FX Transparency Releases Study on Standing-Instruction Currency Trading Costs

FRAMINGHAM, Massachusetts, March 1, 2011 - FX Transparency ("FXT"), an independent provider of FX transaction-cost
analysis (FX TCA) and currency-execution consulting, today released a
ground-breaking study of trading costs related to standing-instruction(or
commonly "non-negotiated") FX trades.

The data show a large reduction in costs in 2010 for those investors who
allowed their custodian to execute currency trades on a standing-instruction
basis. Overall costs dropped to 11 basis points in 2010 from an average of 30
basis points in years 2000 - 2009, which represent a reduction of 63%.

"The key question for investors is: Is this a permanent, positive change
in the execution quality of these types of FX trades, or just a knee-jerk
reaction to the legal events that began in the fall of 2009?" said James
McGeehan, FX Transparency's CEO. "To answer that question, investors should
consistently monitor these costs moving forward. These costs are still three
to four times higher than they are for negotiated trades."

All costs were calculated against the interval time average price (ITAP),
FXT's proprietary proxy for volume weighted average price (VWAP), which is a
commonly used measure in the equity trading space.

FXT made the complete study available to its clients on February 28.

About FX Transparency, LLC

FX Transparency is an independent provider of foreign exchange
transaction cost analysis (FX TCA) and currency execution consulting. The
firm's mission is to quantify and reduce currency-trading costs for all
institutional buy-side market participants. FX Transparency was founded in
April 2009 and is headquartered in Framingham, Massachusetts. For more
information about FX Transparency's TCA services or to see how your company's
execution costs compare to others using the FXT Peer Universe(TM) program,
please contact us at +1-508-283-5850 or visit our website at
www.fxtransparency.com.

FX Transparency, LLC, James McGeehan, +1-508-283-5850, jmcgeehan at fxtransparency.com