NEW YORK, NY -- (MARKET WIRE) -- 01/09/06 -- Pipeline Trading
Systems LLC, the only continuous, auto-execution electronic block
marketplace, announced today that the Average Daily Volume executed
through the firm's leakproof electronic venue during the fourth
quarter '05 climbed to 13.1 million shares -- 58% higher than the
third quarter and over five times the ADV of the fourth quarter a
year ago. During its fifth quarter of operation, Pipeline continued
to establish itself as a dominant source for mega-block trades inside
the spread, with unprecedented growth in daily transaction volume,
participating firms and in executable block orders. Growing at a pace
of over 50% per quarter, Pipeline's daily volumes have topped
twenty-three million shares with average trade sizes well over forty
thousand shares.

"It's pretty obvious from Pipeline's extraordinary growth that our
singularly open, yet leakproof electronic block trading model is
proving its value to all firms on both the buy and sell side," said
Alfred Berkeley, Chairman and CEO of Pipeline. "We know of no other
block trading ATS that has executed two billion shares in less than
five quarters of operation."

Launched in September of 2004, Pipeline offers a unique electronic
platform where block traders can enter priced orders for large blocks
of stock without the fear of the predatory practices that can occur
in traditional trading venues.

"As our user community has grown, Pipeline's ability to deliver
hidden block liquidity has increased dramatically, while
simultaneously preventing the information leakage that accompanies
small trades," said Fred Federspiel, President. "More and more block
traders are capturing the rewards of the leakproof Pipeline model:
over ninety percent of shares are executed at or better than the best
prices nationwide and the average trade size is over 100 times bigger
than the leaky, repetitive small fills needed to get the job done
elsewhere."

"We set out to re-invent the block market so all practitioners can
achieve great executions for their clients," said Federspiel. "The
terrific growth in usage reinforces our commitment to this mission."

About Pipeline Trading Systems

New York 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.