IFS is a London based software and market data company providing a range of historical and real time market data analysis solutions. IFS have developed a suite ofservices under the LiquidMetrix brand focused on trade analysis for Europe's increasingly fragmented equity markets. These services operate using a proprietary multi-terabyte database of full depth order book data covering major European equity Exchanges and MTFs.

IFS will be providing Pipeline with analytical data services relating to market quality measurement and transaction cost analysis via its LiquidMetrix suite of services.

Pipeline's partnership with IFS coincides with the forthcoming launch of its BlockBoard MTF at the end of May. A key feature of the launch is a unique liquidity programme which offers clients discounted fees in return for orders, regardless of size, price or "maker/taker" status. The Block Board will commence trading in Pipeline's existing 14 European markets, offering best execution to clients in over 3,500 instruments.

Sabine Toulson, Managing Director of IFS, said: "We are delighted to be working with Pipeline Financial, helping to support the irinnovative new Block Board MTF venue. Increasingly our clients, both sell side Brokers and Buy side firms, are showing a great deal of interest in analysing their trading activities on European MTFs to validate the price improvements, impact reduction and other advantages such venues offer. We will be looking forward to providing Pipeline with objective information on the trading performance achieved in this new venue as well as helping Pipeline to properly reward members providing marketable liquidity."

Commenting on this announcement, Marcus Hooper, Executive Director of Pipeline Financial in Europe, said: "IFS has an impressive capability in providing data analysis that will support our business model. The better we are able to measure market quality and execution performance, the better we can meet our customers' requirements. There are many synergies between IFS and our own business that we intend to build upon."

Separately, Pipeline Financial Group Ltd, the European MTF and institutional electronic brokerage which provides block trading and specialist algorithmic trading services, announced today that it has partnered with CYMBA Technologies.

With Athena, CYMBA provides innovative trading technology solutions, focusing on the delivery of value added products to the investment management community. CYMBA will be working with Pipeline to embed Pipeline's Block Board and Alpha Pro technology into CYMBA Athena. Partnering with CYMBA will provide clients with the all the benefits of Pipeline's trading technology via their existing trading tools.

The addition of CYMBA enables Pipeline to offer clients a seamless, efficient trading mechanism without the need for an additional trading venue application taking up valuable space on a trader's desktop. Being able to offer clients an entirely flexible choice when accessing Pipeline helps clients make the most of their existing infrastructure without additiona lcosts.

Pipeline's partnership with CYMBA coincides with the forthcoming launch of its Block Board MTF at the end of May. A key feature of the launch is a unique liquidity programme which offers clients discounted fees in return for orders, regardless of size, price or "maker/taker" status. The Block Board will commence trading in Pipeline's existing 14 European markets, offering best execution to clients in over 3,500 instruments.

Oliver Hugh-Jones, Global Head of Sales at CYMBA said: "Our partnership with Pipeline Financial is of strategic significance. We are delighted to be working with Pipeline and are excited about the great benefits that our customers will derive from this innovative and unique liquidity source."

Commenting on this announcement, Marcus Hooper, Executive Director of Pipeline Financial inEurope, said: "We are excited about this new opportunity with CYMBA. The integration withCYMBA represents the deepest technical integration with a vendor to date. We look forward to the opportunity