Cambridge, Mass. and Chicago, Ill., January 7, 2003 - onExchange, Inc., a leading provider of comprehensive clearing and transaction processing technology, and Future Dynamics, a leading provider of STP technology to the derivatives market, today launched LINQX^SM, an intelligent order routing platform which supports best execution for single stock futures.

The single stock futures market, in which similar products trade on different exchanges, presents best execution and offset challenges for securities broker/dealers, futures commission merchants (FCMs), and prime brokers. These market participants will use LINQX to facilitate best execution, price improvement, liquidity enhancement, and offset for their customers.

"We will use LINQX immediately to get best execution for proprietary trades and to consolidate liquidity," said Jon Peabody, President, Rock Island Index Trading, a leading equity market maker. "LINQX will enhance coordination of our arbitrage and in-house market making activities on public markets."

LINQX couples onExchange's matching engine with Future Dynamics' exchange gateway capabilities. Firms using LINQX can provide their customers with a selection of best execution protocols, including best price, specific venue, or more complex best execution criteria.

The system facilitates price improvement and liquidity enhancement by dealers for the benefit of their customers on a fully documented basis. In addition to providing routing and execution capabilities, the system is designed to capture regulatory reporting data.

onExchange and Future Dynamics will be marketing LINQX to firms seeking to expand their single stock futures volumes, especially those with prime brokerage operations handling block trades and undirected equity order flow.

"onExchange's next-generation trade matching engine, combined with Future Dynamics' leading electronic routing and exchange user interface, will offer the first comprehensive, integrated package to handle complex execution logic and order routing in these new products," said Richard Jaycobs, CEO, onExchange. "The solution will enable broker/dealers and FCMs to provide the best possible trade execution for their clients."

"LINQX is the first real-time, smart order routing, best execution solution for securities futures," said Steve Grob, CEO, Future Dynamics. "This system will provide best execution functionality for these products, including greater flexibility to offset existing positions, which is a stated desire of many current and prospective market participants."

Future Dynamics is an international company focused on the provision of innovative software products to the derivatives industry. Its products enable market participants to adapt to the huge changes reshaping the industry as new technologies replace traditional business processes to level the playing field for exchanges, banks, brokers, FCMs, and emerging on-line market participants.

All Future Dynamics products are built with proven components that can be re-branded and deployed on desktops, Web sites, or PDA devices. Future Dynamics underpins its technology with an extensive support and systems integration capability to maximize return on investment.

Its Web site address is: www.fdlweb.com.

onExchange provides high-performance clearing and transaction processing technology to banks, brokers, exchanges and clearinghouses. onExchange systems can be implemented modularly or in a comprehensive trading, clearing and risk management solution.

The Company is privately held and headquartered in Cambridge, Mass. Its Web site address is: www.onexchange.com.