Average Daily Trade Size Grows to 60,000 Shares
NEW YORK, NY -- (MARKET WIRE) -- 02/05/08 -- Pipeline Trading Systems LLC today announced a slew of new large-block execution quality and liquidity records set in January. The leading auto-ex source for large block liquidity posted a new record average trade size, as users amassed 60,000 shares per trade in The Block Market(TM) during the 7-day trading period ending January 25. The monthly average daily volume for January was 36 million shares, 10
percent greater than the previous best month. The average daily shares
executed per name in January was over 338,000, an increase of 8 percent over the previous record. Additionally, the Algorithm Switching Engine(TM) continued to eliminate impact costs previously associated with slicing large orders into the sub-block markets and dark pools -- delivering savings of 80 percent of the Bloomberg pre-trade cost estimates.

Unlike competing venues, Pipeline's firm-order, mega-block-only model
prevents predators from generating post-trade information with small,
low-risk fills. Pipeline attributes the volume increase to the
growing recognition of the unparalleled level of security among
institutional block traders who are seeking natural contras to
neutralize market impact costs.

"We pride ourselves on deploying advanced technology to help block
traders maximize liquidity while deflecting predators," said Fred
Federspiel, President of Pipeline. "Using smaller, probing trades to
identify, and then take advantage of, an institutional order is a
pervasive tactic which harms portfolio values and hurts trader
performance. In today's fragmented and tumultuous markets, the
increasing block success at Pipeline indicates that more and more
traders are turning to its unique environment for a secure and
effective search for natural liquidity."

About Pipeline Trading Systems LLC
New York City-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 its network and systems availability and reliability
have 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 FINRA and SIPC. For more information,
visit www.pipelinetrading.com.

Contact:
Brian Holland
Pipeline Trading Systems LLC
212-370-8326
brian.holland@pipelinefinancial.com