DECLARATION OF JASON NORTHWAY
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`I, Jason Northway, 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.
`
`I began my career in trading in September of 1996, when I became a clerk for a
`2.
`I also supported the trader
`trader on the floor of the Chicago Board of Trade ("CBOT").
`in his electronic trading. I began trading professionally myself in around January of 2001
`when I joined Bell Trading, Inc. Bell Trading is a proprietary trading firm. Today, Bell
`Trading has around twelve traders. I currently reside in Chicago, Illinois. In several
`weeks, I will be moving to Denver, Colorado.
`
`I first saw Trading Technologies' MD Trader in around September of 2000. At
`3.
`the time, I was aware of a variety of electronic trading platforms, including software
`offered by Patsystems, YesTrader, and the front-end for Project A (the CBOT's first
`electronic trading platform). At the time, there was no comparison between MD Trader
`and the other existing systems. In terms of benefits to the trader, the difference was like
`night and day. In the last three years, I have been trading futures using software provided
`by Trading Technologies ("TT") and have been trading cash using software provided by
`both Espeed and BrokerTec.
`
`MD Trader was much more user friendly than the preexisting systems and the
`4.
`Espeed and BrokerTec systems. While these other systems required the trader to look at
`and interpret numbers to detect market movements, MD Trader painted a picture of the
`market. In fact, the current Espeed and BrokerTec systems still require mental number
`interpretation. MD Trader did this by displaying the market data relative to static prices
`so that the trader could see the market data move up and down when the market changed.
`This allowed the trader to get a better feel for the flow of the market. MD Trader also
`provided for an easier and faster mechanism for order entry by allowing a trader to send
`in an order at a price with preset order quantities by one click aligned with one of the
`static prices. Similarly, MD Trader allowed a trader to cancel orders with one simple
`click. This eliminated steps from the preexisting systems and the current Espeed and
`BrokerTec systems used to trade cash. In particular, to enter an order with one click on
`these other systems, the trader risks the order being sent in at an unintended price if the
`price changes on the screen at the moment the trader clicks. MD Trader also provided a
`unique one click recentering feature. This feature helped a trader feel the flow of the
`market. If a trader lined up multiple MD Trader windows, the one click recentering
`feature allowed the trader to easily set a point of reference by centering all windows so
`that he could see the relative movements of the various products.
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`Page 1 of 2
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`TRADING TECH EXHIBIT 2055
`CQG & CQGT v. Trading Technologies
`CBM2015-00057
`
`

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`There is no question that the differences discussed above provide a huge benefit
`5.
`to the trader. MD Trader allows a trader to trade faster. MD Trader also makes active
`trading easier. The improved order entry makes it easier for a trader to execute and
`cancel orders. By painting a better picture of the market, MD Trader allows a trader to
`react and, therefore, trade quicker.
`
`In the years following TT's introduction of MD Trader, many other independent
`6.
`software vendors ("ISVs") have introduced similar products. For example, recently a
`representative of Refco showed me a product that he claimed was being offered by Refco
`that looked just like MD Trader. The representative pitched this new product as
`operating in the same manner as TT' s MD Trader.
`
`I declare under penalty of perjury that the foregoing is true and correct. Executed on
`August _j{L_, 2004.
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`Page 2 of 2
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