FXall Press Release

FXALL DAILY TRADING VOLUMES BREAK THROUGH $35 BILLION

Growth fueled by rise in activity among hedge funds and other active traders

14 March 2005 - FXall, the world's leading online foreign exchange platform, today announced that daily trading volumes have for the first time exceeded $35 billion. The rise in volumes has in part been driven by a strong increase in activity by active traders like hedge funds, CTAs and investment advisors. In January, trading by these clients, who now account for almost a quarter of FXall's volumes, rose 112% versus the same period last year.

Trading volumes and adoption by active traders on FXall continue to accelerate. The platform is seeing increased uptake by clients in this segment following the launch of its latest release, Altair. Altair adds QuickFill to FXall's established offering for active traders, which includes QuickTrade, automated prime brokerage messaging and completely confidential trading across more than 190 currency pairs.

Active traders are playing an increasingly prominent role in the foreign exchange markets. They typically regard foreign exchange as a source of alpha, rather than a hedge for other investments, and place a high priority on best execution. FXall has invested heavily in services to help these participants optimize trading performance.

Philip Weisberg, CEO, FXall, commented: "FXall's record volumes reinforce our position as the number one multibank foreign exchange platform. A major driver behind this growth has been an increase in activity from hedge funds, CTAs and investment advisors. Active traders are among the most sophisticated participants in the FX markets, demanding deep liquidity, flexible trading options and comprehensive post-trade processing functionality. We are delighted that more and more of these clients are choosing FXall as the best solution for their trading requirements."

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 and cost savings at every stage of the deal lifecycle.
• 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, Boston, Tokyo and Singapore.

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).

FXall, Altair, QuickFill, QuickOMS, QuickConnect, and all associated logos, are the trademarks of FX Alliance LLC.