Merrill Lynch's ML X-ACTSM Algorithmic Trading Services Now Accessible Via Portware

NEW YORK – September 27, 2004 – Merrill Lynch today announced that ML X-ACT^SM, the firm’s leading algorithmic and computer-based equity trading service, is now available to institutional equity investors via the Portware Professional trade management system.

Built on years of quantitative research into market microstructure and stock-specific trading patterns, ML X-ACT’s algorithmic trading engines enable institutional clients to customize trading constraints to achieve specific execution outcomes. Dedicated research and trading professionals continuously re-calibrate ML X-ACT strategies based on stored trading decisions, emerging market structures, benchmark relative performance and execution costs.

Now, through Portware Professional, investors can access this powerful suite of algorithmic trading products to tailor trades to their specific benchmark, risk and cost objectives.

“Our clients are looking to access ML X-ACT in a seamless, integrated fashion. Portware Professional provides exciting technology to the marketplace on a platform that gives us an opportunity to partner quickly and efficiently in this space, as well reach an important client segment,” said Mike Stewart, managing director and head of global portfolio and automated trading at Merrill Lynch.

“We are thrilled to make ML X-ACT’s algorithms and strategies available to users of Portware Professional,” said Eric Goldberg, CEO of Portware LLC. “With the addition of ML X-ACT, traders can now access an even more comprehensive suite of algorithms from the world’s premier execution destinations from a single, fully customizable, broker-neutral interface.”

ML X-ACT^SM is part of Merrill Lynch’s suite of premier execution services, including capital commitment and block trading, portfolio trading and analytics and direct market access.

Merrill Lynch (NYSE: MER) is one of the world’s leading financial management and advisory companies with offices in 35 countries and total client assets of approximately $1.5 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets, with assets under management of $488 billion. For more information on Merrill Lynch, please visit www.ml.com.

Portware Professional

FIX-related products and services

Portware Professional

Portware FPL
120 Broadway
New York, NY 10271

Portware Professional is a fully customizable, FIX-compliant, real-time trade management system designed to act as a central platform for the creation and execution of algorithmic trading strategies. Portware is the only platform in the algorithmic, high-frequency trading space not affiliated with a Broker/Dealer, affording our clients true broker neutrality and fixed cost, per-user, subscription pricing.


Portware’s extreme customization features allow users, from a single interface, to easily develop complex, algorithmic trading strategies and quickly put them to work in the market. Portware Professional is also delivered with a suite of pre-packaged algorithms (VWAP, Pairs, etc.), which can be used as is or customized to fit the user’s needs. Users can also access any proprietary Broker/Dealer algorithms through the interface. With Portware, traders always have the option to intervene manually at any time, providing them with complete control over their trading strategies and environment.


Through automation, Portware empowers its clients to bring greater efficiencies to their trading operations by reducing manual errors, achieving best execution and realizing straight through processing, thus adding value to bottom line profits.


For more information, contact us at 212.425.5233 or sales@portware.com.

Platform

All platforms supported (Linux, Windows, Solaris, etc.)

Asset Class

Equities, Fixed Income, FX, Listed Derivatives, OTC Derivatives

Coverage

Asia-Pacific, Australia, Europe, Japan, North America-Canada, North America-USA

Domain

Front Office, Order Routing, Proprietary Trading

FIX Version

4.0, 4.1, 4.2, 4.3, 4.4

Functionality

Allocations and Settlement Instructions, Indications of Interest, Orders and Execution Reports

Language

Java

Licensing

Application Service Provider

Services

Best Execution Tools

Web site

http://www.portware.com

Contact

Jed Hamilton 212.425.5234 x108

Last modified: 22 October 2004 at 11:56 AM ET

PortWare

FIX Vendors

Portware FPL

120 Broadway, New York, NY 10271

Portware is committed to advancing trade automation to the next level. Moving beyond simple order routing and electronic execution, Portware develops and markets the industry's leading portfolio-based trade management system, Portware Professional.


Portware Professional is currently used by more than 100 firms worldwide, including some of the largest and most respected in the industry. On the sell-side, Portware is used by program traders, principal and agency traders, equity derivatives and proprietary sell side desks. On the buy side, Portware can be found at numerous quantitative hedge funds and alternative asset managers.


With Portware, users can easily create and conduct advanced automated trading strategies, including VWAP, Pairs and Arbitrage for basket and index trading of global equities, futures, options and FX. On-the-fly customization lets Portware users create, implement and change trading strategies as needed. Portware's inherent flexibility allows users to maintain full control over their trading operations while enhancing trade efficiency and decreasing market impact.


For more information, visit www.portware.com or contact us at 212.425.5233 or sales@portware.com.

Web site: http://www.portware.com

Applications

Portware Professional

Group admins

Scott DePetris, Jed Hamilton