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NEW YORK — March 15, 2007—Piper Jaffray Algorithmic and Program Trading (APT) team adds its most recent algorithm, Hornet to several order management systems (OMS), including: Bloomberg, Eze Castle, Charles River, Macgregor, Brass, Portware, FlexTrade, Neovest, and Nyfix's FixTrader. With this upgrade in functionality, the entire APT algorithmic offering is now available for clients to access.

Hornet, with three levels of aggression, is an algorithm used to quickly execute orders by taking liquidity and by placing hidden orders while never posting a quote to the market. The model analyzes the real-time volume and price activity to simulate the trading process of an active trader. It attempts to fill 100 percent of each slice sent to the market and requires a limit price. Based on the real-time analysis, the model decides how quickly to get more aggressive in terms of the price level at which it is trading within the limit price.

“Adding Hornet to our clients' OMS systems allows us to meet our clients' expectations and requests for new and differentiated algorithmic models,” said Kevin Morrison, head of sales in the Piper Jaffray APT team. “Adding this functionality also allows our clients to take complete control over how they choose to interact with all of our algorithms. We continually strive to enhance our products and add valuable services to provide a complete trading solution for clients.” The Piper Jaffray APT team also currently offers Fusion, a dark book and crossing venue liquidity aggregating algorithm, and seven other specialized algorithms. The team's other algorithms are designed to achieve clients' trading benchmarks while maximizing the price predictive VIPER engine. VIPER specifically draws upon an analysis of numerous market factors in real-time and subsequently formulates a model of the expected price and volume for a given stock.

About Piper Jaffray
Piper Jaffray Companies is a leading, international middle market investment bank and institutional securities firm, serving the needs of middle market corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a comprehensive set of products and services, including equity and debt capital markets products; public finance services; mergers and acquisitions advisory services; high-yield and structured products; institutional equity and fixed-income sales and trading; and equity and high-yield research. With headquarters in Minneapolis, Piper Jaffray has 25 offices across the United States and international locations in London and Shanghai. The firm's UK operating subsidiary, Piper Jaffray Ltd., is authorized and regulated by the Financial Services Authority and is a member of the London Stock Exchange. Piper Jaffray & Co. is the firm's principal operating subsidiary. (NYSE: PJC; )

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