading desk; and seamlessintegrations to all major buyside order management systems.Additionally, SonicPort has been upgraded to enhance marketvisibility, providing users with access to NYSE OpenBook as well asmarket imbalance information.

Carey S. Pack, president of BNY Brokerage, said, "Since ouracquisition of the Sonic system, we have developed the DEx platform tooffer the most comprehensive suite of agency-based trading toolsavailable in the industry. With the Pipeline integration, we nowprovide not only the best in both DMA and broker-assisted tradingresources, but also access to one of the fastest-growing and mostinnovative trading venues.

"We're not merely routing to Pipeline via FIX, but have tightlyintegrated Pipeline's Block Board into SonicPort," added Pack. "Thefact that we are the only company to have an integration like thisdemonstrates our commitment to provide our clients with cutting-edgetechnologies and trading tools to meet the fast-changing demands ofthe marketplace."

Fred Federspiel, president and founder of Pipeline TradingSystems, said, "We're delighted to provide BNY Brokerage'sinstitutional clients with access to Pipeline through DEx. As one ofthe industry's leading agency brokerages, BNY Brokerage is a naturalconduit to our leakproof marketplace, which is built on clients' needto trade large equity blocks anonymously with minimum market impact."

BNY Brokerage is a leading institutional agency brokerage firmoffering a broad range of execution and commission management servicesto money managers, institutional broker-dealers, and plan sponsors.Additional information on BNY Brokerage is available atwww.bnybrokerage.com.

BNY Securities Group is the global agency brokerage, clearing andfinancial services outsourcing sector of The Bank of New York Company,Inc. It provides institutions, broker-dealers and corporations with abroadly diversified suite of services and "The Power of Choice"through multiple business models. Through its broad range ofbusinesses, BNY Securities Group offers creative solutions in tradeexecution, commission management, independent research, securitiesclearing and financial services outsourcing. BNY Securities Group isthe largest provider of commission management services, has 21 NewYork Stock Exchange seats, and offers global execution and clearingservices in over 80 markets with offices in the U.S., Europe, Asia,and Australia. BNY Securities Group is an organization consisting ofseveral broker-dealers and other companies. BNY Brokerage Inc. is amember of NYSE/NASD/SIPC.

The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: securities servicing, treasury management,investment management, and individual & regional banking services. TheCompany's extensive global client base includes a broad range ofleading financial institutions, corporations, government entities,endowments and foundations. Its principal subsidiary, The Bank of NewYork, founded in 1784, is the oldest bank in the United States and hasconsistently played a prominent role in the evolution of financialmarkets worldwide. Additional information is available atwww.bankofny.com.

DEx, SonicPort, and BNY Brokerage are service marks of BNYBrokerage Inc.

Pipeline Trading Systems L.L.C., member NASD/SIPC