Calyon Financial Introduces VWAP and TWAP Algorithmic Execution Tools

Calyon Financial Introduces VWAP and TWAP Algorithmic Execution Tools

October 11, 2007

    CHICAGO, Oct. 11 /Xinhua-PRNewswire/ -- Calyon
Financial today announced the introduction of eight new
algorithmic execution tools exclusively available for the
brokerage firm's clients.  The algorithms have been
designed by Calyon Financial's industry-recognized Research
Group to help clients minimize the market impact of their
orders on many of the leading global futures contracts
under a variety of market conditions and trading-day
scenarios.

    The algorithms are based on extensive testing and a
comprehensive, historical market depth tick database on
actively traded CME, CBOT, Eurex, Euronext.Liffe, ICE and
MX contracts assembled by Calyon Financial.  In addition to
offering the eight algorithmic executions, Calyon Financial
also can utilize the data to assist in addressing specific
client queries on how best to work an order and to analyze
how well a given algorithm has behaved after the trade has
occurred.

    Calyon Financial, a top-tier global brokerage firm that
provides institutional clients with execution and clearing
services on more than 70 financial and commodity exchanges,
is an agency model brokerage and does not engage in
proprietary trading.  This provides clients with the added
assurance that their trades, algorithmic or traditional,
receive top priority and confidentiality.

    With the new algorithmic offerings, Calyon Financial
clients can now request that their orders be worked
utilizing either a VWAP or TWAP strategy with four
different execution tactics ranging from aggressive to
patient for each strategy.  Brief descriptions of the
strategies and execution tactics are:

    Strategies

    -- Volume Weighted Average Price (VWAP). VWAP seeks to
match the volume 
       weighted average price for a specified time period.

    -- Time Weighted Average Price (TWAP).  TWAP slices an
order evenly over 
       time.

    Execution Tactics

    -- VWAP/TWAP Type 1. Aggressive execution using market
orders to achieve 
       immediate fills.
    -- VWAP/TWAP Type 2. Slightly less aggressive tactic
that pegs limit 
       orders at a specified price over the bid or below
the ask.
    -- VWAP/TWAP Type 3.  Patient execution tactic that
provides a "sticky" 
       peg to the bid (if buying) or offer (if selling),
allowing the client 
       to be a provider of liquidity.
    -- VWAP/TWAP Type 4.  Highly patient execution tactic
functions like the 
       Type 3 tactic with an added conversion to a
historical value if the 
       order slice is not filled within a specified time.

    Calyon Financial clients utilizing these algorithmic
strategies can send instructions to Calyon Financial via
FIX or by the traditional methods of phone or e-mail. 

    About Calyon Financial

    Calyon Financial ( http://www.calyonfinancial.com ) is
a leading global brokerage firm dedicated to providing
institutional clients efficient access to all major
markets.  The firm ranks among the top futures commission
merchants in the world and has access to more than 70
financial and commodity exchanges.  Headquartered in
Chicago, Calyon Financial has a presence in 16 major global
financial centers.  Calyon Financial is a wholly owned
subsidiary of Calyon S.A. ( http://www.calyon.com ), the
corporate banking arm of Credit Agricole.  Calyon is a
major player in financial markets and among Europe's
leading corporate and investment banks.  Credit Agricole
and Calyon each hold AA credit ratings.

    On August 8, 2007, Calyon and Societe Generale signed
the final agreement relative to the merger of the brokerage
activities currently carried out by their respective
subsidiaries, Calyon Financial and Fimat.  The operational
launch of the new entity is scheduled for early 2008,
subject to the approval of supervisory authorities.

    The resulting entity, Newedge, will be controlled 50/50
by Societe Generale and Calyon and will have bank status. It
will be headquartered in Paris, and is expected to have a
combined staff of around 3,000 located in the world's main
financial centers. 

    In a fast-growing market, Newedge will rank as a world
leader in execution, in particular electronic execution, as
well as in clearing derivative products traded in the
Americas, Europe and Asia-Pacific. 
    
    Nothing contained herein should be considered as an
offer or the solicitation of an offer to sell or to buy any
financial instruments discussed herein.  Calyon Financial
SNC is authorized by Banque de France. In the UK, Calyon
Financial SNC's London Branch is regulated by the Financial
Services Authority for the conduct of designated investment
business in the UK. In France, Calyon Financial SNC is
regulated by the Autorite des Marches Financiers and by the
Commission Bancaire. Calyon Financial Inc. is a member of
SIPC and FINRA. (C) Calyon Financial. All rights reserved.


    For more information:

     Barry Neumann
     Calyon Financial Corporate Communications
     Tel:   [phone] 
     Email: [e-mail]