1. FIX Seminar: Implementing FIX on the Buy Side Richard Enfield Director, Product Management Charles River Development

2. Agenda Implementation Background for Charles River IMS Support Charles River IMS Message Support (4.4) Implementation Issues Results from Initial Live Clients Looking into the Crystal Ball

3. Implementation Background for Charles River IMS Support Initiated discussions in spring 2002 Clients began interfacing on an “import” basis mid 2002 Design reviews began in late 2002 Development throughout 2003 First release late 2003 Enhancements continual through 2004 Clients live mid 2004

4. Charles River IMS Message Support (4.4) Pre-Trade –IOI –Request for Quote / Quote Trade –New Order Single / List / Multi-leg –Order Cancel Request / Reject –Order Cancel/Replace Request –Execution Report –DK Post-Trade –Allocation Instruction / Allocation Instruction Ack –Allocation Report / Allocation Report Ack –Confirmation / Confirmation Ack

5. Implementation Issues Where do Orders Start Bi-Directional Interfacing Exception Processing Security Identification & Completeness Trading Standards (Price / Yield / Spread) Accrued Interest Differentiation Trading vs. Settlement Processing Interpreting the FIX Standard Interpreting the Changing FIX Standard Connectivity and Security Considerations

6. Results from Initial Live Clients Very Rapid Uptake for Deployment –Some upgrades driven from integration Differing Opinions on Supported Workflows –Compliance Impact Evolving –Security Creation Causing Operational Issues –May Not Accept Unsolicited Orders / Executions Looking for Additional Instrument Support –Repos, futures Omnibus Account Processing

7. Looking into the Crystal Ball Extended Direct Support for Allocation Messages Still Will Require Overcoming Market Resistance –Development costs –Complex workflow situations –Price transparency –Disintermediation Direct Dealer Access for Inventory / Bidding Better Inquiry Capabilities Broadening Asset Coverage (FX, Futures, CDS, IRS)