NEW YORK - June 16, 1999 - Today at the Securities Industry Association (SIA) Technology Management Conference and Exhibit, Microsoft Corp. and Bridge Information Systems Inc. demonstrated the results of joint work on an Extensible Markup Language (XML)-based schema that allows the exchange of various real-time market data types, including stock pricing, pages, and company news and history. Organizations in the financial industry, long in need of a common language for financial information, will now be able to integrate applications easily, extend existing applications, and share information with customers on the Internet.

Real-time market data is a critical component to enabling straight-through-processing. The XML schema for real-time market data will be proposed to the Microsoft^® Windows^® Distributed interNet Applications for Financial Services (Windows DNAfs) Advisory Council for adoption in the existing message set. Currently, the Microsoft Windows DNAfs architecture has a number of message schemas for composing orders, executions, allocations and settlement details that help bring application integration and interoperability to financial institutions. The adoption and support of standard interfaces provided by Windows DNAfs, combined with the use of XML as the data format, allow operations in portfolio management, order routing, risk management, portfolio accounting and now market data to be easily linked, ensuring seamless integration across application domains in a cross-platform environment.

"Bridge is committed to further developing, in conjunction with the Windows DNAfs Advisory Council, these XML standards for financial market data," said Joe Ratterman, senior vice president, Applications Development, Bridge. "Bridge will roll out Market Data Markup Language [MDML] support in the Bridge Trading Room System [BTRS] servers, BridgeFeed site server and Bridge Internet servers."

"Bridge has long supported Microsoft technology, so it's natural for us to work together to accelerate interoperability in the financial services industry," said Bill Hartnett, Microsoft's group marketing manager for financial services. "The exchange of real-time market data is a critical component to enabling straight-through-processing, and we are pleased to have Bridge's contribution to our Windows DNAfs initiative that is helping deliver STP solutions today."

"The work done with Bridge is a great example of the Microsoft BizTalk^® Framework strategy for building XML schemas, which will make it easy for companies to integrate their business systems and processes while reaping the benefits of e-commerce," said Matthew Conners, Microsoft's worldwide financial services manager.

Attendees of the SIA conference will be able to witness the real-time results of the Microsoft and Bridge collaboration as the companies demonstrate an implementation of the XML schema using the Windows NT^® Workstation operating system, Microsoft Internet Explorer 5 and Microsoft Excel 2000, served from Bridge Trading Room System data servers.

About Bridge

Bridge^®, together with its principal operating units, Bridge Information Systems, BridgeNews^SM, Bridge Trading and its subsidiary, Telerate^®, is the largest provider of financial information and related services in North America and the fastest growing in the world. Together with SAVVIS Communications^SM, the Internet service provider that Bridge recently acquired, Bridge is also one of the world's largest providers of ATM-managed IP networks, with more than 150 Cascade ATM switches throughout the major cities in Europe, Africa, Asia and the Pacific Rim, and the Americas.

Bridge information products include a wide range of workstations, market data feeds and Web browser-based applications, combined with comprehensive market data, in-depth news, powerful analytic tools and trading room integration systems. BridgeNews leverages a network of more than 600 Bridge journalists in more than 100 locations that break news which affects securities markets globally. Bridge is the co-producer of the Nightly Business Report and is a leading provider of financial news and information to media companies worldwide.

Leveraging the Bridge and SAVVIS high-speed, broadband communications network and using proprietary as well as standard protocols such as FIX, Bridge also provides institutions with a quick and transparent means to execute trades, route orders, investigate order activity or advertise trades, and offers access to one of the industry's largest broker-neutral networks for secure client-to-client connectivity.

Bridge, with more than 4,500 employees worldwide, and over a quarter of a million users in over 60 countries, is headquartered in New York City, with the Bridge Trading and Technology center in St. Louis, and major regional centers in Europe, the Middle East, Africa and the Pacific Rim. For more information, visit the BRIDGE Web site at http://www.bridge.com/.