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Sales Presentation (written/edited by J Tormey) January xx, 2008.

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Presentation on theme: "Sales Presentation (written/edited by J Tormey) January xx, 2008."— Presentation transcript:

1 Sales Presentation (written/edited by J Tormey) January xx, 2008

2 Who We AreSolutions 2 NYFIX: Who We Are An innovator in institutional trading and software services since 1994 Four areas of focus: FIX CONNECTVITY (Community) FIX SOFTWARE TRADE EXECUTION SERVICES ORDER MANAGEMENT Warburg Pincus invested on belief in the NYFIX model: A widely used, independent, and trusted partner A large community of long-term users who rely on NYFIX Deep expertise in electronic order routing and execution A product & service platform designed for global expansion

3 Who We AreSolutions 3 Challenges in the New Capital Markets Dramatic increase in electronic trading volumes and fragmentation US leading - Europe and Asia coming Exchanges, global brokers and dark pools all competing Regulation MiFID in Europe, RegNMS in the US Best execution requirements Need for neutral solutions to monitor and measure trading performance Demand for multi-asset class solutions - on the horizon Accelerating changes impacting IT resources - globally

4 Who We AreSolutions 4 In Short… In an environment where financial institutions are struggling with ever-increasing volumes and technology challenges NYFIX optimizes the business of trading

5 Who We AreSolutions 5 A Vision to Address These Challenges A robust platform to optimize the critical components of electronic trading workflow An organization dedicated to technical excellence, expertise and customer service. A commitment to extend and support the reach of our client community, as their needs expand globally NYFIX optimizes the business of trading through:

6 NYFIX Solutions

7 Who We AreSolutions 7 NYFIX Solutions IOI Millennium/NEXAS/DMAServices CSAs Dark Pools & ATSs Dark Pools & ATSs Exchanges Marketplace AppiaTradeScope Millennium NEXAS DMA FIXTrader OMS FIXTrader OMS Appia & TradeScope Appia & TradeScope

8 Who We AreSolutions 8 Appia – The Market Leader Serving the most demanding trading environments since 1998 The #1 FIX engine globally – FPL and Tower Group SM Survey – 12/2005 Over 1,000 production engines in 30 countries 6 out of Top 10 Brokers – 25 out of the top 50 49% of the Buy Side Market TowerGroup 2006 Survey The #1 FIX engine globally – FPL and Tower Group SM Survey – 12/2005 Over 1,000 production engines in 30 countries 6 out of Top 10 Brokers – 25 out of the top 50 49% of the Buy Side Market TowerGroup 2006 Survey Appia & TradeScopeDetailKey Features Overview 5.0

9 Who We AreSolutions 9 Appia – The Market Leader Serving the most demanding trading environments since years at the forefront of FIX software and FIX network development Working with the most advanced trading firms globally Deep and ongoing investment in people, tools, and systems development 10 years at the forefront of FIX software and FIX network development Working with the most advanced trading firms globally Deep and ongoing investment in people, tools, and systems development Appia & TradeScopeDetailKey Features Overview 5.0

10 Who We AreSolutions 10 FIX NETWORKS Clients Exchanges Dark Pools Appia – What It Does Appia FIX Engine Software Appia FIX Engine Software Trading OMS Order Management System OMS Order Management System Appia - Order Flow Management Appia manages the OMS interface, and all trade order and execution data - in and out of a trading environment. Appia manages all network connections to thousands of trading counterparties globally. Appia & TradeScopeDetailKey Features Overview 5.0

11 Who We AreSolutions 11 Appia – Key Features High speed – low latency Scaleable Customizable Servicing the most demanding electronic trading environments High volume message throughput with ultra-low latency 40,000 MPS, <1 Millisecond PMsg* Highly configurable for maximum performance Fail-over & backup 24 hour global support * Quad CPU Intel 64 bit Appia & TradeScopeDetail Key Features Overview 5.0

12 Who We AreSolutions 12 Appia – Key Features High speed – low latency Scaleable Customizable Appia today can be used in a single instance, or as an array across multiple desks around the globe Fail-over & backup 24 hour global support CLIENTSCLIENTS CLIENTSCLIENTS AA Desk 1 Desk 2 Desk 3 AA AA AA AA AA Appia & TradeScopeDetail Key Features Overview5.0

13 Who We AreSolutions 13 Appia – Key Features High speed – low latency Scaleable Customizable Appia User extensible framework for plugging in your custom code directly into Appia: Inbound Message Filter Plug-in Inbound Routing Switch Plug-in Inbound Post Validation Plug-in Inbound Pre-Validation Plug-in Inbound Pre-Parser Plug-in Appia Counterparty Appia Log File Appia Message Database Trading Application Fail-over & backup 24 hour global support Hundreds of pre-built adaptors (plug-ins). Open framework for experienced users. Click to ENLARGE Appia & TradeScopeDetail Key Features Overview5.0

14 Who We AreSolutions 14 Appia User extensible framework for plugging in your custom code directly into Appia: Inbound Message Filter Plug-in Inbound Routing Switch Plug-in Inbound Post Validation Plug-in Inbound Pre-Validation Plug-in Inbound Pre-Parser Plug-in Appia Counterparty Appia Log File Appia Message Database Trading Application

15 Who We AreSolutions 15 Global Level I support, 24 X 7 True product specific Level II & III support teams in all regions Strongest global FIX expertise & development Support staff since 2000: US EMEA ASIA Fail-over & backup 24 hour global support Appia – Key Features High speed – low latency Scaleable Customizable 24 hour global support New York London Tokyo Manila Appia & TradeScopeDetail Key Features Overview 5.0

16 Who We AreSolutions 16 Fail-over & backup 24 hour global support Appia – Key Features High speed – low latency Scaleable Customizable Fail-over & backup Coming 2008 Appia 5.0 Featuring: Dynamic Load Balancing 5.0 Fast fail-over to secondary server to insure trading continuity (user defined options) Proprietary algorithm constantly replicates information to guarantee server synchronization. Disaster site fail–over and recovery management; with complete replication of primary server Appia & TradeScopeDetail Key Features Overview 5.0

17 Who We AreSolutions 17 Appia – How It Works FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter- parties OMS Order Management System OMS Order Management System Appia - Order Flow Management Middleware Appia Engine Multi-threaded core process Formatting Translation Validation Security Appia Engine Multi-threaded core process Formatting Translation Validation Security Session Management Protocols supported FIX CMS CTCI ACT CTCI Trace Session Management Protocols supported FIX CMS CTCI ACT CTCI Trace Logging and Persistence Full Data Recovery Multiple Connections Logging and Persistence Full Data Recovery Multiple Connections High Availability Full synchronization with second Appia LAN and/or WAN High Availability Full synchronization with second Appia LAN and/or WAN Coming 2008 Appia 5.0 Featuring: Dynamic Load Balancing 5.0 Appia HA Appia HA LOG FILE Flat File JDBC Middleware Manages connectivity adapters to the OMS All versions: Tibco MQ series JMS Middleware Manages connectivity adapters to the OMS All versions: Tibco MQ series JMS Socket C++/Java.Net toolkits Socket C++/Java.Net toolkits Appia & TradeScope Detail Key FeaturesOverview5.0

18 Who We AreSolutions 18 Appia HA (High Availability) - today Production environment 5,000 MPS (messages per second) 5,000 MPS Production environment OMS 3,000 MPS (messages per second) 3,000 MPS 40% performance hit due to database double writes (typical) FIX Traffictoday Appia HA Appia HA Appia HA Appia HA OMS Appia & TradeScope DetailKey FeaturesOverview 5.0

19 Who We AreSolutions 19 Appia 5.0 – Coming Q Production environment 5,000 MPS Production environment OMS FIX Traffictoday FIX Traffictomorrow Appia OMS 5,000 MPS (messages per second) 10,000 MPS (messages per second) Appia 5.0 Appia 5.0 Appia 5.0 Appia 5.0 Appia 5.0 Appia 5.0 OMS 5,000 MPS Load Balancer Automatic fail-over All instances of Appia write to a single database 300% increase in throughput performance vs. HA Messages can flow to one, or multiple OMSs Appia & TradeScope Detail Key FeaturesOverview 5.0

20 Who We AreSolutions 20 Appia 5.0 – Coming Q Production environment 5,000 MPS Production environment OMS FIX Traffictoday FIX Traffictomorrow Appia OMS 5,000 MPS (messages per second) 10,000 MPS (messages per second) Appia 5.0 Appia 5.0 Appia 5.0 Appia 5.0 Appia 5.0 Appia 5.0 OMS 3,000 MPS Load Balancer Appia engines can be added in an array Actual throughput would be based on a load-balancing formula – roughly 2/3 of full engine capacity Appia & TradeScope DetailKey FeaturesOverview 5.0

21 Who We AreSolutions 21 Appia 5.0 – Modular Design Appia Built for Low Latency Componentized design Session Management Validation Recovery Configuration Middleware Inbedding the FIX Engine in your application Components are independent Allows you to use only the layer you need Removes duplication of effort Eases integration Appia & TradeScope DetailKey FeaturesOverview 5.0

22 Who We AreSolutions 22 Appia & TradeScope – Working Together FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Trading Clients Exchanges Dark Pools OMS Order Management System OMS Order Management System TradeScope Monitoring Tool TradeScope Monitoring Tool Appia - Order Flow Management Trading Support TradeScope – managing the entire process Trade Order Detail FIX Infrastructure All Connections Appia & TradeScope DetailKey FeaturesOverview5.0

23 Who We AreSolutions 23 TradeScope TradeScope is a comprehensive FIX monitoring and reporting tool Proactive method for managing the FIX infrastructure Web-based server application TradeScope is a comprehensive FIX monitoring and reporting tool Proactive method for managing the FIX infrastructure Web-based server application DetailKey Features Overview

24 Who We AreSolutions 24 TradeScope – What It Does FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Trading Clients Exchanges Dark Pools OMS Order Management System OMS Order Management System Appia - Order Flow Management TradeScope Monitoring Tool TradeScope Monitoring Tool Trade Order Detail FIX Infrastructure All Connections Trading Support DetailKey Features Overview TradeScope – managing the entire process

25 Who We AreSolutions 25 TradeScope – What It Does FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Trading Clients Exchanges Dark Pools OMS Order Management System OMS Order Management System Appia - Order Flow Management TradeScope Monitoring Tool TradeScope Monitoring Tool Trade Order Detail FIX Infrastructure All Connections Trading Support Counter parties DetailKey Features Overview TradeScope – managing the entire process

26 Who We AreSolutions 26 TradeScope – What It Does FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Trading Clients Exchanges Dark Pools OMS Order Management System OMS Order Management System Appia - Order Flow Management TradeScope Monitoring Tool TradeScope Monitoring Tool Trade Order Detail FIX Infrastructure All Connections Trading Support DetailKey Features Overview TradeScope – managing the entire process

27 Who We AreSolutions 27 TradeScope – What It Does FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Trading OMS Order Management System OMS Order Management System Appia - Order Flow Management Counter parties DetailKey Features Overview TradeScope – managing the entire process

28 Who We AreSolutions 28 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager Detail Key Features Overview

29 Who We AreSolutions 29 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager View and manage all open and executed orders Translate from FIX to English Find complete order chain with just one click Detail Key Features Overview

30 Who We AreSolutions 30 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter- parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager Drill into order details and make modifications on the fly View and manage all open and executed orders Translate from FIX to English Find complete order chain with just one click Detail Key Features Overview

31 Who We AreSolutions 31 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter- parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager Manage up to 500 FIX engines All aspects, all details Detail Key Features Overview

32 Who We AreSolutions 32 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter- parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager Monitor all sessions and connectivity status Easily find counterparties Complete session control and management Detail Key Features Overview

33 Who We AreSolutions 33 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter- parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager Security Multi-level roles and responsibility-based tools Designate who can make critical changes Prevent accidental interruption of trading Limit direct user access to production systems Complete audit trail of user events Import your firms security policies Detail Key Features Overview

34 Who We AreSolutions 34 TradeScope – Key Features FIX NETWORKS Appia FIX Engine Software Appia FIX Engine Software Counter- parties OMS Order Management System OMS Order Management System TradeScope – managing the entire process Trade Order ManagerFIX InfrastructureConnection Manager Security Alerts Proactive connection alerts System and engine level health Order and execution thresholds Detail Key Features Overview TradeScope Notifier SNMP Pager Custom

35 Who We AreSolutions 35 Global Operations TradeScope – How It Works TradeScope Server TradeScope Server Custom Trade Level Alerts Rules Engine FIX Monitor Notifier TradeScope Server SNMP PagerCustom Developers 2 nd Level Support HTTP Traders New York London Tokyo HTTP JMS Appia Engine * New York London Tokyo * Works with other vendor engines (e.g. Cameron, TransactTools, Others…) Enterprise-wide FIX Engines Detail Key Features Overview

36 Who We AreSolutions 36 NYFIX Marketplace TM Key Features Overview ProductsGlobal ServiceProfessional Services IOI CSAs Dark Pools & ATSs Dark Pools & ATSs Exchanges Millennium NEXAS DMA FIXTrader OMS FIXTrader OMS Appia & TradeScope Appia & TradeScope

37 Who We AreSolutions 37 NYFIX Marketplace TM The Industrys Broadest and Deepest FIX-based Trading Community Key Features Overview ProductsGlobal ServiceProfessional Services

38 Who We AreSolutions 38 NYFIX Marketplace TM – Experience & Commitment Serving the most demanding trading environments since years at the forefront of FIX network development & operations Over 900 Institutional clients Ongoing investment in people, tools and systems development Key Features Overview ProductsGlobal ServiceProfessional Services

39 Who We AreSolutions 39 NYFIX Marketplace TM – Benefits Fully managed network Handles all client connectivity Time-tested architecture Highly flexible Designed for data integrity and reliability Significantly reduced IT burden Single connection model Rapid connectivity to counterparties Most already connected Key Features Overview ProductsGlobal ServiceProfessional Services

40 Who We AreSolutions 40 NYFIX Marketplace TM – Order Routing 7,500 + Buy-side Firms 370 Sell-side Firms 420 Global National Regional Clearing Houses Mutual Funds Asset Managers Hedge Funds Quants SINGLE CLIENT CONNECTION SINGLE CLIENT CONNECTION Key FeaturesOverview Products Global ServiceProfessional Services Dark Pools Exchanges

41 Who We AreSolutions 41 NYFIX Marketplace TM – IOI s (Indications of Interest) Buy-side Firms integrate NYFIX IOIs directly into the OMS blotter Brokers sending IOIs Matching real IOIs against open order offers the best chance of capturing liquidity Filtering at NYFIX back end prevents message overload at the OMS Broker CRD LineData Eze Castle Latent Zero InData Proprietary Key FeaturesOverview Products Global ServiceProfessional Services

42 Who We AreSolutions 42 NYFIX Marketplace TM – Mission Critical Service Over 12 years of high-production FIX networking Expert on-boarding – start to finish Experienced FIX certification & translation Dedicated Global Support – 24 x 5.5 Key FeaturesOverviewProducts Global Service Professional Services

43 Who We AreSolutions 43 NYFIX Marketplace TM – Global Support Team Boston New York Chicago San Francisco London Paris Madrid Tokyo Manila Hong Kong Key FeaturesOverviewProducts Global Service Professional Services

44 Who We AreSolutions 44 NYFIX Marketplace TM – Faster Access to New Services Open Architecture OMS On-boarding NYFIX open architecture avoids lengthy re- verification of new FIX tags and layouts Allows faster access to new broker algorithms and other electronic venues M Fund A Mgr Index Hedge Quant M Fund A Mgr Index Hedge Quant Broker Buy-side 370 members Sell-side 420 members FIX End-of-Day process New Algo Expedites access to new broker algorithms Key Features OverviewProductsGlobal ServiceProfessional Services

45 Who We AreSolutions 45 NYFIX Marketplace TM – Simplifies OMS Migration FIX End-of-Day process NYFIX simplifies OMS migrations Eliminates the need to open firewalls and ports with each individual counterparty NYFIX enables simplified re-networking Broker 1 Broker 2 Broker 3 Broker 1 Broker 2 Broker 3 Buy-side OMS On-boarding Open Architecture Re-networking Broker 1 Broker 2 Broker 3 Broker 1 Broker 2 Broker 3 OMS On-boarding Buy-side Re-networking CRD LineData Eze Castle Latent Zero Others CRD LineData Eze Castle Latent Zero Others CRD LineData Eze Castle Latent Zero Others CRD LineData Eze Castle Latent Zero Others One-time Key Features OverviewProductsGlobal ServiceProfessional Services

46 Who We AreSolutions 46 NYFIX Marketplace TM – Eliminates E.O.D. Headaches Open Architecture NYFIX greatly simplifies E.O.D. process Direct connections require daily coordination with every counterparty Faulty E.O.D. process results in trade errors Broker 1 Broker 2 Broker 3 Broker 1 Broker 2 Broker 3 Buy-side (pt.-to-pt.) FIX End-of-Day process OMS On-boarding Buy-side (NYFIX) 5:20pm 5:35pm 6:10 pm Broker 1 Broker 2 Broker 3 Broker 1 Broker 2 Broker 3 E.O.D Process One-time Key Features OverviewProductsGlobal ServiceProfessional Services

47 Who We AreSolutions 47 Optimize your investments with NYFIX technology specialists Recognized experts in FIX software: Increase your efficiencies, reduce costs, and maximize output Customize solutions to meet your specific needs Receive local support from offices in global financial centers 10 years of FIX Protocol and FIX Engine expertise Flexible pricing packages available NYFIX Professional Services Key FeaturesOverviewProductsGlobal Service Professional Services

48 Who We AreSolutions 48 NYFIX - FIX Training For successful FIX implementation and uptake Targeted to Developers, On-boarding Teams, Help Desks, and Business Users Introductory FIX Training Basic Jumpstart Orientation and Education FIX Engine Basics Fundamental Integration Concepts Advanced, Customized FIX Training FIX in Detail Advanced Integration Concepts Session Layer and Application Layer Connection On-boarding and Certification High Availability and Disaster Recovery FIX Across Asset Classes Trading with Exchanges Key FeaturesOverviewProductsGlobal Service Professional Services

49 Who We AreSolutions 49 NYFIX Transaction Services NYFIX MillenniumNYFIX NEXASNYFIX DMA Millennium – Dark Pool ATS NEXAS – NYFIX Execution and Algorithmic Solutions NYFIX Direct - DMA – Direct Market Access NYFIX provides a suite of transaction services to help achieve optimal execution on the Buy-side and Sell-side. Transaction Services

50 Who We AreSolutions 50 NYFIX Millennium ® Continuous, real-time matching engine No minimum order quantity Open to all types of clients and order flow Pure price priority – all clients treated equally Flexible connectivity options (OMS, EMS, FIX) Supports multiple order types to allow full control of interaction by clients – not mid-point constrained US equities (NYSE/AMEX Listed and NASDAQ) A Dark Pool Alternative Trading System (ATS) launched in 2001 to provide access to non-displayed liquidity: NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

51 Who We AreSolutions 51 NYFIX Millennium ® - Statistics 41.1 million shares/day executed on average in November 2007 (up 29% from November 2006) 6,400 exposed symbols/day and 2,400 executed symbols/day on average in November executed NASDAQ symbols/day accounting for roughly 21% of executed volume Record day – 95 million shares Approximately 1.4 billion shares of liquidity are available in Millennium on average each day Recent Stats NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

52 Who We AreSolutions 52 NYFIX Millennium ® - Security Coverage Executed 45% of order flow occurred in names with market caps < $1B 80% of order flow occurred in names with market caps < $5B Price improvement increased as market cap decreased Depth and Breadth NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

53 Who We AreSolutions 53 NYFIX Millennium ® - ATS Volume Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q M Record Day NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

54 Who We AreSolutions 54 Consolidates Dark Liquidity Fragmentation NIGHTHAWK DARK SERVER GUERILLA MERRILL LYNCH NIGHT VISION FUSION BEAR STEARNS SONAR ROBE LAVA HYDRA COVERT B-TRADE DEUTSCHE FUSOR ARID/AQUA Pipeline Liquidnet SCOUT TAP VORTEX ATS NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

55 Who We AreSolutions 55 NYFIX Millennium ® ATS – Order Types Resident Order An order that rests in Millennium to interact with pass- through orders and other resident orders Pass-Through Order An order that seamlessly checks for liquidity in Millennium before routing to another exchange or market center Millennium Plus Allows pass-through and resident orders from any client to draw liquidity from other sources providing aggregation of non-displayed liquidity NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

56 Who We AreSolutions 56 NYFIX Millennium ® – Bloomberg Advertised Volume NYFIX Millennium Advertised Volume Available on Bloomberg NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

57 Who We AreSolutions 57 NYFIX Millennium ® – Anti-Gaming Logic An order setting for institutions that protects an order against gaming within Millennium. To determine whether an order needs to move from unprotected to protected mode, NYFIX Securities tracks price, volume, and time for that order. A combination of certain price, volume and/or time parameters determines when the order switches to protected mode. In laymans terms, the new order types kicks in only when an order experiences significantly adverse price movement without volume sufficient to make that move acceptable. NYFIX Millennium Transaction ServicesNYFIX NEXASNYFIX DMA

58 Who We AreSolutions 58 NYFIX – NEXAS ® Full suite of Algorithm strategies integrated with Millennium and our DMA solutions: VWAP TWAP Inline (% of Volume) Certified with several OMS/EMS providers as well as direct FIX connections from clients NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA Corporate Buyback (Passive Buyer) Millennium Optimizer Stealth

59 Who We AreSolutions 59 NYFIX – Direct Market Access (DMA) High capacity/low latency execution solutions for delivering client order flow to exchanges and ECNs Single destination supports Listed and OTC NYSE, AMEX, NASDAQ, Regionals, ECNs Building out full access to protected exchanges for Reg NMS Smart Order Router will add additional value to DMA solutions Millennium interaction is a unique value for NYFIX Multi-Market solution for Europe NYFIX MillenniumTransaction ServicesNYFIX NEXAS NYFIX DMA

60 Who We AreSolutions 60 NASDAQ securities - #2 on price Overall Ranking of 30 Largest NASDAQ Market Centers Price Ranking Market CenterPrice Ranking Market Center 1Instinet16National Financial 2NYFIX17Direct Edge (ADF) 3Nasdaq MC18Direct Edge ECN 4ATD19Track ECN 5Citadel Derivatives20Bear Sterns 6Lehman Bros21Wachovia 7Madoff22Pershing 8Knight23Morgan Stanley 9ArcaEx24Goldman Sachs 10E*Trade25LavaFlow 11AG Edwards26Tradebook 12UBS Securities27Raymond James 13Scottrade28Lehman Bros 14Citigroup29Deutsche Bank 15BATS Training30CHX Matching Source: Celent analysis; raw data from firms SEC Rule 605 execution quality reports. Note: Includes only large marketable orders, implausible figures omitted. All figures are percentages. These rankings are based on the effective-over-quoted spread achieved by market centers for a large variety of different segments. Orders were categorized into a number of different segments, including order type (market or marketable limit) and size (large or small) as well as the liquidity segment (15 most active, 100 most active, mid-active and least active). NYFIX Millennium Transaction Services NYFIX NEXASNYFIX DMA

61 Who We AreSolutions 61 NYSE securities - #1 on price Overall Ranking of 30 Largest NYSE Market Centers Price Ranking Market CenterPrice Ranking Market Center 1NYFIX16Bear Hunter 2Instinet17Pershing 3Citigroup18Direct Edge (ADF) 4Knight19Van der Moolen 5Citadel Derivatives20La Branche 6Nasdaq MC21Direct Edge ECN 7ATD22Wagner Stott Bear 8Lehman Bros23Spear Leeds & Kellogg 9Madoff24Fleet Meehan 10UBS Securities25PSG 11E*Trade26NYSE ITS 12National Financial27La Branche Structured 13ArcaEx Scottrade28LavaFlow 14BATS Training29Lehman Bros 15Susquehanna30CHX Matching Source: Celent analysis; raw data from firms SEC Rule 605 execution quality reports. Note: Includes only large marketable orders, implausible figures omitted. All figures are percentages. These rankings are based on the effective-over-quoted spread achieved by market centers for a large variety of different segments. Orders were categorized into a number of different segments, including order type (market or marketable limit) and size (large or small) as well as the liquidity segment (15 most active, 100 most active, mid-active and least active). NYFIX Millennium Transaction Services NYFIX NEXASNYFIX DMA

62 Who We AreSolutions 62 Effective-over-Quoted Spreads by Market Center For Selected Active Issues for Large Marketable Orders NYSE securities - #1 in pricing for large orders Market CenterAMDCOPFGEHALHPQMOTPFESTTXNWMTXOM NYFIX Knight Nasdaq MC BATS Trading ATD ArcaEx Lehman Bros Direct Edge ECN Van der Moolen Citigroup Fleet Meehan UBS Securities Citadel Derivatives Wagner Stott Bear Madoff E*Trade Instinet Tradebook La Branche National Financial Very Good <100% Good % Average % Poor % Very Poor >200% Source: Celent analysis; raw data from firms SEC Rule 605 execution quality reports. Note: Includes only large marketable orders, implausible figures omitted. All figures are percentages. NYFIX Millennium Transaction Services NYFIX NEXASNYFIX DMA


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