October 21, 2004, NEW YORK:

Israel A. Englander Utilizes SDS Matching System to Power ADR Navigator, an ADR/ORD Conversion Marketplace

SDS Financial Technologies Inc.(SDS), a leading provider of market data and electronic trading systems, announced today that Israel A. Englander, an inter-broker dealer, went live with SDS Matching System to power its ADR Navigator, an ADR/ORD conversion marketplace.

Utilizing the SDS Matching System, ADR Navigator alleviates the inefficiencies in the conversion of ordinary shares of foreign companies and the corresponding ADRs by providing instant point and click execution in real time. Matched orders are executed automatically, eliminating trading lags and providing conversion fees that are up to 80% lower than standard bank depositary conversion fees. A unique element of the ADR NAVIGATOR Platform is the built-in premium functionality. The system incorporates a variable premium that should enhance the liquidity of the market by inducing into transactions holder of ADRs and ordinaries that may otherwise be indifferent to the form in which they own their securities. Transactions on ADR NAVIGATOR will be cleared through Broadcort (a division of Merrill Lynch) and occur on a T+2 clearing cycle, an improvement over many countries that generally offer longer clearing cycles and over the standard settlement cycle of bank depositaries and competing crossing systems.

SDS Matching System is a comprehensive matching, routing and market data system. The total solution includes order entry via robust front-end interface or FIX API with back-end clearing and settlement modules. The software uses multi-threaded technology, which allows the system to handle heavy incoming traffic, to reliably disseminate it and to concurrently handle the multiple administrative functions such as surveillance without impacting throughput. Its rules-based system can be rapidly modified for new rules, new strategies and new product classes. The user interface includes an order book, market depth, advanced alerts and order management functionality.

"We chose SDS due to its superior matching capability and market data experience," said John Gelbard, Senior Vice President of I.A. Englander. "SDS Matching Systems flexible architecture and robust front-end design allows us to scale and customize the system to continue meeting our customers' needs."

"We are extremely pleased to provide I.A Englander with premium functionality that enables its customers to unwind their ADR positions in a significantly more efficient and cost-effective manner," said George Maragos, President of SDS. "Our partnership with I.A. Englander has given us the opportunity to leverage our breadth of trading technology and market data experience to provide a comprehensive custom solution."

About SDS Financial Technologies Inc.(SDS):
Founded in 1988, SDS Financial Technologies, Inc. (www.sdsmarketwatch.com) is a New York based, leading provider of market data and electronic trading solutions. SDS' extensive family of products includes the SDS MarketWatch market data suite of products (workstation, data feeds, and web services) and electronic order routing/execution platforms, (FIX and matching engines).

About I.A. Englander & Co.:
Founded in 1977, I. A. Englander & Co. is one of the most successful independent inter dealer brokers representing institutional professional clients in the United States, Europe, Latin America, and Canada. With a significant trading floor presence on each U.S. options exchange, Englander & Co. provides executions in the following listed securities: AMEX Stocks, Equity Options, Index Options (Broad and Narrow Based), Listed Structured Products, Equity and Index FLEX Options, Standard & Poor's Depositary Receipts (SPDR's), S&P 500 Index, World Equity Benchmark Shares (WEBS), DIAMONDS and Nasdaq-100 Shares.

CONTACTS:
For SDS:
Cailin Kelly
212-349-3300 Ext 17
cailink@sdsmarketwatch.com

For ADR NAVIGATOR:
John Gelbard
212-841-4439
jgelbard@iaenglander.com