Steve Donovan and Jack Lemonik Appointed Co-Chairs of FIX FX Working Group, Keith Lite to Lead Education and Marketing Effort

January 22, 2004 FPL has announced that Steve Donovan, Chief Investment Technology Officer of Massachusetts Financial Services and Jack Lemonik, Chief Technology Officer of FXall have been appointed as co-chairs of the FIX Foreign Exchange Working Group. This working group has been formed to expand the use of the FIX Protocol to support foreign exchange trading. Participation in this group is available to all participants in the foreign exchange market.

Jack and Steve will take over for Scott Atwell, Manager of FIX Trading and Connectivity at American Century Investments and FIX Global Technical Committee co-chair, who is the founding chair of the FX Working Group. Atwell commented, "The fact that nearly fifty people representing nearly forty firms are participating in this group reflects significant industry interest in this effort to broaden the use of the FIX Protocol within foreign exchange. I am pleased that both Jack and Steve have volunteered to lead this effort and am confident that this group will be successful in bringing the benefits of the FIX Protocol to foreign exchange trading."

In addition, Keith Lite, Head of Business Development at Hotspot FXi will be coordinating the group’s education and marketing effort to keep the FIX community up to date on the group’s initiatives.

Jack Lemonik stated, "I am delighted to take a leading role in the working group. It will be quite valuable for this group to review the wide variety of workflows utilized by distinct institutions in the industry. Through the use of FIX, we can help move the industry toward a more limited set of standard workflows and reach even deeper levels of integration."

"As an asset management firm that deals with numerous market participants in various security types, we see an immense benefit to establishing a common message format. This group’s focus on foreign exchange is another important step toward expanding the application of the FIX standard," added Steven Donovan.

Mr. Steven Donovan at: +1 (617) 954 4982 (FPL Foreign Exchange Working Group Co-Chair)
Mr. Jack Lemonik at: +1 (646) 268 9905 (FPL Foreign Exchange Working Group Co-Chair)
Mr. Tom Jordan at: +1 (212) 652 4469 (FPL Program Office)

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