Scotia Capital joins FX Connect – a leading global electronic foreign exchange trading service

TORONTO, May 11, 2001 – Scotia Capital today announced it has joined FX Connect, a multi-bank electronic foreign exchange (FX) trading system designed by State Street Corporation – a leading global service provider for institutional investors. By accessing FX Connect, Scotia Capital's institutional investors will be able to trade foreign exchange on-line with multiple banks around the world in a real-time, interactive environment.

"As our institutional clients increasingly use e-commerce to carry out their FX trading, we are pleased to offer them the latest innovation in on-line foreign exchange trading with FX Connect," said Barry Wainstein, Managing Director & Global Head, Foreign Exchange and Money Markets, Scotia Capital. "In addition to on-line FX trading, this service will provide clients with access to industry-leading research and analytics from major foreign exchange banks throughout the world. FX Connect is a welcome addition to Scotia Capital's other web-based foreign exchange products including our proprietary trading service, ScotiaFX.com."

FX Connect enables institutional investors to seamlessly integrate FX trading into their portfolio execution process, enhancing their ability to transact large portfolios of spot, forward and swap transactions, with complex allocations across an unlimited number of accounts. The system also provides efficient post-trade clearing and confirmation.

FX Connect is available exclusively through Global Link, State Street's central platform for delivery of e-finance applications and services for institutional investors.

"By joining FX Connect, Scotia Capital has reinforced its position as a global leader in FX trading and we are pleased to have them on-board," said JF Courville, Managing Director of State Street's Global Markets in Canada.

For more information on FX Connect, visit Global Link's web site at
www.e-globallink.com

Scotia Capital is a leader in the corporate and investment banking industry, with a presence in both major and regional financial centres around the world. Scotia Capital is a member of the Scotiabank Group. For more information visit www.scotiacapital.com, www.scotiafx.com or www.scotiabank.com

For further information:

Jane Shannon
Scotiabank Public Affairs
(416) 933-1795
jane_shannon@scotiacaptial.com

Hannah Grove
State Street Public Relations
(617) 664-3377
hmgrove@statestreet.com