— Buy-side Connectivity Increases Volume and Liquidity in the BIDS Trading Alternative Trading System

Goldman Sachs’ REDIPlus, JPMorgan’s Neovest, and Morgan Stanley’s Passport Connect to BIDS Trading

New York, NY – August 15, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today the connection to three of the industry’s leading electronic trading platforms: Goldman Sachs Execution & Clearing, L.P. ‘s REDIPlus, JPMorgan’s Neovest, and Morgan Stanley’s Passport.

Through these connections, institutional investors will now be able to anonymously trade large blocks of US equities via the BIDS Trading ATS. These connections mark the first opportunity for sponsored buy-side firms to join sell-side firms in executing block trades on the BIDS Trading ATS, thus increasing overall liquidity on the platform. Volume on the ATS has been steadily growing over the last few weeks and daily volume eclipsed 20 million shares* on five separate days in July.

“We are committed to offering the broadest access to cutting edge liquidity providers,” said Carl Carrie, Global Head of Algorithmic Products and Neovest. “Linking up with BIDS Trading is an exciting new development and one that will surely benefit our clients in this highly fragmented marketplace.”

“BIDS Trading has proven to be a viable dark liquidity pool with potential for significant further growth,” said Bill Neuberger, Global Head of Product Development for Morgan Stanley Electronic Trading (MSET). We are very pleased to add a direct connection to the BIDS Trading ATS from Passport, to complement the indirect access to BIDS Trading already provided by Passport’s dark pool aggregator, NightVision.”

“We are continuing to build considerable momentum as new users connect to the system,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “Having three of Wall Street’s leading electronic trading platforms now connected to the platform moves us closer to our goal of allowing open access to all market participants – both the buy- and sell-side – while creating the most efficient trading venue and the deepest liquidity pool possible.”

In addition to allowing open access to both sell-side firms and their sponsored buy-side firms, the BIDS Trading ATS is open to algorithms, hedge funds and program traders. BIDS Trading offers customizable tools to empower end-users to successfully negotiate trades: information disclosure and minimum block size is controlled by the trader and users can choose who to trade with based on past trading behavior.

The BIDS Trading ATS is accessible to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory considerations. Use of the system as a block trading service is not exclusive or subject to volume commitments and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.

About BIDS Trading, L.P.

BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Trading Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS Trading ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions.

About Goldman Sachs

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. Goldman Sachs is a leader in helping clients navigate the structural changes in the financial markets, including electronic trading. Our award-winning REDIPlus ® EMS offers clients the ability to electronically execute transactions involving equities, options, futures, foreign exchange and portfolios–frequently using GSAT algorithms–in the US, Europe and Asia.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

* Figures are double-counted, to include both sides of the transaction.