UNX is an electronic broker/dealer that provides trading technology and services including direct market access, algorithmic trading strategies, transaction cost analysis, and rule-based routing. It aims to help clients enhance their trading abilities in changing markets. Key offerings include unique execution algorithms and fabrics, advanced trading applications, and post-trade measurement tools to analyze execution quality. UNX also provides independent agency brokerage, outsourced trading desks, and commission management services to support clients' trading needs.

1. UNX Presentation
ure Experts
Market Structu
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 1

2. About UNX®
UNX is an innovative electronic trading and technology company that is constantly
evolving and developing new products and services with one thing in mind: keeping
you ahead of th pack b enhancing your t di abilities i th constantly changing
h d f the k by h i trading biliti in the t tl h i
marketplace.
Founded in 1999, UNX is an electronic broker/dealer serving both buy-side and sell-
buy side sell
side institutional clients
We remain one of the only agency independents; we have no proprietary trading or
conflicts of interest with our clients
200+ clients, both i th US and E
li t b th in the d Europe
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Full agency offering, including
Unique execution fabric
Fine grained
Fine-grained transaction cost analysis
Market Structu
Desktop trading applications, for both single-stock and programs
Full commission management solutions
Centralized clearing
[UNX]
Provider of ASP solutions to the financial community
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 2

3. Products and Services
Algorithmic Market Access
Direct Market Access
Advanced Execution Services
Algorithmic Server Solutions
Advanced Trading Applications
Basket Center
MetaBook®
Post-Trade Measurement
High-touch and Program Trading Services
Outsourced Trading Desk
ure Experts
Commission Management Services
28e facilitation, easy-to-use web management tools
Market Structu
Independent Agency Brokerage
Consolidated ticket service
Proactive Service and Support
Support staff include experienced traders
pp p
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 3

4. Connectivity/Routing
y/ g
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Market Structu
[UNX]
* ‐ integration process is underway
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5. Rule Based Routing
Rule Based Routing
Rules Based Routing ‐ Combines a series of layered user defined filters
to select trade implementation strategies. These filters include:
Security type (Listed, OTC, BB, Pink sheet, and ETF)
Order type (Market/Limit)
Average daily volume (ADV)
ure Experts
Order size
Order size
Market Structu
Time filter (Pre‐Open, End of Day)
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 5

6. Rule Based Routing Example
Rule Based Routing Example
Security Order Order
ADV Tactic
Type Type Size
IOC Midpoint
0 – 999 shares Probe
Impact
1,000 – 9,999
Management
shares
Engine
< 2 % ADV
Market
Listed
OTC > 10,000 shares
ETF
Ma
Limit
Li i
arket Centers
> 2 % ADV
Order Agency Desk
Or
Algo Trading Tools
> 1 % ADV
Market
M kt
Bulletin Board
> 250 shares
Pink Sheet
Limit
< 1 % ADV
STORM
0 – 249 shares
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 6

7. Execution Fabric ‐ Tactics
Execution Fabric
Sweep
Synthetic
Order Type
yp Post
Discretion
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(Tactic)
Market Structu
Pegging
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 7

8. Execution Fabric Defining a Tactic
Execution Fabric – Defining a Tactic
ure Experts
Market Structu
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 8

9. Execution Fabric ‐ Plans
Execution Fabric
Stage 1 Stage 2 Stage 3
STORM
Ladder
Sweep
AUTO‐
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NASDAQ MARKET
Hidden Post
Hidden Post
Market Structu
Dark Sweep STORM
[UNX]
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10. Execution Fabric Defining a Plan
Execution Fabric – Defining a Plan
A rule‐based environment for combining tactics and order handling logic to create complex
synthetic order types
hi d
– Technical service organization
– Technical service team
ure Experts
Market Structu
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 10

11. Putting it all together
Putting it all together
Algorithms
Plans
Tactics
ure Experts
Market Structu
DMA
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 11

12. UNX Algorithms
UNX Algorithms
GOAL STRATEGY PARAMETERS
Sweeps multiple venues and then hides User choice between hidden post and UNX
Aggressively take available liquidity orders in UNX engines which seize dark server. Limit orders of any size. Does
STEALTH without ever posting out loud. discretion opportunities across the not accept market orders. Orders may be
marketplace. replaced for price and quantity.
3 aggressiveness levels control pricing of
Participate at as many venues as Hides orders at multiple price levels and at
stages. Limit orders only up to 100,000 shares.
ECLIPSE possible without showing your order a variety of venues - both traditional and
No market orders. Orders may be replaced
out loud. dark.
for price and quantity only.
3 aggressiveness levels control pricing and
Maximize liquidity extraction across
Periodic, randomized liquidity probes frequency of probes. Market orders up to
ORBIT fragmented marketplace while
allowing for quotes to fill in. 10,000 shares are accepted and limit orders
minimizing quote impact.
up to 100,000 shares.
Trade outside traditional markets Repeated, periodic sweeps and posts in
DARK SPIN Limit orders of any size, no market orders.
without affecting prevailing quotes. numerous Dark Pools.
Seeks to match or beat the Slices orders based on historical, intraday
VWAP
ure Experts
consolidated VWAP for a user- volume arcs and executes with price- N/A
determined trade duration. improving tactics.
Actively participates with volume
Market or limit orders of any size. Start time,
VOLUME using a rate of execution that is in Employs a variety of tactics at different
End time, participation rate, and 3 levels of
proportion to the actual volume price points simultaneously.
PARTICIPATION adherence.
Market Structu
traded in the security.
security
Efficiently sweeps and posts at most liquid
ATOM Seeks to price-improve small orders. Limit orders of any size, no market orders.
destination.
Work with software implementation
Design your own trading specialists to build virtually any Your imagination and our building
CUSTOM strategy. strategy using UNX's component blocks.
[UNX]
tactics.
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 12

13. UNX web based TCA: http://tca.unx.com
UNX web‐based TCA: http://tca.unx.com
ure Experts
Market Structu
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 13

14. Customizable TCA
Customizable TCA
UNX TCA is designed to allow the easy creation of customized reports.
ure Experts
Market Structu
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 14

15. TCA Component by Component
TCA – Component by Component
The ability to also measure functional components allows us to continually drill‐
down and refine the quality of execution
ure Experts
Market Structu
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 15

16. Lifecycle
Concept Custom Tactics
Custom Tactics TCA
Custom Rule
Based Routing
TCA
ure Experts
Market Structu
Custom
TCA
Plans/Algos
[UNX]
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. The material is not intended to rate or recommend any security
or any type of strategy or service for trading any security. Market conditions and system performance may delay system
access, real‐time data and trade execution. UNX and MetaBook are trademarks of UNX, Inc. 062508A 16