I am getting Cannot bind to URL exception when I am trying to use JMX with Spring. Please suggest.

Code:
<<Maven dependency>>

<dependency>
    <groupId>org.springframework</groupId>
    <artifactId>spring-jmx</artifactId>
    <version>2.0.8</version>
</dependency> 

<<jmxApplication.xml>>

<?xml version="1.0" encoding="UTF-8"?>
<beans xmlns="http://www.springframework.org/schema/beans"
       xmlns:util="http://www.springframework.org/schema/util"
       xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
       xmlns:aop="http://www.springframework.org/schema/aop"
       xmlns:tx="http://www.springframework.org/schema/tx"
       xsi:schemaLocation="http://www.springframework.org/schema/beans http://www.springframework.org/schema/beans/spring-beans.xsd http://www.springframework.org/schema/aop http://www.springframework.org/schema/aop/spring-aop-2.0.xsd http://www.springframework.org/schema/tx http://www.springframework.org/schema/tx/spring-tx-2.5.xsd">

 <bean id="mbeanServer" class="org.springframework.jmx.support.MBeanServerFactoryBean"/>


  <!-- this bean must not be lazily initialized if the exporting is to happen -->
  <bean id="exporter" class="org.springframework.jmx.export.MBeanExporter" lazy-init="false">
    <property name="beans">
      <map>
        <entry key="bean:name=testBean1" value-ref="testBean"/>
      </map>
    </property>
    <property name="server" ref="mbeanServer"/>
    <property name="autodetect" value="true"/>
    <property name="registrationBehaviorName" value="REGISTRATION_REPLACE_EXISTING"/>
    <property name="notificationListenerMappings">
        <map>
            <entry key="bean:name=testBean1">
                <bean class="org.springframework.jmx.ConsoleLoggingNotificationListener"/>
            </entry>
        </map>
    </property>    
  </bean>
  
  <bean id="listener" class="org.springframework.jmx.ConsoleLoggingNotificationListener"/>
  

  <bean id="testBean" class="org.springframework.jmx.JmxTestBean">
    <property name="name" value="TEST"/>
    <property name="age" value="100"/>
  </bean>
  
        <bean id="serverConnector" class="org.springframework.jmx.support.ConnectorServerFactoryBean"  lazy-init="false">
                <property name="objectName" value="connector:name=rmi"/>
                <property name="serviceUrl"
                          value="service:jmx:rmi://localhost/jndi/rmi://localhost:1099/myconnector"/>

                <property name="threaded" value="true"/>
                <property name="daemon" value="true"/>
                <property name="server">
                        <ref local="mbeanServer"/>
                </property>
        </bean>

        <bean id="registry" class="org.springframework.remoting.rmi.RmiRegistryFactoryBean">
          <property name="port" value="1099"/>
        </bean>  

</beans>

<<Exception>>

2009-11-30 11:20:44,562 ERROR Exception occurred in Thread (id : 21 name : JMX Connector Thread [service:jmx:rmi://localhost/jndi/rmi://localhost:1098/myconnector] ) 
org.springframework.jmx.JmxException: Could not start JMX connector server after delay; nested exception is java.io.IOException: Cannot bind to URL [rmi://localhost:1098/myconnector]: javax.naming.ServiceUnavailableException [Root exception is java.rmi.ConnectException: Connection refused to host: localhost; nested exception is: 
        java.net.ConnectException: Connection refused: connect]
        at org.springframework.jmx.support.ConnectorServerFactoryBean$1.run(ConnectorServerFactoryBean.java:157)
Caused by: java.io.IOException: Cannot bind to URL [rmi://localhost:1098/myconnector]: javax.naming.ServiceUnavailableException [Root exception is java.rmi.ConnectException: Connection refused to host: localhost; nested exception is: 
        java.net.ConnectException: Connection refused: connect]
        at javax.management.remote.rmi.RMIConnectorServer.newIOException(RMIConnectorServer.java:804)
        at javax.management.remote.rmi.RMIConnectorServer.start(RMIConnectorServer.java:417)
        at org.springframework.jmx.support.ConnectorServerFactoryBean$1.run(ConnectorServerFactoryBean.java:154)
Caused by: javax.naming.ServiceUnavailableException [Root exception is java.rmi.ConnectException: Connection refused to host: localhost; nested exception is: 
        java.net.ConnectException: Connection refused: connect]
        at com.sun.jndi.rmi.registry.RegistryContext.bind(RegistryContext.java:126)
        at com.sun.jndi.toolkit.url.GenericURLContext.bind(GenericURLContext.java:208)
        at javax.naming.InitialContext.bind(InitialContext.java:400)
        at javax.management.remote.rmi.RMIConnectorServer.bind(RMIConnectorServer.java:625)
        at javax.management.remote.rmi.RMIConnectorServer.start(RMIConnectorServer.java:412)
        ... 1 more
Caused by: java.rmi.ConnectException: Connection refused to host: localhost; nested exception is: 
        java.net.ConnectException: Connection refused: connect
        at sun.rmi.transport.tcp.TCPEndpoint.newSocket(TCPEndpoint.java:601)
        at sun.rmi.transport.tcp.TCPChannel.createConnection(TCPChannel.java:198)
        at sun.rmi.transport.tcp.TCPChannel.newConnection(TCPChannel.java:184)
        at sun.rmi.server.UnicastRef.newCall(UnicastRef.java:322)
        at sun.rmi.registry.RegistryImpl_Stub.bind(Unknown Source)
        at com.sun.jndi.rmi.registry.RegistryContext.bind(RegistryContext.java:120)
        ... 5 more
Caused by: java.net.ConnectException: Connection refused: connect
        at java.net.PlainSocketImpl.socketConnect(Native Method)
        at java.net.PlainSocketImpl.doConnect(PlainSocketImpl.java:333)
        at java.net.PlainSocketImpl.connectToAddress(PlainSocketImpl.java:195)
        at java.net.PlainSocketImpl.connect(PlainSocketImpl.java:182)
        at java.net.SocksSocketImpl.connect(SocksSocketImpl.java:366)
        at java.net.Socket.connect(Socket.java:519)
        at java.net.Socket.connect(Socket.java:469)
        at java.net.Socket.<init>(Socket.java:366)
        at java.net.Socket.<init>(Socket.java:180)
        at sun.rmi.transport.proxy.RMIDirectSocketFactory.createSocket(RMIDirectSocketFactory.java:22)
        at sun.rmi.transport.proxy.RMIMasterSocketFactory.createSocket(RMIMasterSocketFactory.java:128)
        at sun.rmi.transport.tcp.TCPEndpoint.newSocket(TCPEndpoint.java:595)
        ... 10 more