Chicago, Wednesday 30th July 2003 - Rolfe & Nolan Systems Inc. (R&N) today announced the appointment of Bill Herder as Senior Vice President – Order Management, a newly established position at R&N. Herder has extensive experience in the futures and options order management business and has been a key participant in the development of systems for the electronic trading market in the US. Bill has been in the futures and options industry for over ten years and most recently held positions with major front and back-office systems providers.

In his role, Bill will be responsible for overall management of Rolfe & Nolan`s Order Management business, including product development strategy, client services, account management and exchange relations. Bill will report to Bob Sylverne, Chief Executive of Rolfe & Nolan`s North American operation.

Commenting on the appointment, Bob Sylverne, said: `Bill has a great track record in the order routing marketplace and is a perfect fit to spearhead our continuing growth in the order management systems marketplace. Our RANorder order management system, providing the only fully featured ASP solution in the market, has grown impressively over the last couple of years, however we now need someone of Bill`s caliber to take us to the next step – to be a dominant player in the provision of order management systems.”

Bill Herder added “Rolfe & Nolan has excellent front and back-office products and very talented people. The RANorder architecture, with seamless back-office integration and real time credit control, is excellent and it`s ASP implementation is now becoming more and more widely adopted due to the inherent scalability and great cost savings that it offers. I am excited about the potential for RANorder in the FCM community and about the opportunity of participating in the growth of Rolfe & Nolan as we become a leading player in the order management system marketplace.”