FOR IMMEDIATE RELEASE 

Hudson Securities to offer AFA’s IMPACT Pro™ Trade Order Processing Platform

(New York: May 22, 2006) Advanced Financial Applications (AFA), a leading provider of trading technologies to buy and sell side financial organizations, today announced that Hudson Securities, Inc., a wholly owned subsidiary of Hudson Holding Corporation (OTCBB:HDHL) has entered into an agreement to offer AFA’s IMPACT Pro™ platform to its institutional and broker-dealer clients.  AFA will provide Hudson’s customers with electronic connectivity to the firm’s desk.

Hudson’s clients will now have access to AFA’s Integrated Order Processing (IOP™) capability, which enables users of the IMPACT Pro solution to seamlessly manage trades from execution through settlement.   

Said Keith Knox, Hudson’s President: “Clients increasingly demand seamless inbound and outbound connectivity for their order flow.  In deploying AFA’s turnkey solution we have given out clients both connectivity and the ability to process orders from execution through settlement on one platform.”

Commented Nilesh Nanavati, AFA’s president: “We are pleased that Hudson has selected AFA.  It is our mission to help our client’s grow their businesses and we look forward to working with Hudson to increase the value of their offering to their clients.  IMPACT Pro provides trading efficiency to Hudson’s clients and will help to differentiate its services.”