1. CQG 7.5 Rollout New Features in 7.5 include TradeFlow TM Enhancements, Pre- Trade Analytics, Order Ticker, Instant Messaging, API, and more.

2. Exploiting Market Transparency and More Enhancements to TradeFlow: Aggregation by bars, tick range, and proprietary smoothing Pre-Trade Analytics: New studies added called DOMTracker, DOMTracker Oscillator, DOMActivity, and Older Orders Ratio Order Ticker: Track orders entered, canceled, modified, and executed using a display similar to the classic stock ticker Enhancements to the Order Routing Interfaces Upgrades to Market Scan Implied Quantities Data: Bid and ask orders are separated by spreads vs. outrights New services and features added to CQG News Instant messaging and live chat with CQG support CQG API The release of 7.5 has many new features including leading edge technology which utilizes the market transparency available from the electronic exchanges’ order book. Features detailed in this presentation include:

3. Section 1: Enhancements to TradeFlow Charting Introduction to TradeFlow TradeFlow preferences TradeFlow aggregation by bars TradeFlow aggregation by tick ranges Swept markets TradeFlow aggregation by smoothing TradeFlow is CQG’s exclusive and innovative way to track the actions of other traders at the inside market level.

4. The Basic TradeFlow Bar The TradeFlow bar’s low is the best bid and the high is the best ask. The TradeFlow bar is a graphical representation of traders’ action at the inside market in the DOMTrader. The TradeFlow bar is color coded to show the percentage of trades at the bid price (red) verses the ask price (green). On this TradeFlow bar, 55 contracts traded at the ask price and 164 contracts at the bid price. The TradeFlow bar is 75% red. Key Benefit: Traders now know whether the last price was generated by a buyer or a seller. For example, the inside market may be climbing, but traders are hitting bids and are selling into the rally. You cannot see this with standard charts.

5. Introduction to TradeFlow Charts and TradeFlow Studies TradeFlow bars are built upon the inside market. The low is the best bid and the high is the best offer. High volume TradeFlow bars are bright and wide. Low volume TradeFlow bars are narrow and dark. Completely red TradeFlow bars indicate all of the trades were at the bid price. Completely green TradeFlow bars indicate all of the trades were at the ask price. If half the trades were at the bid and half were at the ask price then the bar would be 50% red and 50% green. The default version for the width and color brightness of the TradeFlow bars is based on the relative volume of the TradeFlow bar compared to TradeFlow bars in the look back period. Key Benefit: The color-coding and the width of the TradeFlow bars indicate high volume and low volume periods. All green TradeFlow bars indicate all buying and all red TradeFlow bars indicate all selling.

6. TradeFlow comes with two studies: TradeFlow Volume and TradeFlow On Balance Volume. TradeFlow Volume displays the volume of trades at the ask price (green) and the volume of trades at the bid price (red). TradeFlow On Balance Volume is a running sum of trades at the ask minus trades at the bid price. This is a superior study compared to the classic On Balance Volume line because TFOBV measures true buying and selling. TradeFlow Charts and Studies Key Benefit: TradeFlow volume histograms separate the amount of buying (trades at the ask price) from selling (trades at the bid price). You can develop strategies around peak readings or divergences.

7. TradeFlow Preferences The width and brightness of the TradeFlow bars is based upon either percent rank, percent of average, or actual. The aggregation can be based upon the number of bars, range (number of tick prices), and smoothing. Aggregation level ranges from 1 to 20.

8. Aggregation by TradeFlow Bars Aggregation by bars is set to five bars. Every time five basic individual TradeFlow bars are built, then one aggregated TradeFlow bar is completed. The TradeFlow Studies work with the aggregated TradeFlow charts. Key Benefit: Support and resistance levels can be easily identified.

9. Aggregation by TradeFlow Range Aggregation by range is set to three ticks. This is three ticks in price range, not three ticks of traded volume. All TradeFlow bars have a high-low range of three ticks. A new aggregated TradeFlow bar is not created until the high or low of the aggregated TradeFlow bar is violated. Time is not a factor, therefore, when the market is trading sideways, the price action will often be compressed into just a few TradeFlow bars. Still, the trend and key price levels are displayed. Key Benefit: Narrow trading ranges will be compressed into just a few aggregated TradeFlow bars. In this example, over two hours of market data are displayed.

10. Swept Market This chart is a three-tick range aggregated TradeFlow chart. Notice the triangle look to the building of the TradeFlow bars. This occurs when the market is swept. That is, all of the offers were lifted, (all green TradeFlow bars), or all of the bids were hit, (all red TradeFlow bars). This special look is designed to alert the trader to the market being swept. Key Benefit: This particular TradeFlow pattern alerts the trader to illiquid conditions. This pattern often occurs when an economic release occurs as traders adjust their positions.

11. Smoothed TradeFlow Aggregation Smoothed TradeFlow bars use a proprietary algorithm. The trend, as well as turning points, are highlighted by this aggregation technique. One technique to identify turning points are pivot lows and highs, which are indicated by a 1, 2, 3 bar setup where bar 2’s high/low are higher/lower than bar 1’s and 3’s high/low. Key Benefit: Smoothed TradeFlow bars reduce the noise about the trend. Use multiple TradeFlow charts, with one set to smoothed aggregation, to indicate the trend and another to signal entry points.

12. Section 2: Pre-Trade Analytics Introduction to Pre-Trade Analytics DOMTracker Study DOMTracker Oscillator Study DOMActivity Study Older Orders Ratio Study Pre-Trade Analytics track the actions of traders in the exchange’s order book away from the inside market.

13. Pre-Trade Analytics: DOMTracker, DOMTracker Oscillator, DOMActivity, and Older Orders Display. Pre-Trade Analytics is a group of studies tracking the actions by traders in the exchange’s order book. These studies measure the orders above and below the inside market being placed or canceled by traders as the TradeFlow bar builds. Orders in the queue levels 2, 3, 4 and 5, with inside market being level 1, are used. These studies are only available on TradeFlow charts. Elements of the studies can be used in Conditions and Custom Studies. Key Benefit: Gauge traders’ actions using this group of studies based on activity away from the inside market.

14. The DOMTracker Study The DOMTracker preferences set the following: Display: Set to line or histograms, weights and colors Weighting of the bid order and ask order size DOMFilter: Time and Order Size (next slide) The calculation mode: Linear or Market Adaptive (next slide) The averaging period (number of TradeFlow bars) The DOMTracker study plots two lines: a weighted sum of the offers and the weighted sum of the bids. The final value of the bid and ask lines is calculated at the close of the TradeFlow bar.

15. More on DOMTracker Preferences Two calculation modes are available: In Linear mode, four bid price levels and four ask price levels next to the inside market are used for the weighted sum. In Market Adaptive mode, only three bid price levels and three ask price levels are used based on the following criteria: - If next bar's middle is higher – then included are bid price levels three, four, and five, and ask price levels two, three, and four. - If next bar's middle is lower - then included are bid price levels two, three, four and ask price levels three, four and five. - If next bar's middle matches one of the current bar – then included are bid price levels two, three, four and ask price levels two, three, and four. Set the DOMTracker to only include orders of a certain size and/or time in the order book.

16. DOMTracker Study The DOMTracker study displays the weighted sum of the offers in the order queue and weighted sum of the bids. Here, the example with the E-mini S&P shows a rising sum of offers (red line) by the DOMTracker study accompanies the advancing TradeFlow bars. Key Benefit: Now, instead of just seeing what traders are doing at the inside market, you can monitor whether traders are adding, canceling, or modifying offers and bids in the order book.

17. DOMTracker Study and Aggregated TradeFlow This example applies the DOMTracker study to a three-tick range aggregated TradeFlow chart. The ask line (red) tends to dominate during rallies while the bid line (green) tends to dominate during declines. Different markets will have different characteristics. The arrows mark where the weighted sum of the ask orders (red) crosses the weighted sum of the bid orders (green) and the TradeFlow chart action. Key Benefit: Pre-Trade analytics work with aggregated TradeFlow bars.

18. Large Orders in the DOMTracker The DOMTracker on top is using the default setting. The version on the bottom is only tracking orders greater than 100 contracts. As the market is rising, large orders are not coming into the order book. Key Benefit: Modify the parameters to track what traders managing large orders are doing in the order book. The DOMTracker set to track orders larger than 100 contracts peaked ahead of the default version. DOMTracker set to more than 100 contracts DOMTracker set to defaults

19. The DOMTracker Oscillator The DOMTracker Oscillator Study displays the difference between the DOMTracker study bid and ask lines as a histogram. The DOMTracker Oscillator study includes a normalization preference. The MA period and the STDDEV period are only used when the Normalized by StdDev is selected.

20. DOMTracker and DOMTracker Oscillator The DOMTracker study will behave very differently depending on the market. Here, the bottom pane is the DOMTracker Study and the middle pane is the DOMTracker Oscillator, which is the difference between the bid and ask lines of the DOMTracker study. In this example, we see a rising bid volume line (green) when the market is falling and a rising ask volume line (red) when the market is climbing. The DOMTracker Oscillator tended to reverse directions near market turning points. Key Benefit: Identify subtle changes between the bid volume line and the ask volume line from the DOMTracker Study.

21. DOMActivity Any order action, (new, canceled, modified), increases the value of DOMActivity Indicates volume of DOM changes within a single TradeFlow bar Weighted sum for prices below best bid/above best ask Supports actual and tick volumes The DOMActivity study tracks the level of traders placing and canceling orders in the order book.

22. DOMActivity This example of the DOMActivity study is set to a one-bar average. The DOMActivity study tends to peak with the volume study, which is reporting actual trades.

23. DOMActivity The default version of the DOMActivity study uses a two-bar average. Again, the study tends to climb when the market starts moving.

24. Older Orders Ratio Ratio of older orders volume to the total volume for each price Weighted sum of ratios for prices below best bid/above best ask Order age threshold is customizable The Older Orders Ratio Study details those orders resting in the order book beyond a certain amount of time relative to the total size of orders posted.

25. Older Orders Ratio The Older Orders Ratio study uses a weighted sum of the orders resting in the queue longer than the threshold divided by the total volume of orders in the queue. The individual four ratios are summed for the bid volume and the ask volume ask line. The default is 60 seconds for the threshold. In this example, the ask ratio tends to climb when the market advances and the bid ratio dominates when the market drops, similar to the DOMTracker Study. However, as with all studies, different markets will display different study characteristics. Key Benefit: Track whether traders are letting their orders sit in the order book or are placing new orders.

26. Section 3: Order Ticker Details of the Order Ticker display The Order Ticker preferences Stacked Order Tickers The Order Ticker offers a detailed display of traders’ actions at the inside market and in the order book up to ten price levels away.

27. Order Ticker Details Order modified Order canceled Green boundary indicates the inside market climbed. Red boundary indicates the inside market dropped. Trades at the bid have bright red backgrounds. Orders placed have light colored backgrounds. Red down arrow indicates the inside market dropped. Green up arrow indicates the inside market climbed. Inside market dropped Trades at the ask have bright green background colors. Order modified This display explains the details of the Order Ticker.

28. Order Ticker Preferences Set thresholds for filtering orders in the Order Ticker preferences, including: Orders placed Orders executed Orders to clear Set colors for: Shading for inside market changes Ask/bid backgrounds The preferences can be set to display brackets of traders’ activities in the DOM. For example, set the preferences to show trades between 50 and up to 100 contracts.

29. Stacked Order Tickers This example displays two order tickers: The bottom Order Ticker displays orders placed greater than 100 and trades executed greater than 50. The top Order Ticker displays orders placed greater than 50 up to 100 and trades executed greater than 25 up to 50. The amount of red in the two order tickers implies traders hitting bids and placing offers in the order book. Key Benefit: The coloring of the trades and order activity can indicate what traders managing various sizes of orders are doing.

30. Section 4: Enhancements to the Order Routing Interfaces Account Selector Default Order Size Preference Dynamically Held Orders Keyboard Order Entry New Order Types: Quantity Triggered Stops and Icebergs Study Values Displayed on the DOM Ladder The following is a list of enhancements in 7.5 to the DOMTrader and Order Ticket:

31. Account Selector Quickly change accounts for placing orders and managing positions right from the DOMTrader, Order Ticket, and the Order Book. Clicking on the title bar brings up the list of accounts. Navigate between accounts using the keyboard or the mouse. Traders working with different accounts now have the ability to change accounts right from the order interface. Key Benefit: Quickly navigate between accounts from the DOMTrader, Order Ticket, and the Order Book.

32. Default Order Size Preference New in 7.5 is setting the default size for orders. Set the default size for orders by going to the Risk section under the Trading Preferences and entering the number. Click on “Size” to return the order quantity to the default size. Key Benefit: Your standard order size will appear by clicking on “Size”.

33. Dynamically Held Orders Cancel and modify orders more efficiently when the prices are rapidly moving in the DOM Ladder. This functionality applies when both fast-click mode and dynamic scale are enabled. Once an order is placed and is visible in the order cell, placing the mouse cursor over the order holds it. While holding the mouse over the order a new order will appear if the price scale in the DOM ladder moves due to market action. The original order will display as a ghost order at the original price. Or, while holding the mouse over the order and if the trader using the keyboard or if they have a mouse- wheel available, scrolls the price scale, a new order will move to the new price row and original order will display as a ghost order at the original price.

34. Keyboard Order Entry Enter orders on the Order Ticket using the keyboard. Orders can be typed in or copy & pasted from a word document into the Order Entry box. Once completed, pressing the Submit button will send the order to the Gateway. Key Benefit: Personnel on order management desks can just type in the orders as they are called in.

35. Quantity Triggered Stops Turn on QTS from the Limits & Stops menu in the Trading Preferences. The QTS is selected in the middle of the top of the DOMTrader. When a QTS is placed in the DOM Ladder of the DOMTrader or Order Ticket, a window opens for setting the QTS trigger quantity. QTS is available for stops, stop limits, and trailing stop/stop limits. When you use the QTS order you set a threshold for what the bid or ask size in the exchange order book has to drop below before your stop is sent in. This means, for example, that if you have a stop resting below the market and the market trades down to the stop price, your stop order will not be triggered until the size of the bids drops below the threshold level. Key Benefit: One trade at your stop price will not elect your stop.

36. Iceberg Orders An Iceberg order is a limit order consisting of both a total quantity and a display quantity shown on the order book of the exchange. Turn on Iceberg orders in the Limits & Stops menu under Trading Preferences. The Iceberg is selected in the left of the top of the DOMTrader. When an Iceberg order is placed in the DOM Ladder of the DOMTrader or Order Ticket, a window opens for setting the Iceberg quantities. Rolling the mouse over the order in the DOM Ladder displays the Iceberg order details. Key Benefit: Traders managing large orders can effectively hide the true size of the orders they are working.

37. Study Values Displayed on DOMTrader Real-time values of studies are shown on the DOM Ladder for the DOMTrader and Order Ticket. Right-click on the study value and select show study on the trading interface. The colored box to the right of the price in the DOM ladder marks a study having the same rounded value as the market price. Rolling the mouse over the colored box displays the study details. Key Benefit: Traders do not have to flip back to charts to see where the market is in relation to their studies.

38. Order Routing for Options on Futures Trade options on futures using CQG’s DOMTrader or Order Ticket. Display the “Greeks” values by price, (Delta, Gamma, Rho, Theta, and Vega), and the implied volatility in the DOM Ladder. The best bid and ask price for the option is shown along with the theoretical bid and ask price. Seven different options models are available. Choose the option model and the Greek value or implied volatility value to be displayed. Key Benefit: Know the value of the Greeks and the implied volatility by the price in the DOM Ladder.

39. Section 5: More New Features in 7.5 Our final section presents an overview of new features and enhancements to features already offered: Market Scan and Using QFormulas for Portfolios More NewsV2 Sources NewsV2-Chart Synchronization Order Study on the Market Profile Chart Implied Quantities Data Instant Messaging in CQG’s Integrated Client CQG’s API

40. Market Scans Using QFormulas Pre-defined and custom QFormulas for spreads can be used as conditions for a Market Scan of portfolios. In this example, QFormulas for Treasury spreads, such as the 2-10 year spread, are added to a portfolio called FISpreads, (Fixed Income Spreads). Both closing prices and CQG’s Spread Bars are available for building the portfolio. A condition based on whether the spread value has an RSI reading greater than 60 or less than 30 will be run. Key Benefit: Create a portfolio of QFormulas, such as spreads, then scan the portfolio for a listing of those spreads meeting a certain condition.

41. Market Scans Using QFormulas The Market Scans can be scheduled to run: Daily Weekly Day of the week Specific time Every set number of hours Every set number of minutes Results can be saved to a file and you can receive e-mails of the results. Key Benefit: Set up scans to run based on your time preference.

42. Market Scans Using QFormulas The output of the Market Scan lists the QFormula spreads that failed or passed the condition. Clicking on an instrument on the list will bring up the chart.

43. Enhancements to CQG NewsV2 Available sources for news include: Dow Jones feeds (Dow Jones Capital Market Deports, Dow Jones Energy, etc.) HighTower Report Market News headlines AFX News Ltd Choose which news source to draw from, use key word searches, and scroll back through headlines using the bottom scrollbar. Left click to see the story in the right- hand pane or double-click to open the story in its own window. Print, email, and change the font size of the story using the icons in the right-hand side window.

44. NewsV2-Chart Synchronization Click on a headline and select “Synchronize with new chart.” A new chart opens and the chart cursor is associated with the headline display. Scrolling back through the chart will scroll the headlines.

45. Implied Quantities in Bids and Offers The size of bid and ask orders can be separated based on spread orders (implied) versus outright orders for contracts. This functionality is available for the Quote SpreadSheet, Enhanced Quote SpreadSheet, Custom Quote Board, and Custom Studies. Implied quantities are also supported in Excel through DDE and in the CQG API. The Quote Spreadsheet is using the preferences detailed here: Volume Implied Bid, Implied Bid, Volume Outright Bid, Outright Bid, Volume Last Bid, Bid, Ask, Volume Last Ask, Outright Ask, Volume Outright Ask, Implied Ask, Volume Implied Ask, Last Quote and Net Last Quote Today columns. Key Benefit: Know whether traders are bidding or offering for out right contracts or the bid and ask orders are part of a spread.

46. Order Study and Snap Trader on Market Profile Charts The Order Study places symbols for executed trades, resting limit orders, and stop orders on the Market Profile Chart. Here, a short sale was made in the “D” period, (highlighted in red), and a 105-22 limit bid is under the market, (white box), and a stop lost order at 105- 27, (red stop order icon), are shown on the Market Profile scale. The SnapTrader and the Order Book are displayed on the Market Profile Chart as well. The same orders marked on the Market Profile Chart are shown in the DOMTrader. Traders can analyze their trading and order placement decisions from the Market Profile Chart. Key Benefit: Trade right from the Market Profile chart using SnapTrader. Analyze your trading decisions from the chart after the close.

47. Instant Messaging CQG’s IM has the following features: IM other individuals Be alerted when a contact becomes available Create groups of contacts View contacts by group or by availability Broadcast your message to an entire group Send images to other contacts Traders can IM other CQG traders and have direct access to CQG’s customer support through “Live Chat”. The CQG IM sits in the system tray. “Live Chat” with customer support. Create groups of “buddies”. Send images of your charts. Key Benefit: Instant message other CQG Traders.

48. CQG API CQG offers users the ability to access our real-time and historical data, analytics, and order entry applications through our API, in addition to our CQG Integrated Client and CQG Trader front ends. Customers looking to create a link between exchanges and their own software can use the CQG API to bring incoming market information from the CQG Integrated Client into external applications and process the information based on their needs. CQG has crafted a series of templates with specialized views that provide speed and automation. CQG also provides over a dozen sample spreadsheet trading solutions. Templates and samples are free of charge. CQG’s API can be used with Visual Basic®, C#, C++, and any other language that supports automation technology. For more information and to download the free sample templates, please visit: www.CQG.com/CQGAPI Key Benefit: Partner the power of CQG’s market data, analytics, and order routing with your own applications.

49. Disclaimer and Copyright Notice Trading and investment carry a high level of risk, and CQG, Inc. does not make any recommendations for buying or selling any financial instruments. We offer educational information on ways to use our sophisticated CQG trading tools, but it is up to our customers and other readers to make their own trading and investment decisions, or to consult with a registered investment advisor. CQG, Inc. is the industry’s highest-performing, most cost-effective solution to integrate market data, technical analysis, and order routing. CQG’s data coverage includes futures, options, fixed income, foreign exchange, and equities exchanges worldwide as well as debt securities, reports, and indices. Founded in 1980, CQG is headquartered in Denver with sales and support offices worldwide. For more information on CQG, call 1-800-525- 7082 or visit www.cqg.com.www.cqg.com UK +44 (0) 20-7827-9500, France +33 (0) 1-74-18-07-81, Singapore +65 6720-3165, Japan +81 (0) 3-3286-6633, Russia +7 495-795-2410, Germany +49 (0) 69-920-7920, Australia +61 (2) 9235-2009 © 2007 CQG, Inc. All rights reserved worldwide. CQG™,CQGT™, CQG ChartTrader™,ChartTrader™,DOMTrader™, SnapTrader™, TradeFlow™,TFLOW™,TFOBV™, TFOBVO™, TFVOL™ are trademarks of CQG, Inc.