"
Founded in 1965, Lind-Waldock has its core operations in Chicago.
"Lind-Waldock's skilled team, sophisticated trading platforms and superior
technology were strong motivating factors in our acquisition of Lind -Waldock
in early 2000," said Mr.6 million
contracts compared to 1.belzberg.

tibco gateacre

com.nyfix.
(TSX: BLZ - News), a technology based institutional electronic brokerage
services company, today announced financial and operating results for the
three months ended June 30, 2005.

telerate broking

Because of these factors , we caution that you should not place
undue reliance on any of our forward looking statements.'s (Nasdaq: NYFXE) release of Fourth Quarter 2004 and First Quarter
2005 operating results before market opening on June 30, 2005, you are invited
to listen to the company's conference call that will be broadcast live over
the Internet on June 30, 2005 at 12 noon eastern time with NYFIX senior
management . through its subsidiaries and affiliate provides electronic
trading technology infrastructure and execution services to brokerage firms
and institutional investors. NYFIX's core technology, which includes equity solutions for listed
and over-the-counter markets, derivatives and future products and Javelin's
Appia and Instant Integrator products, are complemented by NYFIX's broker-
dealer operations, which offers its NYFIX Millennium ATS and trade execution
services.

The company continues to profitably build its top line revenue growth. The most important continuing profit growth
contributor has been the company's growing electronic options execution
business, quadrupling in volume year over year and showing continued growth
for the last 8 consecutive quarters.1 billion shares in Q2 2004 and 1.

reuters gateacre

refco.asp and at least a
28.com.

Belzberg Reports Record Quarterly Earnings and Revenues

Revenues increased by $2.06 per share) for the second
quarter of 2004 and well ahead of the $0. In addition, the company
owns an agency-only broker-dealer in the United States that allows the company
to execute equities and option trades for our customers.

telerate kobra

REFCO's worldwide subsidiaries are
members of principal U. A variety of important factors could cause results to
differ materially from such statements, including but not limited to economic,
competitive, governmental and technological factors affecting the company's
operation, markets, products, prices and other factors.

parm otc

We undertake no obligation to
update or revise any forward-looking statements, either to reflect new
developments or for any other reason.0 million ($0.10 $(0.

bourses caplin

"We elected to re-launch Lind-Waldock as the Refco Private Client Group to
help maintain a unified global presence that conveys the scope of our
capabilities to our core constituencies, and specifically to the investment
community, " said Phillip Bennett, President and Chief Executive Officer of
REFCO. In
the second quarter of 2005, Belzberg achieved its highest quarterly revenues
since inception.08 per share)
compared to a net loss of $0.5% (11.

reuters caplin

The management team of Lind-Waldock will continue in their current
roles at the Refco Private Client Group.

What: NYFIX, Inc. NYFIX offers a complete electronic desktop order
management solution, stationary and wireless handheld exchange floor
technology; FIX (Financial Information eXchange Protocol) messaging and
monitoring tools and a high volume trade execution platform.
Electronic Options contracts executed by Belzberg's wholly owned broker
dealer , Electronic Brokerage Systems LLC, were at a record 8.

rcp derivatives

The Refco Private Client Group, formerly known
as Lind-Waldock, provides quality futures trading services to individual
investors. Although we believe that
these forward looking statements have a reasonable basis, you should be aware
that numerous factors could cause actual results to differ materially from our
expectations.4 million to $8.9 million contracts in Q2 2004 and 6. Using Belzberg's
suite of integrated trading tools and network connectivity, Belzberg's
customers have direct access to all North American equities and options
markets, as well as major European stock exchanges.

kobra webtools

Refco Group Ltd. LLC Launches Refco Private Client Group

These forward looking statements are based on assumptions that
we have made in light of our experience and on our perceptions of historical
events, current conditions, expected future developments and other factors we
believe are appropriate under the circumstances.1 million.
"Belzberg has a long history of early innovations in the industry being the
holder of several important industry patents including the fix protocol
translation patent that is ubiquitous within the financial technology
industry.08 $(0.

adp reuters

"Whether you are a sophisticated futures investor or are brand new to the
markets, the Refco Private Client Group offers the services you need to help
reach your financial objectives. "Under the Refco banner, we are looking
forward to carrying on the tradition of client service and reputation as an
industry innovator that the firm has established.com/windows /windowsmedia/EN/default.6 million from Q2 2004.6 million electronic options contracts traded, 35% increase
over prior quarter and 352% increase from Q2 2004.06) $0.

rcp equities

Headquartered in Stamford, Connecticut, NYFIX has additional offices
in New York City, Chicago, San Francisco, London and Madrid.3 million and by 21% from Q1 2005 revenues of
$7.36 million profit in the preceding
quarter. Improvements to our electronic options trading system include
handling of complex orders types for multiple exchanges and the delivery of
fast reliable zero latency high volume options data and a full upgrade of our
network infrastructure to T3 lines allowing high speed execution of large
volumes of both equities and options orders and zero latency delivery of
options and equities data.

Except for historical information contained herein, the matters discussed
in this press release are based on forward-looking statements that involve
risk and uncertainty.

BELZBERG TECHNOLOGIES INC.

caplin rcp

, LLC
Refco Group Ltd., LLC (REFCO) is a diversified financial services
organization with operations in 14 countries and an extensive global
institutional and retail client base. For more information, visit
http://www. Its products
deliver straight through processing ("STP") for front, middle and back office
trade transaction processing.08 per share) on revenues of $8.

reuters telerate

, LLC (REFCO), a leading
provider of execution and clearing services for exchange-traded derivatives
and one of the world's largest independent derivative brokers, announced today
that is has officially launched Refco Private Client Group
(http://www. REFCO is one of the
largest global clearing firms for derivatives.

NYFIX, Inc.

About Belzberg Technologies

Belzberg Technologies provides the software and networks that enable
global, direct access routing and execution of trades for financial
institutions in the United States, Canada and Europe.

telex gateacre

Bennett. In addition to its futures brokerage activities, REFCO is a major
broker of cash market products, including foreign exchange , foreign exchange
options, government securities, domestic and international equities, emerging
market debt, and OTC financial and commodity products. STAMFORD, Conn.com under "About NYFIX, Investor Relations ,
Investor Events Calendar"

How: Live over the Internet - Simply log on to the web at the
address above

If you are unable to participate during the live webcast, the call will be
archived on the NYFIX web site http://www.

otc equities

refcoprivateclient.0 million net income ($0.

Record 8.8 million (-$0."
The company's advanced electronic options and equity trading platforms
have been rolled out to the most demanding, high volume derivatives and
equities traders and options exchanges in the world and accordingly, the
volumes executed through this platform have continued to steadily grow.com.

bourses gateacre

The Refco Private Client Group also offers its clients access to its team of
market strategists who can provide insight regarding investment alternatives.corporate-ir.3 million) of all options executed on major US
options exchanges that clear through the Options Clearing Corporation. Equity
volume executed by Electronic Brokerage Systems was a record 1.

royalblue partnering

Further, any forward
looking statement speaks only as of today.

227 % increase in net income to $1. During Q2 2005, the company's wholly
owned options brokerage subsidiaries , both electronic and non-electronic,
executed approximately 3. The firm's client-base
includes over 200 leading U.05)
--------------------------------------------------------------------- ----
-------------------------------------------------------------------------

WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES
OUTSTANDING 13,778,424 13,768,169 13,778,424 13,745,896
---------------------------------------------------------------- ---------
-------------------------------------------------------------------------

BELZBERG TECHNOLOGIES INC.

otc adp

The firm
was acquired by REFCO in 2000.S.zhtml?p=irol-
eventDetails +c=99977+eventID=1037433 (please copy and paste the URL into your
web browser to access the web site) or log onto
http://www.0 million ($0.6 billion shares
executed in Q1 2005.
"Our strong performance reflects several significant innovations we have
made to our competitive offering in the past few quarters," stated
Sid Belzberg, Belzberg's Chairman, President and Chief Executive Officer.

gateacre equities

As a wholly owned subsidiary of REFCO, the
Refco Private Client Group delivers superior product clearing and account
relationships, as well as access to global futures exchanges, and EFP markets.nyfix. NYFIX maintains multiple data centers and an
extensive network of electronic circuits that link industry participants for
electronic trade communication and provides access to the global equities and
derivatives financial markets.
NYFIX, a pioneer in the FIX -based solutions offers a FIX-compliant product
suite.08 per share) from Q2
2004.3 million
contracts executed in Q1 2005. Belzberg Technologies is listed on the Toronto Stock Exchange
(Ticker-BLZ) - additional information is available at http://www.
Consolidated Statements of Cash Flows
(in Canadian dollars)
(Unaudited)
-------------------------------------- -----------------------------------
Three months ended June 30, Six months ended June 30,
2005 2004 2005 2004
------------- ------------- ------------- -------------
CASH PROVIDED BY
(USED FOR)

OPERATING
ACTIVITIES
Net earnings
(loss) $ 1,044,415 $ (823,824) $ 1,406,821 $ (692,400)
Items not
affecting cash
Amortization
of capital
assets 476,590 560,030 974,741 1,138,592
Unrealized
foreign
exchange gain (39,647) (37,922) (63,519) (53,710)
Stock-based
compensation 30,033 102,460 82,156 162,006
Changes in
non-cash
working capital
items (613,929) 446,362 (1,195,636) 705,640
-------------------------------------------------------------------------
897,462 247,106 1,204,563 1,260,128
----------------------------------- --------------------------------------

INVESTING ACTIVITIES
Purchase of capital
assets (139,069) (246,310) (328,876) (538,726)
Short-term
investments - 1,570,370 - -
---------------- ---------------------------------------------------------
(139,069) 1 ,324,060 (328,876) (538,726)
------------------------------------------------------- ------------------

FINANCING ACTIVITIES
Repayment of
obligations under
capital lease (214,697) (261,575) (400,229) (573,990)
Repayment of bank
loan - (92,313) - (183,444)
Proceeds from the
exercise of stock
options - 106,200 - 195,000
-------------------------------------------------------------------------
(214,697) (247,688) (400,229) (562,434)
--------------- ----------------------------------------------------------

Effect of exchange
rate changes on
cash and cash
equivalents 39,647 37,922 63,519 53,710
NET INCREASE IN
CASH AND CASH
EQUIVALENTS 583,343 1,361,400 538,977 212,678

CASH AND CASH
EQUIVALENTS,
BEGINNING OF
PERIOD 4,013,555 3,152,076 4,057,921 4,300,798
--------- ----------------------------------------------------------------
CASH AND CASH
EQUIVALENTS ,
END OF PERIOD $ 4,596,898 $ 4,513,476 $ 4,596,898 $ 4,513,476
----------- --------------------------------------------------------------
------------------------------ -------------------------------------------

CASH AND CASH
EQUIVALENTS:
Cash $ 3,839,983 $ 2,709,954 $ 3,839,983 $ 2,709,954
Cash equivalents 756 ,915 1,803,522 756,915 1,803,522
---------------------------------------------- ---------------------------
$ 4,596,898 $ 4,513,476 $ 4,596,898 $ 4,513 ,476
-------------------------------------------------------------------------
------- ------------------------------------------------------------------

SUPPLEMENTAL CASH
FLOW INFORMATION
Interest paid $ 11,604 $ 29,626 $ 25,512 $ 67,538
Interest
received 13,557 9,537 25,710 47,286

SUPPLEMENTAL
DISCLOSURE OF
NON-CASH
FINANCING AND
INVESTING
ACTIVITIES

Acquisition of
capital assets
with capital
leases $ 171,208 $ - $ 425,358 $ -

royalblue telex

and international exchanges , and are among the most
active members of futures exchanges in Chicago, New York, London and
Singapore .

NYFIX Inc. Invites You to Join Its Fourth Quarter 2004 and First Quarter 2005 Conference Call and Business Update on the Web

(Minimum Requirements to listen to broadcast: The Windows Media Player
software, downloadable free from
http://www. $1. Improvements over Q2, 2004 included:

38% increase in revenues to $8.
Net income for the quarter increased to $1.8 billion
shares compared to 1.
Consolidated Statements of Operations and Deficit
(in Canadian dollars )
(Unaudited)
------------------------------------------------------------------------ -
Three months ended June 30, Six months ended June 30,
2005 2004 2005 2004
------------- ------------- ------------- -------------

REVENUE $ 8,647,961 $ 6,257,891 $ 15,766,176 $ 12,967,989

COST OF REVENUE 4,680,886 3,641,690 8,532,170 7 ,089,329
-------------------------------------------------------------------------
GROSS MARGIN 3,967,075 2,616,201 7,234,006 5,878,660
------------------------- ------------------------------------------------

EXPENSES
Sales and
marketing 606,281 818,323 1,211,042 1,623,048
Research and
development 555,670 550,027 1,134,951 1,129,451
Administration 1,256,735 1,242,327 2,466,078 2,416,835
Amortization of
capital assets 476,590 560,030 974,741 1,138,592
Foreign exchange
loss 29 ,337 68,564 40,571 62,217
Restructuring
charges - 180,665 - 180,665
------------------------------------------- ------------------------------
2,924,613 3,419,936 5,827,383 6,550,808
-------------------------------------------------------------------------

EARNINGS (LOSS)
BEFORE UNDERNOTED
ITEMS 1,042,462 (803,735) 1,406,623 (672,148)

Interest expense 11,604 29,626 25,512 67,538
Interest income (13,557) (9,537) (25,710) (47,286)
-- -----------------------------------------------------------------------

NET EARNINGS (LOSS )
FOR THE PERIOD 1,044,415 (823,824) 1,406,821 (692,400)

DEFICIT , BEGINNING
OF PERIOD (28,873,453) (27,722,018) (29,235,859) (27,853,442)

-------------------------------------------------------------------------
DEFICIT, END OF
PERIOD $(27,829,038) $(28,545,842) $(27,829,038) $(28,545,842)
----------- --------------------------------------------------------------
------------------------------ -------------------------------------------
EARNINGS (LOSS)
PER SHARE
Basic and
diluted $0.

otc bourses

Cautionary Note regarding Forward-Looking Statements
In this press release, all statements other than statements of historical
fact are forward looking statements and are subject to risks and
uncertainties., In conjunction with
NYFIX, Inc . 2004 Fourth Quarter and 2005 First Quarter
Conference Call and Business Update

When: June 30, 2005 at 12 noon ET

Where: http://phx.javtech.

6 million

TORONTO, July 28 - Belzberg Technologies Inc.S and international brokerage houses and financial
institutions.
Consolidated Balance Sheets
(Unaudited)
(in Canadian dollars)
-------------------------------------------------------------------------
June 30, December 31,
2005 2004
------------- -------------

ASSETS

CURRENT
Cash and cash equivalents $ 4,596,898 $ 4,057,921
Deposits with and receivables from
brokers , dealers and clearing
organizations 2,178,294 1,693,873
Accounts receivable 3,393,774 2,989,822
Prepaid expenses and other receivables 472,866 358,265
Other 142,409 243,525
---------------------------------------------------------- ---------------
10,784,241 9,343,406

CAPITAL ASSETS 2,566,104 2,880,367

GOODWILL 755,239 755,239
-------------------------------- -----------------------------------------
$ 14,105 ,584 $ 12,979,012
-------------------------------------------------------------------------
-------------------------------------------------------------------------

LIABILITIES

CURRENT
Accounts payable and accrued liabilities $ 3,285,148 $ 3,672,682
Current portion of obligations under
capital lease 264 ,046 449,290
-------------------------------------------------------------------------
3,549,194 4,121,972

OBLIGATIONS UNDER CAPITAL LEASE 296,963 86,590
------------------------------- ------------------------------------------
3,846 ,157 4,208,562
-------------------------------------------------------------------------

SHAREHOLDERS' EQUITY

CAPITAL STOCK 34,770,877 34,770,877

CONTRIBUTED SURPLUS 3,317,588 1,569,732

WARRANTS - 1,665,700

DEFICIT (27,829,038) (29,235,859)
--------------------------- ----------------------------------------------
10,259,427 8,770,450
------------------------------------------------------------------ -------
$ 14,105,584 $ 12,979,012
----- --------------------------------------------------------------------
------------------------ -------------------------------------------------

BELZBERG TECHNOLOGIES INC.

parm royalblue

"
"The Refco Private Client Group combines the global resources of the
leading derivatives trading and brokerage company with Lind-Waldock's heritage
of personalized investment services to offer our customers a premier level of
futures trading capabilities for individual investors," said Mark Sachs,
President of Refco Private Client Group and former President of Lind-Waldock.microsoft. NYFIX products and services automate trading
workflows by streamlining data entry and seamlessly integrate electronic order
and execution handling.

telekurs parm

"

About REFCO Group Ltd.net/phoenix.8Kbps connection to the Internet.

For more
information, please visit http://www.6 million or 38%
over Q2 2004 with revenues of $6.

adp iso9000

Wholly-Owned Subsidiary, Formerly Lind-Waldock,
Offers Premier Futures Trading Services to Individual Investors

NEW YORK, Refco Group Ltd.com). "While the name has changed , our clients can be certain that they will
continue to receive the same level of service that they have come to expect
from our seasoned team of professionals. It is impossible for us to predict
how new events or developments may affect us.com.