Media Releases

GBST's largest third party clearing client signs two new online market participants
(July 20, 2005)

Berndale Securities, Australia’s leading Third Party Clearer, has today announced the recent signing of two new Australian Market Participants.

“We are delighted to announce that Berndale Securities will be providing clearing solutions for optionsXpress Australia. Complemented by the recent addition of Trader Dealer this brings the total number of ASX Participants cleared by Berndale to fourteen” said Rob Forbes, Director of Berndale Securities.

Berndale Securities uses GBST’s proven and scalable Shares™ platform for delivering equity clearing services. The flexibility of the Berndale Shares™ model enables new Market Participants to be up and running in a matter of days.

“We’re excited to add two quality organisations with excellent online capabilities to our client base, and look forward to assisting them in developing their business”, said Rob.

GBST CEO and Managing Director, Stephen Lake, notes the high growth of the Australian Online broking market with many investors choosing this method of trading. “Online trading provides a simple and economical method for those who are not seeking full broking advice”.

“Berndale’s platform is proving to be an attractive proposition to new broking participants entering the market. This is in part due to the flexibility and power of the GBST Shares™ platform” commented Mr Lake.

Third Party Clearing (TPC) is the outsourcing by a Market Participant of clearing and settlement obligation, back office functionality and related support services to a Clearing Participant. The Clearing Participant assumes full responsibility for any settlement risk and associated capital requirements, post-execution. This potentially allows the Market Participant to direct resources back into their core business and focus exclusively on business growth.

Further Information

For further information, please contact:

Berndale Securities

Rob Forbes
Berndale Securities
T 61 2 9225 6842
Email: robert_forbes@ml.com

GBST

Jamin Smith
Phillips Group
T 61 7 3230 5000
F 61 7 3230 5010
Email: jsmith@phillipsgroup.com.au

About Berndale Securities

Berndale Securities Limited is the leading provider of Third Party Clearing and Custody services to the Australian marketplace, and is a wholly owned subsidiary company of the Merrill Lynch Australia Group. The Berndale Securities Third Party Clearing (TPC) Service is a fully integrated, end-to-end out-sourcing solution for Trading Participants looking to gain a competitive edge in the marketplace.

For more information about Berndale Securities, please visit the Berndale web site at http://www.berndale.com.au

Berndale Securities, being a part of the wider Merrill Lynch group of companies is able to leverage Merrill Lynch’s global custody and clearing network to offer its clients a complete palate of services. Merrill Lynch is one of the world’s leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.6 trillion, at the end of 2004. Merrill Lynch has three core businesses – Global Private Client, Global Markets & Investment Banking Group and Merrill Lynch Investment Managers – offering a range of services for private clients, small businesses, institutions and corporations, and financial intermediaries.

As an investment bank, the company is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets, with assets under management of $501 billion at the end of 2004. Despite this ownership structure, Berndale operates with autonomy and effective "Chinese Walls" exist between Berndale and Merrill Lynch's Australian businesses.

For more information about the Merrill Lynch Group, please visit the Merrill Lynch web site at http://www.ml.com

About GBST

Established in 1983 GBST (Global Banking and Securities Transactions) is the largest provider of securities transaction processing in Australia and a leading provider of transaction solutions for the financial services industry. GBST Shares™, the trading, clearing, and settlement system preferred by the majority of Australian stockbrokers, processes up to half of all daily trades on the Australian Stock Exchange and also facilitates cross-border trading in New Zealand and Hong Kong.

GBST’s core competence is real time integrated transaction processing which provides the capability to increase revenues, reduce costs, for a wide variety of market participants including: global investment banks, custodians, clearers, stockbrokers, exchanges, margin lenders, and cash management providers. With offices in Brisbane, Sydney, Adelaide, Melbourne, and Hong Kong, GBST has over 130 staff committed to providing advanced transaction solutions.

http://www.gbst.com

About optionsXpress

optionsXpress Australia is a subsidiary of optionsXpress International, itself a subsidiary of the NASDAQ listed optionsXpress Holdings. optionsXpress Australia provides US and Australian stock and options brokerage services and has been operating in Australia since October 2003. It formerly traded as Options Broker.

OptionsXpress Australia has over 7000 customers, primarily trading options in the US markets.

http://www.optionsxpress.com.au

About Trader Dealer

Trader Dealer has been granted by, and is operating under an Authorised Representative status from Nexus Stockbroking Services Ltd.

Trader Dealer has been formed to deliver an online trading service for the semi- professional and professional Trader or Securities Dealer. With a ‘straight to market’ service and free stop loss facility, traders are in more control of their investment decisions.

Trader Dealer will focus on delivering personalised customer service to its clients and as such has adopted a ‘no hold' phone policy. In short, your calls will be answered by a person - not a machine.

http://www.traderdealer.com.au