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BondVision to Adopt FIX Standards

Milan, June 16, 2003 – BondVision today announced an agreement with IT Software and Javelin Technologies to develop and implement a FIX engine for the BondVision market. By embracing FIX Standards, a communication standard developed for real-time exchange of securities transaction information, BondVision will allow for true Straight Through Processing.

FIX Standards will be achieved through the use of a Javelin Technology Appia Engine, which will connect to the central Engine via a soft adapter provided by IT Software. Javelin is a recognized market leader in FIX Engines, while IT Software is the European Leader in the Integration of these Engines.

“The adoption of a market standard protocol of communications for Institutional Clients using BondVision represents a natural choice for us,” said Lorenzo Pelizzola, Market Director of BondVision. “The implementation of the FIX engine represents a key element in the straight-through-processing strategy we want to deliver to our client base. Teaming up with two leaders in the FIX field gives us the necessary confidence that the solution will meet Client requirements.”

"As the world's leading supplier of FIX technologies, we are committed to working with the most innovative and forward-thinking companies in the industry," said Paul Kelly, European Director for Javelin Technologies. "By teaming up with BondVision and IT Software, we feel we have successfully completed some very important initiatives to help move the protocol forward in Europe and expand usage of FIX globally. We're very excited to be involved in this project."

"This project is an excellent opportunity for us to make use of our ten-year expertise in technology and services for e-finance and capital markets,” said Roberto Grande, President of IT Software. “In particular, we'll benefit from our well-established know-how on FIX protocol, our skills in integrating complex heterogeneous systems and our experience in the development of software platforms for capital markets trading on behalf of some of the most prestigious financial institutions."

The first block of functionalities, which will allow Participants to seamlessly feed trade allocations to sub accounts, upload records of executed trades into portfolio management systems and feed orders to the market all via FIX protocols, is expected to be available by the third quarter of this year.

1. BondVision
   The Internet-based multi-Dealer to Client Market powered by MTS, the leading fixed-income wholesale market in Europe and Japan. BondVision is the only regulated Internet-based multi Dealer to Client Market with an ISD European passport. Institutional Clients connect via the Internet and request for quotes from a number of Dealers prior to trading the best incoming price. BondVision Dealers are amongst those currently participating on the wholesale trading platform of the MTS Markets. Listed securities include euro Government bonds, Agencies, Asset backed securities and corporate bonds. Cash and Switch trading are supported.
   
   For more information, please go to www.bondvision.com
   
2. Javelin Technologies
   Javelin Technologies Inc is a leading supplier of electronic trade communication technology and aleading provider of FIX technology. Javelin solutions provide better trading through universal connectivity, streamlining of workflow and elimination of the high costs and risks associated with the development of proprietary network links and protocol implementations. Javelin Technologies is a wholly owned subsidiary of NYFIX, Inc., which through its subsidiaries and affiliates provides electronic trading systems, industry-wide trade routing connectivity, straight-through processing and execution services and systems to the global equities and derivatives financial markets. For more information, please go to www.nyfix.com.
   
3. IT Software
   IT SOFTWARE S.p.A, founded in Milan in 1993, is a company specialized in e-Finance and developing capital market applications and services. The company is a market leader in Alternative Trading Systems.
   One of its leading specializations is professional trading applications. Numerous trading rooms make use of IT SOFTWARE's trading platform to trade on national and international markets, managing million transactions daily. For more information, please go to www.itsoftware.
   
4. List of BondVision Dealers
   
   ABN Amro
   Banca IMI
   Banc of America Securities
   Barclays Capital
   Banco Bilbao Viscaya Argentaria
   BNP Paribas
   Caboto SIM
   Capitalia
   CDC Ixis CM
   Commerzbank
   Crédit Agricole Indosuez
   Credit Suisse First Boston
   Dresdner Bank
   Deutsche Bank AG
   Fortis Bank
   Goldman Sachs
   ING Bank NV
   JP Morgan Securities
   Lehman Brothers
   Merrill Lynch
   Morgan Stanley
   Société Générale
   UBM (Unicredit)
   UBS
   
5. Contacts

   Allan Malvar
   Corporate Communications
   Tel. +44 20 7786 6049
   Email. communications@bondvision.net