Effective immediately, Mr. Shaffer will become an officer of the Company and will join the company's executive committee.

Mr. Shaffer brings with him 34 years of experience garnered through a long and distinguished career at major financial institutions including, Chase Manhattan Bank and Citicorp. Most recently, Mr. Shaffer was a Managing Director of Financial Management Advisory Services where he spent 16 years and prior to that, a Senior Vice President at Chase Manhattan Bank for two years. Prior to that, Mr. Shaffer was employed by Citicorp for 16 years in a variety of capacities, including Vice President and Operations head of a domestic start-up business and, working in Sydney, Australia, as the Regional Chief Administration Officer for the launch of a new nine country region within Citicorp.

Mr. Shaffer specializes in managing and streamlining global new business, operating center turnarounds and internal control reviews. For the past six months, Mr. Shaffer has been leading an external consulting team help NYFIX, Inc. design and implement its Sarbanes-Oxley Section 404 internal control review.

In his new role, Mr. Shaffer will report to Peter Kilbinger Hansen, Chief Executive Officer of NYFIX, Inc. Mr. Hansen said, "Over the past six months, Jay has worked very closely with our management team. He is highly qualified and energetic and brings with him significant operational, regulatory and international management experience. We believe Jay's extensive background makes him the ideal candidate to help us implement our goal of streamlining processes and cost in our business, accounting and regulatory/compliance operations."

Mr. Shaffer, 58, holds an M.B.A. in Information Science from Pace University and a B.S., Accounting from the New York Institute of Technology.