DECLARATION OF CHUCK RYAN
`
`, Chuck Ryan, declare as that:
`
`I am personally familiar with the set of facts set forth herein. and. if called as a
`1.
`witness. I could and would testify thereto ot my own personal knowledge.
`
`I started my career professionally tradingin 1984 when I traded cash and futures
`2.
`off the floor for a money manager. Since then, I have specialized in spreading the
`treasury notes and bonds futures traded on the Chicago Board of Trade ("CBOT“) and the
`underlying cash treasury notes and bonds (currently traded on eSpeed and Brukenec). I
`that started trading electronically on Project A (the CBOT's first electronic trading
`platform) when it was released in around l995~l996. In 1999, I started trading the cash
`treasuries electronically on Cantor Fitzgerald's exchange using Cantor‘ s front-end and
`keylioard. This electronic platform ultimately became espeed.
`
`Before the time of the (2BO'I"s launch of the A/CJB system (its electronic trading
`3.
`platform following Project A) in the fall of 2000.1 looked at many software vendors to
`decide which front~end l would use to trade electronically on the CD01‘.
`I recall, for
`example. looking at software offered by Trading Technologies ("'I'l""), Yes Trader.
`Basyscreen and Patsysterns.
`
`I
`Then, in the full of 2000, TT released a new trading tool called MD Trader.
`4.
`recall that MD Trader was strikingly different than ftont~end order entry scrccns availalil
`at the time. MD Trader displayed the market data relative to a column of prices that
`remained still on the screen. This allowed a trader to see market flow visually because
`the market data would move up and down along the price column when the market
`changed. MD Trader also provided for accurate one click order entry relative to the still
`prices on the screen such that speed was not sacrificed. MD Trader was much more
`intuitive and easy to use than other systems and when I saw it I felt that traders must hav
`been involved in its design.
`I had never seen a trading front-end with these features prio
`to seeing MD Trader.
`
`The differences described above provided dramatic benefits to traders. For
`5.
`example. by allowing traders to easily see price movements, MD Trader allowed traders
`to offload much of the mental burden required by previous front-ends (which required
`traders to read and interpret numbers) so that they could react quicker and concentrate o
`trading. Also. the improved order entry allowed traders to trade more confidently and,
`therefore. faster. Such improvements in speed are critical in electronic trading where
`speed is incredibly important.
`
`Page 1 of 2
`
`TRADING TECH EXHIBIT 2043
`TD Ameritrade v. Trading Technologies
`CBM2014-00133
`
`

`

`In the years following TT's release of.MD Trader. various cnmpanies have
`eleased products with similar features to MD Trader.
`I recall. for example, a
`cprescmative from Patsystems, pitching me on Patsystems pmducts by making reference
`0 n soon to be released version of its software that would function like 'I‘T‘s MD Trader.
`
`declare under penalty of perjury that the foregoing is true and correct. Executed on
`
`ugust 3_‘_, 2004.
`
`Page ! of 2
`
`