FXall Press Release

ALGORITHMIC TRADING AND TECHNOLOGY SHAPING THE FUTURE OF THE FOREIGN EXCHANGE MARKET

1 October 2007 - As the role of hedge funds in the foreign exchange market continues to grow, algorithmic trading and technology are shaping the future of the market. A White Paper released today by FXall, the world's leading online foreign exchange platform, examines how the technology solutions and services provided by foreign exchange Electronic Communications Networks (ECNs) are evolving to meet the needs of this growing and rapidly developing market.

The rise of hedge funds and algorithmic trading in FX is a key trend identified by the Bank for International Settlements (BIS) in the preliminary results of its latest survey announced on 25 September. The BIS reported that the FX trading volumes of financial institutions grew by 30% compared with 11% for reporting dealers since its last survey in 2004. FXall's White Paper, entitled 'Algorithmic Trading In The Global FX Market: The Need For Speed, Transparency And Fairness', looks at the implications of this trend for the future of FX trading in terms of the ever more complex technological needs and increasing discernment of market participants in selecting trading venues.

The paper highlights how the foreign exchange market is following the trend that is now well advanced in the equities market, where the use of automated, complex trading strategies has helped fuel the rise of ECNs. Hedge funds are successfully applying algorithmic strategies to FX trading to generate alpha, using many of the same methods they have applied in the equities market and other asset classes. This trend has injected more liquidity into the FX market - the world's largest financial market. The market is further evolving in 2007 as participants seek the optimum technology to implement their strategies, fuelling the growth of FX as an asset class in its own right.

Accelor, FXall's anonymous FX ECN introduced in 2007, is at the vanguard of technology designed to meet the needs of the algorithmic trader. The platform does this through the provision of an anonymous central limit order book that honors price/time priority, the principle that the order entered earliest gets executed first providing a fair market. In addition, Accelor provides a full order book echo which details every order that is placed and removed from the book, and time and sales information for completed trades. Accelor focuses on speed in placing, canceling and filling orders as well as distributing market data, while offering the security of knowing executions are within credit limits.

"Algorithmic trading is bringing some key issues in forex trading to the fore; speed, transparency and fairness," says Phil Weisberg, CEO of FXall. "As e-FX grows in importance, so does the issue of transparency for both market data and business rules. You will have to prove you are operating a fair market."

Eddie Wen, Global Head of FX eCommerce at JP Morgan comments: "In this business, timeliness of execution, transparency and speed of data is king and we focus on getting our data as quickly as possible. We also need to be sure we are trading on the same terms as others. The market should not give special treatment to one segment or type of customers. This is where Accelor really adds its value and is becoming a solid part of our trading strategy."

FXall is hosting a seminar to present the research paper findings and their importance for the wider FX market at 9:30am on Tuesday 16th October at the Penrose Financial offices: 30-34 Moorgate, London, EC2R 6DN. Please email fxall@penrose.co.uk to register.

About FXall

• FXall is the leading provider of automated trading and workflow solutions for FX and treasury, offering trade execution, workflow tools, control and compliance 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 prescribed 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, FXall Trading, Accelor, Accelorate, Settlement Center, Market Insight, QuickConnect, QuickFill, QuickOMS, QuickTrade and all associated logos are the trademarks of FX Alliance LLC.

For more information on FXall, visit www.fxall.com.

For more information on Accelor, visit www.accelortrading.com.