Merrin Financial First Trade Order Management Software Developer to

Use TIPS Engine for Advanced Fixed Income Functionality

New York – July 2, 1998 -- Merrin Financial, a division of ADP, announced today that after an extensive review of fixed income analytics vendors, Merrin has signed a license agreement with Trading & Investment Programs & Systems, Inc. (also known as TIPS). Merrin Financial will provide the TIPS library in upcoming releases of the Merrin Financial Trading Platform. The TIPS library known as the SIA/PSA Standard Securities Calculations Software Library (SSC-SL) is recognized as the industry standard for fixed income calculations and is Y2K compliant. Currently Merrin Financial is the only vendor provided trade order management system to take advantage of the TIPS engine in its fixed income applications. Merrin will incorporate the SIA/PSA SSC-SL in its Q1’99 release. Limited functionality will be available in the Merrin Financial Trading Platform (MFTP) standard version but a significantly more robust version will be integrated in Merrin’s forthcoming Advanced Fixed Income (AFI) product.

"This new enhanced fixed income functionality will permit Merrin clients to trade an increased number of covered securities with impeccable accuracy using an easier and faster application", says Thomas Keeling Vice President of Product Management.

J. Thomas Conley, Merrin Financial president and CEO says, "This is only the first of a number of product enhancements that Merrin Financial will offer in its new Sybase product. The advanced fixed income and other product initiatives represent the culmination of a six-month period during which Merrin Financial’s strategy was to deemphasize new sales in favor of concentrating on offering our existing clients a more robust and enhanced product."

Merrin Financial, part of ADP Brokerage Services Group (ADP BSG), is the leading provider of PC-based institutional trade order management systems for the securities industry. Currently over 25% of all institutional money management firms totaling over $1.25 trillion in assets use the Merrin Financial product suite including trade order management (Merrin Financial Trading Platform), portfolio modeling and rebalancing, pre-trade compliance checking (CompAlertä , CompPLUS^SM, and RuleExpertä ), and an order routing network (InterMarket Trading Networkâ ). For more information about Merrin Financial please visit our website at www.merrin.com.

ADP Brokerage Services Group (ADP BSG), a subsidiary of Automatic Data Processing, Inc., brings to financial intermediaries advanced, integrated solutions for securities processing, market information and investor communications services. As a leading outsourcing vendor, ADP BSG is leveraging its position in these core businesses to provide cost-effective, reliable systems that are backed by "world class" customer service. ADP BSG is committed to providing this high level of service to its over 3,800 clients well beyond the year 2000. Automatic Data Processing, Inc. (NYSE:AUD), with over $4 billion in annual revenues and more than 400,000 clients, is one of the largest independent computing services firms in the world. For more information about ADP, please visit our website at www.adp.com.