`
`1, Patrick Leone, declare as that:
`
`lam personally familiar with the set of facts set forth herein, and, if called as a
`1.
`witness, I could and would testify thereto of my own personal knowledge.
`
`I started my career professionally trading-in 1987 on the floor of the Chicago
`2.
`Board of Trade (“CBOT”). In 1991, I started trading for myself. Itrade the futures on
`the 2, 5, 10 and 30-year treasun'es. I began trading electronically in around 1997 on
`Project A (the CBOT’s first electronic trading platform). In the fall of 2000 I started
`trading electronically on the CBOT‘s new A/C/E electronic trading platform using a
`front-end provided by Future Dynamics.
`In December of 2000, I started using 'I'I"s MD
`Trader to trade electronically and have been using this as my order entry and
`management tool ever since. Prior to seeing MD Trader, I was aware of various front—
`ends including the Eurex front-end, the Project A front-end, 'I'T’s previous software and
`software from various other vendors including Future Dynamics. These previous systems
`displayed the best bid and best ask prices in designated locations on the screen so that the
`best bid and ask prices changed when the market changed. Also, to the extent these
`previous systems allowed for single click order entry, a trader had to risk the order being
`sent in at an unintended price because a price on the screen could change at the moment a
`trader clicked to send an order.
`
`MD Trader was much different than front—end trading tools I had seen before.
`3.
`MD Trader allowed a trader to see the bids and offers in a fluid way by displaying the
`bids and offers relative‘to a column of fixed prices so that the bids and offers moved up
`and down along the column when the market changed. MD Trader also provided for one
`click order entry in areas along the column of fixed prices. This eliminated the risk of'
`orders being sent in at unintended prices without sacrificing speed.
`[had never seen
`these features in a trading tool prior to seeing MD Trader.
`
`Because of these differences, MD Trader provided a great advantage to traders.
`4.
`MD Trader made it easier to execute orders quickly and efficiently. Speed is of primary
`importance in electronic trading and MD Trader made a big difference in increasing the
`speed in which traders could recognize trading opportunities and enter orders. Because
`of its ease of use and speed, MD Trader also causes traders to enter more orders than they
`would have with older style screens.
`
`MD Trader also provided a unique feature in the ability to manually recenter the
`5.
`trading window with a single mouse click. This was important because it allowed a
`trader to easily bring the market back in view if it ran off the screen. Also, it allowed
`
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`TRADING TECH EXHIBIT 2031
`TD Ameritrade v. Trading Technologies
`CBM2014—00133
`
`
`
`traders to set a point of reference from which to view market movements. This is
`especially useful when trading multiple products side—by-side.
`
`Based on the benefits described above, in December of 2000 I switched over to
`6.
`'IT’s MD Trader despite the fact that it was much more expensive than other software
`available at the time. The advantages of MD Trader far outweighed the higher cost.
`
`In the years following T‘T's introduction of MD Trader, many companies have
`7.
`released products with similar features.
`I have seen many demonstrations on the floor of
`the CBOT and in my office over the past several years, including demos from
`Patsystems, EccoWare, Yes Trader. and Future Dynamics. The representatives from
`these companies often pitched their company‘s product as being like TT’s MD Trader but
`cheaper. Such pitches were also often made by representatives of Futures Commission
`Merchants (“FCMs”) who tried to convince traders to take cheaper software.
`
`I declare u der penalty of perjury that the foregoing is true and correct. Executed on
`August
`,2004.
`(—5
`
`a/Zr: / /'
`
`Patrick Leone
`
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