DECLARATION OF JOEL GLICKMAN
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`I, Joel Glickman, declare that:
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`I am personally familiar with the facts set forth herein, and, if called as a witness,
`1.
`I could and would testify thereto of my own personal knowledge.
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`I started trading in March of 1983 when I purchased a seat at the Chicago
`2.
`Mercantile Exchange ("CME"). From 1983 until1995, I was an order filler in the S&P
`futures pit. I began electronic trading in 1993 on the Globex system at night. I had one
`of the first Globex terminals. Since April of 1995, I have been trading electronically
`exclusively. During the period from April of 1995 until around the fall of2000 I traded
`using Globex and Globex II. In the fall of 2000, I started trading using Trading
`Technologies' ("TT") software. At that time, I was trading at a proprietary trading firm
`named Spike Trading in Chicago, Illinois. I have been using TT' s X_ Trader software to
`trade electronically ever since. Currently, I trade independently and my office is in
`Highland Park, Illinois.
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`I first became aware ofTT's MD Trader product around the fall of2000. At the
`3.
`time, I was using Globex to trade electronically at the CME. I was also aware of trading
`software available from Easyscreen and Yes Trader. After seeing MD Trader, I was
`instrumental in convincing Spike Trading to license TT's product.
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`MD Trader was much different than the trading systems that I was aware of at the
`4.
`time. For example, MD Trader provided a vertical display of market depth against a
`fixed column of prices. This was much different than the existing systems at the time
`which presented the market information in a grid with designated cells for the best bid
`price and best ask price. Also, MD Trader provided for one click order entry and one
`click order canceling. The one click order entry allowed a trader who clicked on a cell
`aligned with a particular price to be guaranteed of sending an order in at the intended
`price. This was much different than the existing systems at the time which, to the extent
`they allowed one click order entry, were set up such that there was a risk when the trader
`clicked on a price of that price changing on the screen. If that happened, the order would
`go in at a different price than what the trader intended. MD Trader also provided a one
`click centering feature that allowed a trader to easily get the market prices to the center of
`the screen when a market was volatile. I had never seen any of these features before
`seeing MD Trader.
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`The various features discussed above result in a trading tool that is far superior
`5.
`then the systems that existed at the time. MD Trader gives traders a significant advantage
`over those preexisting systems because it cuts the reaction time of a trader and it speeds
`up trading. By displaying the market information in a manner that shows the data
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`TRADING TECH EXHIBIT 2025
`TD Ameritrade v. Trading Technologies
`CBM2014-00135
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`Page 1 of 2
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`moving relative to fixed prices, MD Trader gives a visual indication of the market
`movement. This significantly reduces the mental calculations required by the preexisting
`systems. Also, the one click order entry feature reduces errors in trading and allows
`traders to trade more confidently. Timing is everything in electronic trading. MD Trader
`speeds up trading so much that it is invaluable to an active trader. For active traders, MD
`Trader also increases the amount of trading done.
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`It is my understanding that Harris Brumfield came up with the core idea behind
`6.
`MD Trader. I believe Mr. Brumfield had a unique vision and that his invention was
`mgemous.
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`In the years following TT's release of MD Trader, many companies have tried to
`7.
`mimic the features of MD Trader. Over the years, I have heard various sales pitch
`attempts from competitors ofTT. Usually, those pitches involved the competitor
`comparing the functionality of its product to MD Trader. For example, I recall a
`conversation with representatives from Patsystems sometime after I started using MD
`Trader. In that conversation, I recall the Patsystems representative telling me that their
`product had functionality like TT's MD Trader.
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`I declare under penalty of peijury that the foregoing is true and correct. Execute on July
`l1_,2004.
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