Continued growth of the NYFIX Marketplace and a reduced cost structure improved net results over first quarter 2008.

Revenues were $25.9 million for first quarter 2009, compared to the $31.4 million of revenues generated in first quarter 2008. This decline included a $3.5 million reduction across all business lines due to the Company's decision to discontinue its Fusion OMS product. Overall expenses declined 20% during first quarter 2009, compared to first quarter 2008. EBITDA was $0.5 million for first quarter 2009, reflecting the recognition of an insurance benefit, net of related costs, of $0.6 million and $(0.1) million of EBITDA from other operations. EBITDA was $(1.2) million for first quarter 2008, reflecting $0.2 million of a net restructuring charge reversal, $(0.1) million in costs related to the historical stock options matters and $(1.3) million of EBITDA from other operations. On a GAAP basis, the Company's net loss narrowed to $(2.2) million for first quarter 2009 as compared to $(3.4) million for first quarter 2008.

Other developments during the first quarter included:

• a net increase of 207 billable order routing channels on the NYFIX Marketplace, bringing the total number to 9,795;
• a 166% increase over fourth quarter 2008 in average daily matched value in Euro Millennium to EUR 62.4 million ($80.6 million), including a record day on January 13th, when value of more than EUR 200.0 million was matched;
• the launch of NYFIX ioinet in January, a product which combines the advanced analytic and filtering capabilities of ioinet, acquired along with FIXCITY in April 2008, with global IOI content contributed by brokers who are part of the 1,000-member strong NYFIX Marketplace community; and
• the upgrade of the NYFIX Millennium dark pool in March to the Company's high performance technology architecture (HPX), making Millennium a faster, more resilient, and higher throughput dark pool that is well suited for latency sensitive order flow.

"The net growth in order routing channels on the NYFIX Marketplace during these challenging times demonstrates the important role we play in enabling financial institutions to trade efficiently and effectively with their most valued counterparties," said Howard Edelstein, CEO of NYFIX. "The continued growth of our core Marketplace offering, the introduction of some newer products and enhancements, and our continued focus on controlling costs has positioned the Company well in the current environment."

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