Business Plan concept Slides

1. Business Plan
Credit Bond Market

2. Background
With the new Cassiopeia Platforms live we believe
in the emergence of a new business opportunity:
• Most of the end clients will access the Cassiopeia
MTF’s through a broker… care orders to start with.
• The brokers are poorly equipped but keen on
receiving orders electronically from their clients as
part of a service they can provide and charge.
• There is no platforms as such that can support this FI
workflow but TS.

3. Situation&Concept
• TradingScreen has a unique technology “broker in
the box’’.
• We are among the first to pioneer this field.
• With the regulatory push the end users will have to
go through several brokers for best execution
purposes.
• Brokers are pricing their participation to the
Cassiopeia initiative too high for the busy side: ex
Natixis.
• We need brokers for the success of Galaxy.

4. Situation&Concept
• Based on the above we consider there is several
factors to create a out of the box Credit CSA broker.
We are a bit ahead of the curve but we see this as a
great opportunity.
• We have the techno we understand the business well
and have a unique position to engage with the end
client i.e. EMEA Asset Managers.
• We could create a structure the rely on an existing
broker to avoid pitching for a license or go for the
license ourselves (6 months in Paris).

5. Figures for discussion… .
• Charging model+CSA (in progress).