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Front and Middle-Office
Fixed-Income Trading System


          30 April 2011




         Highly Confidential
Key Financial Technology Needs
   Today’s Dealers and Asset Managers Need to:
      Increase productivity
      Manage operational costs more effectively
      Reduce the financial footprint of Bloomberg
      Ensure interoperability among disparate systems
      Execute more trades electronically
      Manage market and credit risk more effectively
      Comply with compliance and reporting requirements
      Enhance backoffice position and performance reporting

   BondHawk’s Trading Technology Can Meet These Needs for
    Buyside and Sellside Firms and in both the Front and Middle
    Office Environments
                          Highly Confidential
                                                                  2
The Basic Problem

   Financial Technology is a Service to be Purchased not an Asset
    to be Capitalized, Developed, or Managed
        Competing Solutions Meet Many of Today’s Needs but at an Excessive
         Price Point.
        Brand Name Front- and Middle-Office System Vendors Can Charge What
         They Do Because They Lack Competition. Also, they
             Offer No Pricing Flexibility or Ability to Downscale
             Lack Critical Middle-Office Functionality
             Do Not Provide Customized Applications
             Experience Excessive Latency During Fast Markets
             Do Not Offer Professional Services


                                     Highly Confidential
                                             2                                3
BondHawk and S&P    .
                    Working to Provide a Better Solution



Goals:
   Use BondHawk Trader (“BHT”) to supplant or enhance existing front- and middle-
    office systems and facilitate backoffice interaction (better reporting, compliance, and
    risk management)
   Deliver the applications via the Internet at an unbeatable price point
   Provide seamless access to security descriptive data and evaluated prices from
    Standard & Poor’s respected data service
   Tightly couple the BHT OMS with industry-standard settlement and clearance
    systems to facilitate tight control over pre-, middle-, and post-trade business
    operations.


                                   Highly Confidential
                                           2                                           4
The Biggest Unmet Market Needs:
.
1. A Complete Stack of Trade Processing Functionality

2. A Blend of Advanced Buyside and Sellside Applications




                   Highly Confidential
                                                           2
The Most Common OMS Technology Stack
 (TOMS and Other Front Office Systems Have No Middle-Office Platform)



                           Market News and Prices

                          Front Office Applications
                       Trading, Sales and Risk Mgmt Functionality
   Instant Messaging




                                                                    ECN Functionality
                          Portfolio Management Functionality


                          Data Distribution Network

                                 Security Master



                          Middle Office Applications
                             Trade and Position Reporting
                             Advanced Risk Management




                                    Backoffice


                               Highly Confidential
                                          2                                             6
The Standard Street Solution
         (Most Firms Build One-off Apps in the Middle Office Layer)


                                              Market News and Prices
              Instant Messaging




                                                                                             ECN Functionality
                                              Front Office Applications




                                                                                                                     Repo
   ARS




                                          Trading, Sales and Risk Mgmt Functionality
                                             Portfolio Management Functionality


                                             Data Distribution Network

                                                     Security Master


ARS Support                       Trade Reporting         Oracle DB              Risk Mgmt                       Repo Support




                                               Commercial Backoffice




                                                    Highly Confidential
                                                             2                                                                  7
The Standard Street Solution (cont.)

 Deploy TOMS or a Proprietary Trading System on the Desktop.
       (No ability to customize system for proprietary use)
 Use a Proven, Legacy Backoffice System.
       (No ability to increase functionality or improve performance)
 Build new Applications on a One-off Basis with Existing Components.
       (Typically, these are one-offs with little documentation or support)
 Enter Data Manually
       (Suffer unacceptable error rates)
 Link Legacy Systems and Outside Interfaces
(Most interfaces are one-offs that are not well supported)

                             Highly Confidential
                                     2                                        8
The BondHawk Solution


     Fuse Existing Front- and Backoffice Platforms by Means of
     BHT’s Middle-Office Layer and S&P’s Best-of-Breed Data
   Build new Proprietary Front-Office Applications Easily and
Economically by Exploiting BHT’s Highly Functional,
Communications Layer
    Develop Necessary Middle-Office Applications and Legacy
System Links as Needed
   Expose BHT’s GUI to End Users to Replace Existing Desktop
    OMS’s One-by-One as old Contracts Expire, Reducing
Operating Costs with each new Instance
                         Highly Confidential
                                 2                               9
Fill the Middle-Office Gap with BHT

                                Market News and Prices
   Instant Messaging




                                                                        ECN Functionality
                               Front Office Applications
                           Trading, Sales and Risk Mgmt Functionality
                              Portfolio Management Functionality


                               Data Distribution Network

                                      Security Master


BHT Middle Office Applications
             Trade and Position Reporting
             Advanced Risk Management



                                 Commercial Backoffice




                                    Highly Confidential
                                              2                                             10
Extend BHT’s M-O Layer as Needed

                                                      Market News and Prices
                              Instant Messaging




                                                                                               ECN Functionality
Proprietary Apps




                                                     Front Office Applications




                                                                                                                               Other KT Apps
                                                                                                                   Repo Apps
                                                  Trading, Sales and Risk Mgmt Functionality
                   ARS Apps




                                                     Portfolio Management Functionality


                                                     Data Distribution Network

                                                            Security Master

                                                  BHT Middle Office Applications
                                                        Trade and Position Reporting
                                                             Risk Management
                                                              Data and Prices


                                                       Commercial Backoffice




                                                          Highly Confidential
                                                                                                                                               11
Replace Existing Workstations One-by-One
                                        (No Need for a Rip and Replace Approach)


                                                                               Market News and Prices
                 Instant Messaging




                                                                                                                                                            ECN Functionality
                                                                                              Current




                                                                                                                                                                                Repo Apps
                                                                                                                                             Trading Asst
                                                  Bill Trader 1




                                                                                                                   Salesman 2

                                                                                                                                Salesman 1
                                                                   Bill Trader 2
      ARS Apps




                                     CDl Trader




                                                                  BHT Middle Office Applications
                                                                                    Trade and Position Reporting
                                                                                         Risk Management
                                                                                          Data and Prices


                                                                                   Commercial Backoffice



 Live Price Feeds                                                                                                                                                  Trade Report Feeds

   Data Feeds                                                                                                                                                   FICC & SWIFT Feeds

                                                                                     Highly Confidential
                                                                                                                                                                                            12
Front Office Screen Shots




05/18/12                               13
Sellside Market Maker’s Pad




05/18/12                                 14
Sellside High Frequency Trader’s Pad




05/18/12                                          15
Buyside Order Execeution Applet


                                             ECN
                                             Selection
                                             Buttons




05/18/12                                         16
Buyside Structured Product
           Deal Capture Applet (CDS)




05/18/12                                17
Buyside or Sellside Trade Blotter




05/18/12                                       18
Buyside Portfolio Report




05/18/12                              19
Buyside Portfolio Breakdown Report




05/18/12                                        20
Buyside Automated Order Modeling Applet




05/18/12                                             21
Buyside Manual Order Allocation Applet




05/18/12                                            22
Buyside Order Blotter




05/18/12                           23

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Bondhawk Overview

  • 1. Front and Middle-Office Fixed-Income Trading System 30 April 2011 Highly Confidential
  • 2. Key Financial Technology Needs  Today’s Dealers and Asset Managers Need to:  Increase productivity  Manage operational costs more effectively  Reduce the financial footprint of Bloomberg  Ensure interoperability among disparate systems  Execute more trades electronically  Manage market and credit risk more effectively  Comply with compliance and reporting requirements  Enhance backoffice position and performance reporting  BondHawk’s Trading Technology Can Meet These Needs for Buyside and Sellside Firms and in both the Front and Middle Office Environments Highly Confidential 2
  • 3. The Basic Problem  Financial Technology is a Service to be Purchased not an Asset to be Capitalized, Developed, or Managed  Competing Solutions Meet Many of Today’s Needs but at an Excessive Price Point.  Brand Name Front- and Middle-Office System Vendors Can Charge What They Do Because They Lack Competition. Also, they  Offer No Pricing Flexibility or Ability to Downscale  Lack Critical Middle-Office Functionality  Do Not Provide Customized Applications  Experience Excessive Latency During Fast Markets  Do Not Offer Professional Services Highly Confidential 2 3
  • 4. BondHawk and S&P . Working to Provide a Better Solution Goals:  Use BondHawk Trader (“BHT”) to supplant or enhance existing front- and middle- office systems and facilitate backoffice interaction (better reporting, compliance, and risk management)  Deliver the applications via the Internet at an unbeatable price point  Provide seamless access to security descriptive data and evaluated prices from Standard & Poor’s respected data service  Tightly couple the BHT OMS with industry-standard settlement and clearance systems to facilitate tight control over pre-, middle-, and post-trade business operations. Highly Confidential 2 4
  • 5. The Biggest Unmet Market Needs: . 1. A Complete Stack of Trade Processing Functionality 2. A Blend of Advanced Buyside and Sellside Applications Highly Confidential 2
  • 6. The Most Common OMS Technology Stack (TOMS and Other Front Office Systems Have No Middle-Office Platform) Market News and Prices Front Office Applications Trading, Sales and Risk Mgmt Functionality Instant Messaging ECN Functionality Portfolio Management Functionality Data Distribution Network Security Master Middle Office Applications Trade and Position Reporting Advanced Risk Management Backoffice Highly Confidential 2 6
  • 7. The Standard Street Solution (Most Firms Build One-off Apps in the Middle Office Layer) Market News and Prices Instant Messaging ECN Functionality Front Office Applications Repo ARS Trading, Sales and Risk Mgmt Functionality Portfolio Management Functionality Data Distribution Network Security Master ARS Support Trade Reporting Oracle DB Risk Mgmt Repo Support Commercial Backoffice Highly Confidential 2 7
  • 8. The Standard Street Solution (cont.)  Deploy TOMS or a Proprietary Trading System on the Desktop. (No ability to customize system for proprietary use)  Use a Proven, Legacy Backoffice System. (No ability to increase functionality or improve performance)  Build new Applications on a One-off Basis with Existing Components. (Typically, these are one-offs with little documentation or support)  Enter Data Manually (Suffer unacceptable error rates)  Link Legacy Systems and Outside Interfaces (Most interfaces are one-offs that are not well supported) Highly Confidential 2 8
  • 9. The BondHawk Solution  Fuse Existing Front- and Backoffice Platforms by Means of BHT’s Middle-Office Layer and S&P’s Best-of-Breed Data  Build new Proprietary Front-Office Applications Easily and Economically by Exploiting BHT’s Highly Functional, Communications Layer  Develop Necessary Middle-Office Applications and Legacy System Links as Needed  Expose BHT’s GUI to End Users to Replace Existing Desktop OMS’s One-by-One as old Contracts Expire, Reducing Operating Costs with each new Instance Highly Confidential 2 9
  • 10. Fill the Middle-Office Gap with BHT Market News and Prices Instant Messaging ECN Functionality Front Office Applications Trading, Sales and Risk Mgmt Functionality Portfolio Management Functionality Data Distribution Network Security Master BHT Middle Office Applications Trade and Position Reporting Advanced Risk Management Commercial Backoffice Highly Confidential 2 10
  • 11. Extend BHT’s M-O Layer as Needed Market News and Prices Instant Messaging ECN Functionality Proprietary Apps Front Office Applications Other KT Apps Repo Apps Trading, Sales and Risk Mgmt Functionality ARS Apps Portfolio Management Functionality Data Distribution Network Security Master BHT Middle Office Applications Trade and Position Reporting Risk Management Data and Prices Commercial Backoffice Highly Confidential 11
  • 12. Replace Existing Workstations One-by-One (No Need for a Rip and Replace Approach) Market News and Prices Instant Messaging ECN Functionality Current Repo Apps Trading Asst Bill Trader 1 Salesman 2 Salesman 1 Bill Trader 2 ARS Apps CDl Trader BHT Middle Office Applications Trade and Position Reporting Risk Management Data and Prices Commercial Backoffice Live Price Feeds Trade Report Feeds Data Feeds FICC & SWIFT Feeds Highly Confidential 12
  • 13. Front Office Screen Shots 05/18/12 13
  • 14. Sellside Market Maker’s Pad 05/18/12 14
  • 15. Sellside High Frequency Trader’s Pad 05/18/12 15
  • 16. Buyside Order Execeution Applet ECN Selection Buttons 05/18/12 16
  • 17. Buyside Structured Product Deal Capture Applet (CDS) 05/18/12 17
  • 18. Buyside or Sellside Trade Blotter 05/18/12 18
  • 20. Buyside Portfolio Breakdown Report 05/18/12 20
  • 21. Buyside Automated Order Modeling Applet 05/18/12 21
  • 22. Buyside Manual Order Allocation Applet 05/18/12 22

Editor's Notes

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