FOR IMMEDIATE RELEASE

PIPER JAFFRAY TO USE AFA IMPACT Pro™ ORDER PROCESSING PLATFORM

New York, April 5th, 2005 – Advanced Financial Applications (AFA), a leading provider of trading technologies to buy and sell side financial organizations, today announced that it has entered into an agreement to provide its IMPACT Pro™ to Piper Jaffray & Co., the chief operating subsidiary of Piper Jaffray Companies (NYSE: PJC). 

Under the terms of the agreement, Piper Jaffray clients will be able to use AFA’s web-based  IMPACT Pro™ platform to access Piper Jaffray’s algorithmic order types as well as traditional execution services.  IMPACT Pro™ will enable Piper Jaffray to provide its clients with an additional level of service that will help clients automate their trade execution and order management processes.

  “We are pleased to work with AFA to offer enhanced services to our clients through the use of the IMPACT Pro platform, which we believe will add substantial value for our clients who wish to automate trade execution and order management,” said Dean Stamos, head of Algorithmic and Program Trading (APT) at Piper Jaffray.

AFA’s Chairman & CEO, Ameet Shah commented – “We are delighted to help Piper Jaffray expand its algorithmic trading capabilities into its client base with Impact Pro™. Through Integrated Order Processing™, we believe IMPACT Pro™ will bring additional benefits to Piper Jaffray clients by maximizing efficiency and reducing costs.”

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For Further Information:

Susan Beatty
Piper Jaffray & Co,
612.303.5680

 

Terrence Mulry
Mulry Consulting LLC
201.891.1853

About Piper Jaffray & Co.

Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray Companies (NYSE: PJC), a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace.  The company operates through two primary revenue-generating segments: Capital Markets and Private Client Services. Piper Jaffray & Co. has served corporations, government and non-profit entities, institutional investors and the financial advisory needs of private individuals since 1895.  Headquartered in Minneapolis, Piper Jaffray has approximately 3,000 employees in 104 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at www.piperjaffray.com.

About AFA

Advanced Financial Applications, Inc. is a financial services technology company that provides a suite of Integrated Order Processing (IOP™) solutions to buy and sell-side institutions. AFA helps hedge funds, asset management firms, broker dealers and family offices grow their businesses by creating and delivering trading solutions to streamline the trade workflow, thus resulting in lower operating costs. For more information, visit AFA online at www.afapp.com.