auc—vz—zeme 92:18 9M
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`OGDPN
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`491 466 9756
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`P.62
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`DECLARATION OF DOUG MONIESON
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`I. Doug Monieson. declare that:
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`I am personally familiar with the facts set forth herein. and, if called as a witness.
`l.
`I could and would testify thereto of my own personal knowledge.
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`Growmg up. I worked as a runner in the summers on the Chicago Mercantile
`2.
`Exchange (”CMB") and the Chicago Board of Trade (“CBCT”). lreceivcd a Bachelors
`degm in Economics from the University of. Michigan"I l937 and an MBA degree from
`the University of Chicago in 1989.
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`Upon graduation from business school. I moved to New York to work for s bunk
`3.
`trading foreign exchange from 198.9 to mid 1990. This trading was conductod party-to-
`purty using the Reuters dealing system and a phone.
`In mid 1990. I went to work for
`Commodity Corporation. a money management firm in Princeton, New Jersey. There. I
`was in the usnciste trading prognm trading commodities and futures.
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`In 1992. 1 moved bsclt to Chicsgo and began trading off the floor on the CME. the
`4.
`CBOT and NYMEX,
`in 1996. lbegsn trading the Nasdaq 100 future: on the floor of the
`CME. In 1999. lbacltod several traders to trade electronically on the CMB using
`soitware provided by UL. I watched what those individuals were doing and became
`familiar with the trading software.
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`In 2000, I started trading electronically myself after hours using the GI. software.
`5.
`1 was also were of software available Rom Patsystems. The 0L software displayed a
`best bid and best offer box. When the market moved. the prices in these boxes changed.
`if a trader tried to hit the bid or lift the offer, there was It risk of the order going in It M1
`unintended price if the price in one of those boxes changed while the trader was in the
`process of taking an action.
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`1 flat saw Trading Technologies' (”TI") software around the end of ZOOO/esrly
`6.
`2001. [immediately saw thorn": MD ltsder trading tool was much better then the
`wading tools available at the time. MD T‘mder provided for simple order entry by
`allowing sander to click in cells aligned with fixed prices to send orders with preset
`order quantities. This allowed a trader to enter orders as fast no possible while
`eliminating the risk of orders going in st unintended prices. Also. MD Trader provided a
`more intuitive trading system in which movements in the market could be seen visually
`because the morket dntn moved up and down relative to the fixed prices.
`'In the trading
`screens available at the time. a trader had to tend numbers sod mentally calculate
`differences in those numbers to recognize movements and the atom of movements in the
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`TRADING TECH EXHIBIT 2037
`TD Ameritrade v. Trading Technologies
`CBM2014-00133
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`market. MD Trader also had a one click recentering feature that allowed a trader to
`quickly bring the market into view and set a point of reference.
`
`MD Trader was radically different than the typeo of trading tools that were
`7.
`available at the time.
`litad never seen nuy of the features described above before I saw
`them in MD Trader. Because of these differences. MD Trader is a far superior trading
`tout. The main reason. for this ll that the improved visualization and. the improved order
`entry improve the ape-0d at which a trader can recognize opportunities and trade.
`In
`electronic trading, even fractions of a second are important. The improved visualization
`is especially helpful when a trader is looking at several products next to each other
`becaureihe trader can center the multiple windows to set a point of reference and
`immediately notice relative differences in the movements of those products at hurt a
`glance. MD Trader made it raster for traders to be active. participants in the market and it
`increased the number of orders being sent by traders.
`
`lam aware that after TT‘r reieatte of MD Trader. many companies have released
`8.
`similar products with the features discussed above. For example. i have used products
`made by .Pntaystema and RefcoPr-o Easytcneen that have these features. In 2001,
`Pntsystemt came to my office and allowed me a new screen they were rolling called
`"Dome.“ that looked identical to MD Trader. The representative from Pntayatems
`emphasized that the Dome product had the same functionality as TT's MD Trader and
`was cheaper.
`
`My office is located :1!in S. Wacker Drive. Chicago. Illinois. Since 2001. l have
`9.
`had 54 traders working for me.
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`i declare under penalty of perjury that the forngoing is true and correct. Executed on
`August "81-. 2004.
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`DoquM lrson
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`Zof2
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