TAG Adds Pipeline's GWAP Methodology in Its Listed Options TCA Product Line

NEW YORK, NY, Apr 22 (MARKET WIRE) --
Pipeline Financial Group, Inc. and Transaction Auditing Group, Inc. (TAG)
today announced an agreement whereby TAG will include Pipeline's Gamma
Weighted Average Price (GWAP) methodology in analyzing listed option
execution performance for its buy-side clients.

GWAP for an option resembles a volume-weighted average price for an
equity security. Since most options are not traded in sufficient volume
for VWAP to be meaningful, GWAP calculates what the average price of the
option would have been if it had traded at the same rate as the
underlying security. The average price for the option is derived from the
average price for the underlying security.

"For 14 years, TAG has helped our clients by independently analyzing how
to reduce risk and complexity in achieving quality trade performance
while decreasing costs and increasing their bottom line," said Alan
Shapiro, founder of TAG. "The Pipeline GWAP formula, for the first time,
provides a measurement tool that factor in the convexity adjusted rate of
change in the underlying equity -- providing a benchmark similar to VWAP
for options trading."

"We are pleased that TAG has adopted the Pipeline GWAP formula as part of
their listed options execution performance services," said David
Mortimer, Managing Director of the options group at Pipeline. "Accurately
evaluating execution performance parallels Pipeline's mission to develop
and enhance transaction cost management tools for buy-side traders -- in
both listed options and equities markets."

About Pipeline

Pipeline provides an intelligent Transaction Cost Management system to
institutions intent on reducing all-in execution costs for their
investors. Pipeline's proprietary system helps traders optimize alpha
capture in markets filled with predators. Pipeline is the only agency
broker that combines the high probability of block liquidity with the
unmatched performance of predictive switching between best of breed
algorithms. The Pipeline system gives institutional traders statistically
significant improvement in execution performance in today's challenging
liquidity environment. Pipeline is headquartered in New York with offices
in Boston, Chicago, San Francisco and London. Pipeline is a member of
FINRA and SIPC. For more information, visit
http://www.pipelinetrading.com.

About TAG

TAG provides independent assessment and solutions to measure the quality
of trade and market data statistics to the financial industry throughout
the US and Europe. Founded in 1996, TAG pioneered the first standardized
execution quality TAG Report by creating ground-breaking Industry Average
Benchmarks. Since that time, TAG has been developing powerful Transaction
Cost Analysis, Execution Analytics Solutions, US Best Execution
Compliance reporting and offers the flexibility to tackle any size custom
request. TAG provides business intelligence to gain market share,
differentiate from competitors, and validate performance in this quickly
evolving global landscape. For more information, visit www.tagaudit.com.

Contacts:

David Mortimer
Pipeline Trading Systems LLC
(212) 370-8387
david.mortimer@pipelinetrading.com

Diane Sivertsen
TAG
(646) 375-1558
dsivertsen@tagaudit.com

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