I
`~
`' I ~ I
`I ~
`
`i
`
`..
`
`::
`
`DECLARATION OF PETER MORICZ
`
`i which an order could be sent via one click at a location aligned wi. a
`
`' ' ;
`I~ Peter Moricz, declare that:
`' ·'
`~
`I am personally famiHar with the facUs set forth herein, and, if called as a witness,
`l.
`f could and would tes\ify thereto ofmy own personal knowledge.
`k.
`I started my career in the fmancial industry as a runner on theiflool' fthe Chicago
`~oard ofTrade (uCBOT'') in 1994. 1 started ttading electronically~ Proj
`t A, the
`~BOT's firSt electronic trading platform. in 1997. In late 1998/earlft999, l moved to
`U.ondon and began trading electronically using the Eurex front-end/ in the 999/2000
`itime frame. I also used software offered by Trading Technologies ('fTT") t trade. In
`)particular. I used IT's Market Grid screen. In around the fall of2o00, I he
`of a new
`/trading tool being offered by IT called MV Trader. After I saw a ~o tion, I
`jliceused Tf's software and have been using MD Trader ever since.; 1 curr
`tly reside I
`i London, England.
`·
`MD Trader was much different than the trading applicatio~ ~vail
`13.
`! MD Trader displayed the market data relative to a static price col~ so t
`t the market
`! data would visually move up and down the screen. This was very di'ffercn than tbe
`j preexisting systems in whicb the bid and ask prices would move o~·ihe s
`, requiring
`! a trader to read ntUD.bers and calculate differences be~ nmnbe~:to in!
`ret a change
`i in the market. Also. MD Trader bad very fast and simple order ent;rY and ancellation in
`cular price in
`l the slatic price column such that the trader could be confident that ~e ord was being
`l sent in at the intended price. Similarly. MD Trader allowed lhe ~cr to
`eel a
`i particular order by clicking on an icon representing that order whi~h was
`isplayed
`! aligned with a particular price. This was far different than tlu: preexisting systems that
`.i required multiple steps to enter orders in a way that the trader co~ be co fident in the
`i price. In these preexisting systems, if the trader tried to enter an or.4er wi one click. he
`1 risked the order going in at an unintended price if the price on the ~creen banged just as
`I the trader clicked.
`:. ..
`Because of the differences described above, MD Trader w~ a rev lutionary
`4.
`product for professional active traders. MD Trader was far simpler and
`· er to use than
`what was previously available. The different display made it easY.·ror
`ers to see the
`flow of the market by freeing the mind of the trader to focus on ~ing opposed to
`doing mental calculations of nwnbers. The approach to order e11\ij' mad it simpler and
`faster to enter orders and to cancel particular orders with confi~e. Jn ummary, MO
`Trader provided a huge benefit to the active trader in terms of si.nljlicity d speed.
`
`~
`i
`~
`
`< ' l
`
`t
`~
`
`1
`
`TRADING TECH EXHIBIT 2039
`TD Ameritrade v. Trading Technologies
`CBM2014-00136
`
`Page 1 of 2
`
`

`
`:.
`~ :
`
`.. . .
`. .
`
`S.l MD Trader does suffer from one problem as compared to the pl¢viou systems.
`lnla fast market, because MD Trader keeps the range of prices being ~Splaye static, the
`ru+rk.et data. can easily disappear from the screen. While MD Trader·~:~ne cl' k
`re~cntering feature is normally a good feature that allows the trader to~quickl bring the
`mlrkct back in view, it docs not work well in a fast market where the market
`v~latile due to an extraordinary event.
`: .
`
`. .
`
`Some traders did not switch from the older style screens to MQ Trad because
`6.!
`th~y were so used lo those older style screens and MD Trader was so m\Jch di
`Eien today, I am aware of traders who stiii!Lc;e the older style screens~ :
`' ~
`I ~eclare under penalty ofpe:tjury that the toregoing is true and corre~.: Exec:
`, 2004.
`A~gust 16
`: :
`:~
`1
`
`cdon
`
`2
`
`Page 2 of 2