Townsend's New MiFID Tools Simplify Best Execution and Routing Requirements

CHICAGO, October 31 /PRNewswire/ --

- Virtual 'Aggregated Book' consolidates entire market depth from
multiple European exchanges and market sources into single view in RealTick
EMS

As the trading world prepares to face new Best Execution obligations
imposed by the Markets in Financial Instruments Directive (MiFID), users of
the RealTick EMS (http://www.realtick.com) from Townsend Analytics now have
access to new features and functionality to help them compete in the new
MiFID environment.

RealTick's new virtual "Aggregated Book" feature consolidates the entire
market depth from multiple European exchanges and market sources into a
single view. Simply by using RealTick's proprietary European Symbol known as
".EUR," traders can:

-- View 800+ stocks on the CESR liquid stocks list, with more as they
       arise
    -- Instantly identify all executable bids and offers -- not just best bid
       and offer (BBO)
    -- Easily locate liquidity and perform multi-market sweeps customized to
       fill size and other requirements
    -- Choose from multiple venues for "Best Execution" order routing
    -- Benefit from Townsend's direct market access (DMA) connections and
       high-volume quote capacity for reduced latency

The Aggregated Book will also include the latest alternative data and
trading venues, such as BOAT, Chi-X and Equiduct, which are likely to
proliferate under MiFID. It will also incorporate new products, such as
EuroSets and EQS from the LSE.

Other MiFID enhancements to the RealTick platform include Trade Reports
from listed European exchanges and reporting facilities like BOAT; Systematic
Internalizer (SI) quotes; and Suitability and Appropriateness rules that are
easily customizable for broker partners.

"We've successfully leveraged our trade execution and analytics expertise
to deliver a complete view of the post-MiFID European marketplace at a
glance, including aggregated market data and an unparalleled depth of book,"
notes Jeff Wecker, Chief Executive Officer for Townsend Analytics.

"Townsend Analytics has helped our clients achieve best execution for
20+ years and these enhancements continue in that tradition. They provide
both our sell- and buy-side clients with all the tools they will need to
accommodate MiFID, whether these be market access, trade reporting, data, or
customizable suitability obligations," he adds.

About RealTick

RealTick, created by Townsend Analytics, is the electronic trading
industry's premier multi-asset, multi-broker, and multi-route direct-access
trading platform. RealTick delivers real-time market data, news and
analytics; sophisticated trading tools; unrivaled access to brokers,
exchanges and ECNs; and risk management tools to institutions, broker-dealers
and individual investors. RealTick's advanced technical design is supported
by state-of-the-art data centers and a redundant network for market data and
orders. For more information, visit http://www.realtick.com.

- RealTick is a registered trademark of Townsend Analytics, Ltd.

About Townsend Analytics

Townsend Analytics has been changing the way the world trades since 1985.
The Chicago-based company created many technology innovations that are now
considered standards in the financial services industry. These include the
first real-time financial software under Microsoft Windows(R); the first
product to provide real-time streaming data over the Internet; the first
integrated solution for NASDAQ trading rooms; and the first Windows-based
direct-access trading solution. Townsend Analytics also developed Archipelago
and the Archipelago Exchange, the nation's first all-electronic, fully open
exchange. The firm has engineered direct-access solutions for money managers,
asset managers, hedge funds and mutual funds worldwide. The firm's four main
lines of business include Trading Services, Content Services, Exchange
Services, and Risk Management Services. Townsend Analytics, Ltd. is a wholly
owned, independently-operated subsidiary of Lehman Brothers. For more
information, visit http://www.taltrade.com.

Web site: http://www.realtick.com
              http://www.taltrade.com