FXall Press Release

euromoney results confirm fxall as number one for volumes

FXall sweeps the board in biggest Euromoney poll to date

New York, 5 May 2004 - FXall, the global portal for electronic foreign exchange trading, has been ranked the number one multibank portal in the Euromoney forex poll for the third year in a row. For the first time the poll measured portals by volumes as well as by straight-through processing capabilities. FXall won both categories with a significant margin over the nearest competitor.

The Euromoney poll is an annual survey that measures the performance of leading foreign exchange banks and service providers. This year, there were 3,501 responses from corporate treasurers, fund managers and senior banking executives, a massive increase on the 1,900 received in 2003.

In the new volumes category, FXall came first with a 47.2% share of multibank trading volumes. The nearest competitor received 35.6%. The result for the STP category was even more dramatic. FXall was named best for straight-through processing by 771 respondents, more than three times the number of votes awarded to the second-placed finisher.

The results follow Greenwich Associates announcement that the value of online currency trading has soared to $8 trillion. In a survey published last month, Greenwich announced that online trading had doubled over the last year, with FXall as the leader in the field.

Phil Weisberg, CEO of FXall, said: "These results reaffirm FXall's position as the leader in online foreign exchange trading. We are delighted that our customers have once again named us the number one multibank foreign exchange portal, and remain dedicated to continually improving our offering to them."

About FXall

• FXall is the leading portal for online foreign exchange trading, offering customers foreign currency trade execution, access to research and straight-through processing. By combining streamlined workflow, competitive FX prices and a complete audit trail, FXall delivers improved control procedures and cost savings at every stage of the deal lifecycle.
• As of March 2004 FXall has more than 700 customers signed for trading. There are more than 50 integrated banks providing services over FXall - the most of any multibank portal - and monthly volume reached $413 bn, representing an average of $18 bn per day.
• FXall provides customers with the ability to meet best practice guidelines proscribed by regulatory bodies - for more information visit: http://www.fxall.com/about/BestPracticeFX.pdf
• FXall is an independent company with offices in New York, London, Tokyo and Singapore.

The FXall product range:

FXall Trading
FXall Trading is fully integrated to more than 50 banks, delivering fast, tight and unbiased market prices that track the market in real time. Users benefit from fully automated pricing and execution on more than 190 currency pairs. FXall Trading can be integrated directly into treasury and portfolio management systems.

Settlement Center
Settlement Center speeds up processing and reduces administration by automating the complete transaction lifecycle, from dealing to confirmation and settlement preparation. Settlement Center now includes a prime brokerage solution that automates give-up messaging.

Market Insight
Market Insight combines prices from FXall's 50 banks to produce the highest quality real-time quotes in the market, and also provides easy access to in-depth research reports from banks, news, market data, and an interactive trading and economic calendar.

QuickConnect
QuickConnect is FXall's industry-standard STP solution. By translating between the multitude of public and proprietary message formats, it seamlessly automates workflow between FXall and clients' treasury and portfolio management systems.

FXall's services are not intended for, and are not available to, private customers, and are not intended for distribution into any jurisdiction where such distribution is restricted by law or regulation. FXall's services do not constitute investment advice or an advertisement, offer, or solicitation of an offer, for the purchase or sale of any investment, securities or other property, or a representation that any investment, security or other property is suitable for any person.

FXall may act through FX Alliance, LLC (a Delaware, USA limited liability company), FX Alliance Limited (regulated by the Financial Services Authority), FX Alliance International, LLC (ARBN 097 253 640, a Delaware, USA company, members' liability limited).