DECLARATION OF CHUCK RYAN
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`, Chuck R ya.n, declare as that:
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`J am personally familiar with Lhe set of fact~> set forth herein, and, if called as ll
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`witness, I could and would testify thereto ot my own personal knowledge.
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`1 sttu1.ed 1ny career professionally trading in 1984 when I traded ca:.;h and futures
`off the floor for a money manliger. Since then, I hnve speciali'l.ed in spreading the
`treasury notes and bond.'! futures traded on the C.hicago Board of Trude ("CBOl'") and the
`underlying ca~h treasury notes and bonds (currently traded on eSpeed and Bmkenec). I
`first started trading electronically on Project A (the CBOT's first elet.:tronic trading
`platform) when it was released in around 1995-1996. In 1999, I srarted trading the cash
`treasuries electrouically on Cantor Fitzgerald's exchange using Cantor's front-end and
`keyboard. This electronic platform ultimately became eSpeed.
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`Before the tin~e of the CBOT's launch of the .AICIE system (its electronic tmding
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`platfonn following Project A) in lhe fall of 2000. I looked at many software vendo-r~ to
`dl:(;ide which front-end 1 would use to trade electronically on the CDOT. I recall, for
`elCample, looking at software offered by Tr.ading Technologies ("TI"), Yes Trader,
`EasyScreen and Patsystems.
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`Then, in the tall of 2000, TT released a new trading tool called MD Trader. I
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`recall that MD Trader was shikingly different than front-end order entry screens availahl
`at the time. MD Trader display~d the rnarket data relative to a column of prices that
`rem1:1ined still on the screen. This aUuwcd a trade!.' 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 Lo the still
`prices on the screen such lhat speed was not sacrificet.l. MD Trader was much more
`intuitive and ea.-.y to usc thnn other systems and when I saw it I felt that traders must hav
`been involved 1n irs design. I had never seen n trading front-end with these fealures prio
`to seeing MD Trader.
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`The differences described above provided dr~atic bcnefirs to traders. For
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`example, by allowing trader:; to e11sily see pri~e movements, MD Trader allowed traders
`to offload much of the mental b\Jrdeo required by previou~ front-end& (whicb required
`traders to read and interpret numbers) so that they could react quicker and concentrate o
`tmding. Ale;o, the improved order entry allowed traders to trade more confidently and,
`lherefore, fa~ter. Such improvements io speed nrc critical in electronic trading where
`speed is incredibly impurtam.
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`TRADING TECH EXHIBIT 2043
`TD Ameritrade v. Trading Technologies
`CBM2014-00136
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`Page 1 of 2
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`In the years following TT' s release of MD Trader, var•ous companies have
`eleased products with similar features tD MD Trader. [recall, for example, C\
`epresentative from Patsystems, pitching me on Pat!lystems pruduct.s by making reference
`o a soon to be released version of its software that would function like TT's MD Trader.
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`Page 2 of 2