EXECUTION
`MANAGEMENT
`SYSTEM
`
`Page 1 of 16
`
`TRADING TECH EXHIBIT 2204
`TD Ameritrade v. Trading Technologies
`CBM2014-00135
`
`
`MANAGEMENT
`SYSTEM
`
`Page 1 of 16
`
`TRADING TECH EXHIBIT 2204
`TD Ameritrade v. Trading Technologies
`CBM2014-00135
`
`
`
`Bloomberg’s Execution Management System, EMSX,
`is a sophisticated, broker-neutral trading tool that allows you
`to route seamlessly to nearly 2,000 broker-dealer destinations,
`including over 50 algorithmic suites. Leverage Bloomberg’s
`world-class analytical tools from pre-trade through to post-trade
`TCA. EMSX integrates news, indications, and real-time market
`and portfolio analytics into a customizable workspace so that you
`can monitor execution quality and improve trading decisions and
`performance.
`
`The BLOOMBERG PROFESSIONAL® service is the world’s leading interactive
`financial information network, integrating the very best in real-time data, news,
`and analytics. In addition, our customers benefit from on-demand multimedia content,
`extensive electronic trading capabilities, and a superior communications platform that
`combines email and instant messaging with the latest in voice and video technology.
`
`Page 2 of 16
`
`
`
`Execution Management
`Overview
`
`Order Management
`Single Orders
`Basket Orders
`Multi-Asset
`Import Orders
`
`02
`
`03
`04
`05
`06
`
`EMSX Blotters
`Groups
`Filters
`Analysis I
`Analysis II
`
`07
` 08
`09
`10
`
`Desktop Customization
`BLOOMBERG LAUNCHPADTM
`Post-Trade
`
`Foreign Exchange
`FX Blotter
`
`11
`12
`
`13
`
`Page 3 of 16
`
`
`
`EMSX offers flexible multi-broker, multi-asset execution, and is
`available to BLOOMBERG PROFESSIONAL service subscribers at
`no additional cost. Using EMSX, you can import and route orders and
`lists, perform analysis, export fills to your own systems for processing,
`and generate custom transaction cost analysis reports through the
`BTCA <GO> function.
`
`Execution
`Management
`Overview
`
`EMSX GO
`
`Overview 02
`
`Page 4 of 16
`
`
`
`Single Orders 03
`
`Order
`Management
`Single Orders
`
`EMSX GO
`
`Launch a quick ticket in EMSX to be populated with your order
`characteristics. You can either route the order to a broker or stage the
`order to your blotter for pre-trade analysis. The EMSX order ticket also
`supports algorithmic strategies from over 50 participating providers.
`Bloomberg supports staging connections from FIX-compliant applications,
`such as order management systems, integrating with existing compliance,
`risk, and settlement systems.
`
`Page 5 of 16
`
`
`
`Order
`Management
`Basket Orders
`
`EMSX GO
`
`Measure real-time performance across a list of instruments. Display
`trade analytics such as market impact, liquidity, and momentum to
`estimate how any order impacts expected performance. Segregate
`orders based on desired execution strategies, such as DMA,
`algorithms, dark pools, or capital commitment. View corporate actions
`and events and generate news alerts based on stock, sector, or
`country exposures in the list.
`
`Basket Orders 04
`
`Page 6 of 16
`
`
`
`Order
`Management
`Multi-Asset
`
`EMSX GO
`
`Manage and trade orders for equities, futures, and options from the
`same blotter and order ticket. Sort and organize the blotter by asset
`class. Drag and drop futures and options contracts into the EMSX
`order ticket from OMON <GO>, CT <GO>, and BLOOMBERG
`LAUNCHPADTM monitors or click on prices to generate a pre-
`populated order ticket. Integrate Bloomberg's extensive suite of listed
`options analytics such as OVME <GO>, OSA <GO>, GV <GO>,
`and GIV <GO> with a single click from your trade blotter.
`
`Multi-Asset 05
`
`Page 7 of 16
`
`
`
`Import Orders 06
`
`Order
`Management
`Import Orders
`
`Drag and drop orders from a spreadsheet or text file into EMSX.
`Create custom-file templates to your requirements to simplify workflow.
`Route orders singly or in baskets, and track performance with
`integrated, real-time trade analytics.
`
`EMSX GO
`
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`
`Page 8 of 16
`
`
`
`EMSX Blotters
`Groups
`
`Group orders by parameters such as country, sector, basket, product
`type, exchange, side and broker to view exposure, track performance,
`and simplify workflow. Manage and trade orders at any group level.
`
`EMSX GO
`
`Groups 07
`
`Page 9 of 16
`
`
`
`Filters 08
`
`EMSX Blotters
`Filters
`
`Search on all orders or filter individual blotters based on criteria such
`as security, order status, descriptive data, or broker. Create multiple
`blotters, each with specific filters.
`
`EMSX GO
`
`Page 10 of 16
`
`
`
`EMSX Blotters
`Analysis I
`
`
`View pre-trade data and charts to assess trade difficulty based on
`liquidity, volatility, and estimated market impact. Segregate orders
`based on these criteria.
`
`EMSX GO
`
`Analysis I 09
`
`Page 11 of 16
`
`
`
`Analysis II 10
`
`EMSX Blotters
`Analysis II
`
`
`Monitor multiple performance criteria to adjust execution strategy
`in real-time. Sort and filter your blotter on technical indicators and
`performance against multiple benchmarks, including arrival price and
`custom VWAPs stay focused on what matters.
`
`EMSX GO
`
`Page 12 of 16
`
`
`
`Desktop
`Customization
`BLOOMBERG
`LAUNCHPAD
`
`EMSX GO
`
`Customize your Bloomberg desktop using BLOOMBERG
`LAUNCHPAD. Focus Bloomberg news, analytics, and broker IOIs
`and advertisements on specific names in your blotter.
`
`Use INSTANT BLOOMBERG® to communicate order details
`automatically to your selected broker coverage.
`
`BLOOMBERG LAUNCHPAD TM 11
`
`Page 13 of 16
`
`
`
`Post-Trade 12
`
`Desktop
`Customization
`Post-Trade
`
`Use Export Fills to create and schedule multiple files customized to
`your in-house clearing or prime broker systems. Use BTCA <GO>,
`Bloomberg’s powerful transaction cost analysis engine for historical
`execution performance against multiple benchmarks.
`
`EMSX
`BTCA
`
`GO
`GO
`
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`
`Page 14 of 16
`
`
`
`EMSX can help you manage the Foreign Exchange component of your
`international trades. When you route a cross-border trade, the FX balance
`generated by that trade will be aggregated on our FX blotter balance
`function (FXBB <GO>). This FX blotter will allow access to Bloomberg’s
`FX dealing community listed on FX <GO>, offering automatic streaming
`and request-for-quote access from participating banks and broker dealers.
`
`Foreign
`Exchange
`FX Blotter
`
`FX
`GO
`FXBB
`GO
`
`FX Blotter 13
`
`Page 15 of 16
`
`
`
`Bloomberg
`Training
`Resources
`
`To support such an important and in-depth network
`of information, Bloomberg provides a variety of training
`facilities and literature for each and every customer.
`
`Dedicated
`Support
`
`Help
`
`x2
`
`Bloomberg
`University
`BU GO
`
`Press <HELP> twice
`in EMSX or IOIA <GO>
`applications to reach the
`specialized execution products
`trading desk, 24 hours a day.
`
`A comprehensive menu
`of Bloomberg’s worldwide
`complimentary training
`resources. Individual and
`group training sessions are
`offered at both Bloomberg
`offices and client locations.
`
`Events and seminars are
`also broadcast directly
`from the BLOOMBERG
`PROFESSIONAL® service
`via LIVE <GO> and archived
`for easy retrieval.
`
`Online and
`Interactive manuals
`DOCS GO
`
`We ensure that all
`training material, user guides
`and magazine articles are
`available for instant
`download, directly from
`the BLOOMBERG
`PROFESSIONAL service.
`
`Search by any category
`or keyword to retrieve and
`print literature that is
`important to you.
`
`bloomberg.com
`
`Frankfurt
`+49 69 92041 0
`Hong Kong
`+852 2977 6000
`
`London
`+44 20 7330 7500
`New York
`+1 212 318 2000
`
`San Francisco
`+1 415 912 2960
`São Paulo
`+55 11 3048 4500
`
`Singapore
`+65 6212 1000
`Sydney
`+61 2 9777 8600
`
`Tokyo
`+81 3 3201 8900
`
`©2008 Bloomberg L.P. All rights reserved. 30721441 1008
`
`Page 16 of 16
`
`
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