Pipeline Financial Group Ltd

LONDON, October 26, 2011 - Pipeline Financial Group Ltd ("Pipeline Ltd") operates the MTF known as the Pipeline European Block Board ("European Block Board"). In light of the US Securities and Exchange Commission's announced settlement with Pipeline Trading Systems LLC, Pipeline Ltd wishes to confirm the following points: Pipeline Ltd does not and never has allowed any affiliate company to trade on its own account with, or provide liquidity to the European Block Board. Neither Pipeline Ltd nor any affiliate of Pipeline Ltd undertakes any form of proprietary trading, market making, capital commitment or establishment of directional positions on behalf of clients in relation to the European Block Board. Pipeline Ltd operates the European Block Board on a common access policy and common rules whereby all users receive exactly the same level of system information in all respects according to the system rules when undertaking trades on the European Block Board.