CrossFinder was launched in 2004 and was built entirely in-house using proprietary technology.

1988. It was developed using the C programming language and runs on the VMS operating system.

POSIT MatchTM was introduced in 1987 in the U.S. as a technology based solution to the trade execution needs of quantitative and passive investment managers.
POSIT Now was intoruduced in May 2002.
POSIT Alert was introduced in October 2005.

Liquidnet was launched April 10, 2001.

Millennium was launched in 2001 and uses proprietary systems.

NYFIX Natural was launched in 2005 and uses proprietary systems.

Pipeline launched in September 2004.

The UBS liquidity pool was enhanced with the acquisition of Schwab Capital Markets in November 2004. We maintain a high-availability infrastructure, and our clients have access to smart-routing technology and execution tools that tap into UBS' retail and institutional liquidity pool.

The system crosses orders on a continuous basis at prices at or better than the NBBO (National Best Bid/Offer).

Instinet's suite of securities crossing products provides both buy- and sell-side clients the ability to anonymously and electronically trade large volumes of often-illiquid stocks.

ITG's POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, zero market impact, and the cost savings of midpoint pricing.

Liquidnet is the No.1 electronic marketplace for block trading. Liquidnet allows money management institutions to trade large blocks of equities directly and anonymously with significant price improvement and little to no market impact. The Liquidnet system was designed to bring liquidity to the trader, reversing the current paradigm of searching for liquidity.

A real-time, anonymous, automated matching system for equity trading. Millennium leverages the NYFIX network's large order-routing volumes to provide an efficient liquidity source for the financial community.

A buy-side solution that matches large block trades at the midpoint. Orders generate an IOI to a closed network of buy-side clients indicating a live tradable order of size and midpoint marketability.

The Pipeline marketplace empowers traders to anonymously unearth mega-block naturals through an auto-ex venue that delivers best-execution-quality trades -- 88 percent of trades are executed at the midpoint.

UBS, the volume leader in Nasdaq and listed stocks, gives clients access to an unrivaled natural liquidity pool and quality execution.

Approximately 122 million shares per day.

Not disclosed.

N/A

Average daily volume 2005: 31.2 million. Average daily volume Q1 2006 (to date): 45.9 million.

Daily and historical volumes are updated on Web site.

N/A

Pipeline may be the world's fastest-growing block trading system, achieving a 55 percent quarter-over-quarter average growth rate since its inception. Call 800-680-PIPE for the latest ADV statistics.

We make markets in more than 14,000 U.S. stocks and trade one in nine shares globally, including some 350 million retail and institutional shares in the U.S. alone.

Institutional, retail and liquidity partners

Instinet's Continuous Block Cross (CBX) is available only to the buy side, including traditional asset managers and hedge funds. The Intraday Cross (IDX), Last Daily Cross (LDX) and pre-market VWAP Cross are available to broker-dealers as well as the buy side.

Currently 700+ clients participate, comprised primarily of institutions, broker-dealers and hedge funds.

Liquidnet membership is restricted to buy-side firms only.

Hybrid model includes all types of client order flow (e.g., buy side, hedge funds, sell side, retail, algorithmic).

Buy side.

Pipeline is open to all buy- and sell-side participants. To date, more than 300 buy- and sell-side firms have embraced the Pipeline model.

Institutions, hedge funds, broker-dealers.

Market and limit orders eligible for execution at or within the NBBO.

Market, limit, VWAP and closing price.

All US equities (Listed, OTC, ADR, ETF) are eligible to cross in POSIT, no derivatives or fixed income are eligible, regional POSIT networks exist for Europe and Asia-Pacific.

Liquidnet trades equities in the following global markets: U.S., U.K., Austria, Belgium, Denmark, Finland, France, Germany, Holland, Italy, Norway, Sweden and Switzerland.

All U.S. equities, primarily focused on listed stocks.

All U.S. equities, primarily focused on listed stocks.

Pipeline requires firm, executable orders with minimum-sized blocks. More than 90 percent of trades are executed in blocks of 25,000 shares or more. More than 4,100 issues, including the S&P 500, the Nasdaq 100, the Russell 3000, and selected ETFs and ADRs, are eligible for trading in Pipeline.

UBS clients have the ability to cross with retail and block liquidity.

Continuous crossing during market hours.

Instinet offers four daily crosses (Eastern time):
* VWAP Cross -- 8:30 a.m. and 9:15 a.m.
* Intraday Cross (IDX) -- 9:50 a.m., 11:50 a.m. and 2:50 p.m.
* Last Daily Cross (LDX) -- 6:30 p.m.
* Continuous Block Cross (CBX) -- continuous throughout the trading day.

POSIT MatchTM has 13 cross times a day: 9:45 am, 10:00 am, 10:15 am, 10:30 am, 11:00 am, 11:30 am, 12:00 pm, 12:30 pm, 1:00 pm, 2:00 pm, 3:00 pm, 3:30 pm; after hours at 4:45 pm. POSIT NowSM offers continuous, anonymous crossing throughout the trading day. POSIT AlertTM executions occur in POSIT NowSM and are priced at the midpoint of the bid-offer spread.

N/A

Continuous, real-time matching engine.

Continuous, real time.

Pipeline is a continuous marketplace accepting and executing orders throughout the trading day.

All orders interact with retail and block liquidity on a continual basis. UBS also offers clients access to smart-routing technology, giving them the ability to execute in the marketplace.

Rates are negotiated on individual basis.

Instinet charges a commission on a per-share basis.

On a per share basis.

2 cents per share.

Per-share commission.

Per-share commission.

Pipeline fees are competitive.

N/A

Capacity has been increased and latency has been decreased to ultra-low levels.

The VWAP, IDX and CBX crosses all have been added in the past two years.

POSIT AlertTM is the latest addition to the overall suite of crossing services. It is a robust trading tool used to seek out liquidity before it enters the market, offering users a rich and diverse liquidity pool, automatic executions, and the savings of midpoint pricing. Participants with orders in existing OMS blotters can indicate trading opportunities to other participants in the network. POSIT AlertTM executions occur in POSIT NowSM and are priced at the midpoint of the bid-offer spread.

N/A

OTC matching recently was added to the Millennium ATS.

N/A

N/A

UBS continues to enhance UBS-DSA, a suite of global quantitative algorithms that intelligently interact with the UBS retail and institutional liquidity pool, including a new Price Inline strategy that determines projected end time based on impact and risk.

Building increased international crossing capabilities.

In 2006, Instinet plans to significantly upgrade the technology infrastructure of the CBX. Also planned are additional intraday cross times and a same-day, after-hours cross.

N/A

N/A

We continuously add new functionality and order types to further support client interaction in Millennium.

N/A

N/A

UBS plans to expand its suite of algorithms and smart order types globally, is adding additional asset classes and recently began trading options through our intelligent trading platform.