OPERATIONS NEWSFLASHES

NYFIX, Inc. announced its wholly owned subsidiary, NYFIX Clearing Corporation, has received approval from the Depository Trust and Clearing Corporation (DTCC) to operate as a clearing firm. With the last phase of the regulatory-approval process complete, NYFIX Clearing Corporation is in the process of making final preparations to begin clearing trades on behalf of NYFIX Millennium LLC and NYFIX Transaction Services, Inc. NYFIX Clearing Corporation expects to begin clearing business on Nov. 17, 2003, with an initial settlement date of Nov. 20, 2003.

Brown Brothers Harriman (BBH) announced its appointment as provider of global custody and securities lending for the Heartland Select Value, Heartland Value Plus and Heartland Value Funds (the "Heartland Funds"). As of Sept. 30, 2003, the Heartland Funds included assets of approximately $1.9 billion.

National Securities Clearing Corporation and the Fixed Income Clearing Corporation announced that they plan to support an interface between their Real Time Trade Matching system and the National Association of Securities Dealers' Trade Reporting and Compliance Engine for the real-time reporting of corporate-bond transactions. The announcement, made by John Fitzgerald, managing director of Fixed Income Clearing Corporation, was delivered at The Bond Market Association's 11th Annual Fixed-Income Securities Operations Conference, being held in Orlando, Florida.