1. What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The FIX Protocol Tool Kit Lunch and Learn - March 21, 2006

2. >> A technical specification for the electronic communication of trade- related messages Collaboratively developed by many market participants Made up of fields and messages

3. >> FIX defines what information the individual fields contain: ValueProduct 1 AGENCY 3 CORPORATE 6 GOVERNMENT 10 MORTGAGE Fields are the individual pieces of standardized data 460 = Product

4. >> Messages are made up of individual fields depending on the purpose of the message IOI message – includes routing, administration, instrument, quote fields

5. >> IOI and quote response

6. >> Standardizes communications with all your counterparties Supports STP Reduces entry errors Makes establishing new trading relationships quick and easy Increasingly supports cross asset trading

7. >> Alternative trading systems Single dealers Exchanges

8. >> Corporates Convertibles High yield MBS CMB ABS CMO CP CD Repo Treasuries Agencies Municipals Swaps Non-US securities

9. >> Fixed income Equity Derivatives FX Source: fixprotocol.org/survey

10. >> Fixed income Equity Derivatives FX Source: fixprotocol.org/survey

11. >> GovernmentsAgenciesCorporates Source: fixprotocol.org/survey ConvertsMBS Pre-TradeTradePost-TradeSupport w/in 24 months

12. >> GovernmentsAgenciesCorporates Source: fixprotocol.org/survey ConvertsMBS Pre-TradeTradePost-TradeSupport w/in 24 months

13. >> By asset class and geographic region Current and projected usage Detailed by buyside, sellside, vendor and exchange Information on OMS, networks, FIX engines 580 respondents Conducted by FPL and the Tower Group Led by Brian Nathan, Macgregor & Bill Hebert, Fidelity

14. >> Who is using FIX FIX job listings Technical specifications FIX events FIX Implementation Guide newsFIX, fixed income newsletter FIXGlobal, the quarterly FIX journal Discussion forums FIX products and vendors FIX Global Survey

15. >> Large group of markets professionals Monthly conference calls Subcommittees Dan Doscas, HSBC & Tony Barral, NYFIX co-chairs