sales presentation (written/edited by j tormey) january xx, 2008

Sales Presentation (written/edited by J Tormey)Sales Presentation (written/edited by J Tormey)

January xx, 2008January xx, 2008

2

Who We Are Solutions

NYFIX: Who We AreNYFIX: 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


Challenges in the New Capital MarketsChallenges 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


In Short…In Short…

In an environment where financial institutions are struggling with ever-increasing volumes and technology challenges

NYFIX optimizes the business of trading

5


A Vision to Address These ChallengesA 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:

NYFIX SolutionsNYFIX Solutions

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NYFIX SolutionsNYFIX Solutions

IOIIOI

Millennium/NEXAS/DMA Services

CSAsCSAs

Dark Pools& ATSs

Dark Pools& ATSs

ExchangesExchanges

MarketplaceAppia TradeScope

MillenniumNEXAS

DMA

MillenniumNEXAS

DMA

FIXTraderOMS

FIXTraderOMS

Appia &TradeScopeAppia &

TradeScope

8


Appia – The Market LeaderAppia – The Market Leader

Serving the most demanding trading environments since 1998

The #1 FIX engine globally –FPL and Tower GroupSM 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 GroupSM 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 FeaturesOverview 5.0

9


Appia – The Market LeaderAppia – The Market Leader


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

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


10


FIX NETWORKS

ClientsClients

ExchangesExchanges

DarkPoolsDarkPools

Appia – What It DoesAppia – What It Does

Appia FIX

EngineSoftware

Appia FIX

EngineSoftware

Trading

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem

Appia - Order Flow ManagementAppia - Order Flow Management

Appia manages the OMS interface, and all trade order and execution data - in and out of a trading environment.

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 manages all network connections to thousands of trading counterparties globally.


11


Appia – Key FeaturesAppia – 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


12




Scaleable

Customizable

Appia today can be used in a single instance, or as an array across multiple desks around the globe

Fail-over & backup


CLIENTS

CLIENTS

AADesk 1Desk 1

Desk 2Desk 2

Desk 3Desk 3

AA

AA

AA

AA

AA


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Scaleable

Customizable

Appia

User extensible framework for plugging in your custom code directly into Appia:

InboundMessage Filter

Plug-in

InboundRouting Switch

Plug-in

InboundPost Validation

Plug-in

InboundPre-Validation

Plug-in

InboundPre-Parser

Plug-in

Appia

Counterparty

AppiaLogFile

Appia

MessageDatabase

TradingApplication

Fail-over & backup


Hundreds of pre-built adaptors (plug-ins).

Open framework for experienced users.

Click to ENLARGE


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




Scaleable

Customizable


● New York● New York● London● London

Tokyo ●Tokyo ●

Manila ●Manila ●


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Fail-over & backup




Scaleable

Customizable

Fail-over & backup

Coming 2008 Appia 5.0 Featuring: Dynamic Load Balancing5.05.0

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


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Appia – How It WorksAppia – How It Works

FIX NETWORKSAppia FIX

EngineSoftware

Appia FIX

EngineSoftware

Counter-parties

Counter-parties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem


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 4.0-5.0 CMS CTCI ACT CTCI Trace

Session Management Protocols supported

FIX 4.0-5.0 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 5.0Featuring: Dynamic Load Balancing

5.05.0

AppiaHA

AppiaHA

LOGFILE

Flat FileJDBC

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


22


Appia & TradeScope – Working TogetherAppia & TradeScope – Working Together


EngineSoftware

Appia FIX

EngineSoftware

Trading

ClientsClients

ExchangesExchanges

DarkPoolsDarkPools

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem

TradeScope Monitoring

Tool


Tool


Trading Support

TradeScope – managing the entire processTradeScope – managing the entire process

Trade Order Detail

FIX Infrastructure

All Connections


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TradeScopeTradeScope

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 FeaturesOverview

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TradeScope – What It DoesTradeScope – What It Does


EngineSoftware

Appia FIX

EngineSoftware

Trading

ClientsClients

ExchangesExchanges

DarkPoolsDarkPools

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



Tool


Tool

Trade Order Detail

FIX Infrastructure

All Connections

Trading Support



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TradeScope – What It DoesTradeScope – What It Does


EngineSoftware

Appia FIX

EngineSoftware

Trading

ClientsClients

ExchangesExchanges

DarkPoolsDarkPools

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



Tool


Tool

Trade Order Detail

FIX Infrastructure

All Connections

Trading Support

Counterparties

Counterparties



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TradeScope – Key FeaturesTradeScope – Key Features


EngineSoftware

Appia FIX

EngineSoftware

Counterparties

Counterparties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem


Trade Order Manager FIX Infrastructure Connection Manager


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EngineSoftware

Appia FIX

EngineSoftware

Counterparties

Counterparties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



View and manage all open and executed orders

Translate from FIX to “English”

Find complete order chain with just one click


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EngineSoftware

Appia FIX

EngineSoftware

Counter-parties

Counter-parties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



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


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EngineSoftware

Appia FIX

EngineSoftware

Counter-parties

Counter-parties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



Manage up to 500 FIX engines All aspects, all details


32




EngineSoftware

Appia FIX

EngineSoftware

Counter-parties

Counter-parties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



Monitor all sessions and connectivity status

Easily find counterparties

Complete session control and management


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EngineSoftware

Appia FIX

EngineSoftware

Counter-parties

Counter-parties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



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 firm’s security policies


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EngineSoftware

Appia FIX

EngineSoftware

Counter-parties

Counter-parties

OMSOrder

ManagementSystem

OMSOrder

ManagementSystem



Security

Alerts

Proactive connection alerts

System and engine level health

Order and execution thresholds


TradeScope Notifier

EMail SNMPPager Custom

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GlobalOperations

TradeScope – How It WorksTradeScope – How It Works

TradeScope Server

TradeScope Server

CustomTradeLevelAlerts

RulesEngine

FIXMonitor

Notifier

TradeScopeServer

EMail SNMP

Pager Custom

Developers2nd LevelSupport

HTTP

TradersNew YorkLondonTokyo

HTTPJMS

JMS

JMS

AppiaAppia

AppiaAppia

AppiaAppia

AppiaAppia

AppiaAppia

Engine*Engine*

New York

London

Tokyo

* Works with other vendor engines (e.g. Cameron, TransactTools, Others…)

Enterprise-wide FIX Engines


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NYFIX MarketplaceTM NYFIX MarketplaceTM

Key FeaturesOverview Products Global Service Professional Services

IOIIOICSAsCSAs

Dark Pools& ATSs

Dark Pools& ATSs

ExchangesExchangesMillenniumNEXAS

DMA

MillenniumNEXAS

DMA

FIXTraderOMS

FIXTraderOMS

Appia &TradeScopeAppia &

TradeScope

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NYFIX MarketplaceTMNYFIX MarketplaceTM

The Industry’s Broadest and Deepest FIX-based Trading Community


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NYFIX MarketplaceTM – Experience & CommitmentNYFIX MarketplaceTM – Experience & Commitment


10 years at the forefront of FIX network development & operations

10 years at the forefront of FIX network development & operations

Over 900 Institutional clientsOver 900 Institutional clients

Ongoing investment in people, tools and systems developmentOngoing investment in people, tools and systems development


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NYFIX MarketplaceTM – BenefitsNYFIX MarketplaceTM – 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


40


NYFIX MarketplaceTM – Order RoutingNYFIX MarketplaceTM – Order Routing

7,500+7,500+

Buy-side Firms

370Sell-side Firms

420

GlobalGlobal

NationalNational

RegionalRegional

Clearing HousesClearing Houses

Mutual FundsMutual Funds

Asset ManagersAsset Managers

Hedge FundsHedge Funds

QuantsQuants

SINGLECLIENT

CONNECTION

SINGLECLIENT

CONNECTION


Dark PoolsDark Pools ExchangesExchanges

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NYFIX MarketplaceTM – IOIs (Indications of Interest)NYFIX MarketplaceTM – IOIs (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

Matching real IOIs against open order offers the best chance of capturing liquidity

Filtering at NYFIX back end prevents message overload at the OMS

Filtering at NYFIX back end prevents message overload at the OMS

111171

Broker

CRD

LineData

Eze Castle

Latent Zero

InData

Proprietary


42


NYFIX MarketplaceTM – Mission Critical ServiceNYFIX MarketplaceTM – Mission Critical Service

Over 12 years of high-production FIX networking

Expert on-boarding – start to finishExpert on-boarding – start to finish

Experienced FIX certification & translationExperienced FIX certification & translation

Dedicated Global Support – 24 x 5.5Dedicated Global Support – 24 x 5.5


43


NYFIX MarketplaceTM – Global Support TeamNYFIX MarketplaceTM – Global Support Team

Boston

New YorkChicago

San Francisco

LondonParis

MadridTokyo

Manila

Hong Kong


44


NYFIX MarketplaceTM – Faster Access to New ServicesNYFIX MarketplaceTM – 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

BrokerBroker

Buy-side370 members

Sell-side420 members

FIX End-of-Day process

New AlgoNew Algo

Expedites access to new broker

algorithms


45


NYFIX MarketplaceTM – Simplifies OMS MigrationNYFIX MarketplaceTM – 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-sideBuy-sideOMS On-boarding

Open Architecture

Re-networking

Broker 1

Broker 2

Broker 3

Broker 1

Broker 2

Broker 3

OMS On-boardingBuy-sideBuy-side

Re-networking

Re-networking

•CRD•LineData•Eze Castle•Latent Zero•Others




One-time


46


NYFIX MarketplaceTM – Eliminates E.O.D. HeadachesNYFIX MarketplaceTM – 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.)

Buy-side (pt.-to-pt.)FIX End-of-Day process

OMS On-boarding

Buy-side (NYFIX)

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


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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 NYFIX Professional Services


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NYFIX - FIX TrainingNYFIX - 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


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NYFIX Transaction ServicesNYFIX Transaction Services

NYFIX Millennium NYFIX NEXAS NYFIX 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

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NYFIX Millennium® 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 MillenniumTransaction Services NYFIX NEXAS NYFIX DMA

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NYFIX Millennium® - StatisticsNYFIX 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 2007

889 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


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NYFIX Millennium® - Security Coverage ExecutedNYFIX 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


53


NYFIX Millennium® - ATS VolumeNYFIX Millennium® - ATS Volume

2004 2005 2006 2007

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

7.07.0

14.014.0

29.729.7

49.049.0

95M95MRecord DayRecord Day


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Consolidates Dark Liquidity FragmentationConsolidates Dark Liquidity Fragmentation

NIGHTHAWK

DARK SERVER

GUERILLAMERRILL LYNCH

NIGHT VISION

FUSION

BEAR STEARNS

SONAR

ROBE

LAVA

HYDRA

COVERT

B-TRADE

DEUTSCHE

FUSOR

ARID/AQUA

Pipeline Liquidnet

SCOUTTAP

VORTEX

ATS


55


NYFIX Millennium® ATS – Order TypesNYFIX 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”


56


NYFIX Millennium® – Bloomberg Advertised VolumeNYFIX Millennium® – Bloomberg Advertised Volume

NYFIX Millennium Advertised Volume Available on Bloomberg


57


NYFIX Millennium® – Anti-Gaming LogicNYFIX 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 layman’s terms, the new order types kicks in only when an order experiences significantly adverse price movement without volume sufficient to make that move acceptable.


58


NYFIX – NEXAS® 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


Corporate Buyback (Passive Buyer)

Millennium Optimizer

Stealth

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NYFIX – Direct Market Access (DMA)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


60


NASDAQ securities - #2 on priceNASDAQ securities - #2 on price

Overall Ranking of 30 Largest NASDAQ Market Centers

Price

Ranking

Market Center Price

Ranking

Market Center

1 Instinet 16 National Financial

2 NYFIX 17 Direct Edge (ADF)

3 Nasdaq MC 18 Direct Edge ECN

4 ATD 19 Track ECN

5 Citadel Derivatives 20 Bear Sterns

6 Lehman Bros 21 Wachovia

7 Madoff 22 Pershing

8 Knight 23 Morgan Stanley

9 ArcaEx 24 Goldman Sachs

10 E*Trade 25 LavaFlow

11 AG Edwards 26 Tradebook

12 UBS Securities 27 Raymond James

13 Scottrade 28 Lehman Bros

14 Citigroup 29 Deutsche Bank

15 BATS Training 30 CHX MatchingSource: 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).


61


NYSE securities - #1 on priceNYSE securities - #1 on price

Overall Ranking of 30 Largest NYSE Market Centers

Price

Ranking

Market Center Price

Ranking

Market Center

1 NYFIX 16 Bear Hunter

2 Instinet 17 Pershing

3 Citigroup 18 Direct Edge (ADF)

4 Knight 19 Van der Moolen

5 Citadel Derivatives 20 La Branche

6 Nasdaq MC 21 Direct Edge ECN

7 ATD 22 Wagner Stott Bear

8 Lehman Bros 23 Spear Leeds & Kellogg

9 Madoff 24 Fleet Meehan

10 UBS Securities 25 PSG

11 E*Trade 26 NYSE ITS

12 National Financial 27 La Branche Structured

13 ArcaEx Scottrade 28 LavaFlow

14 BATS Training 29 Lehman Bros

15 Susquehanna 30 CHX MatchingSource: 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).


62


Effective-over-Quoted Spreads by Market CenterFor Selected Active Issues for Large Marketable Orders

NYSE securities - #1 in pricing for large ordersNYSE securities - #1 in pricing for large orders

Market Center AMD COP F GE HAL HPQ MOT PFE S T TXN WMT XOM

NYFIX 76 78 99 79 87 92 81 91 37 143 87

Knight 94 153 70 86 103 142 80 77 70 100 106 108 124

Nasdaq MC 99 142 99 96 102 101 99 99 99 100 104 98 141

BATS Trading 106 118 101 104 107 107 108 102 107 112 107 109 106

ATD 101 156 97 102 109 107 99 101 101 99 105 98 124

ArcaEx 101 179 101 103 114 144 100 101 101 105 109 123 176

Lehman Bros 108 102 97 141 107 109 147 100 225 147 97

Direct Edge ECN 97 190 101 100 113 119 108 102 105 104 147 131 235

Van der Moolen 154 107

Citigroup 100 94 116 120 130 236

Fleet Meehan 117 113 176

UBS Securities 103 304 99 102 125 135 102 100 106 122 146 127 270

Citadel Derivatives 100 526 97 104 108 116 93 96 101 109 139 122 175

Wagner Stott Bear 110 106 229

Madoff 108 348 100 111 193 191 113 104 108 123 118 138 284

E*Trade 133 105 138 247 424 139 122 137 123 180 125

Instinet 109 445 95 110 223 491 92 66 80 114 293 100 78

Tradebook 98 107 183 161 101 95 104 117 161 177 717

La Branche 102 163 143 531

National Financial 116 141 98 116 174 142 114 97 162 163 322 152 7835

Very Good<100%

Good100-110%

Average110-130%

Poor130-200%

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.


sales presentation (written/edited by j tormey) january xx, 2008

Documents

business of trading

institutional trading

electronic trading volumes

demanding trading environments

forefront of fix software

advanced trading firms

nyfix model

nyfix deep expertise