DECLARATION OF DAVID F. ANmONY
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`I, David F. Anthony, 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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`2.
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`I reside in Wheaton, Illinois.
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`I have been trading futures for over 10 years. I started trading on the floor of the
`3.
`Chicago Board of Trade ( .. CBOT") in around 1993. I left the floor in June of 1999 while
`Project A (the CBOT's first electronic trading system) was still being launched. As more
`volume started to trade electronically, I started transitioning to trading electronically.
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`In the fall of 2000, I saw IT's MD Trader for the first time. At the time, I was
`4.
`familiar with various platforms for electronic trading that were available. When I saw
`Tf's MD Trader, I thought it was superior to the other platforms I had seen and I decided
`to license IT's software. I made this decision despite the fact that TI' s software was
`more expensive than the alternatives. My decision to choose TT was based primarily on
`the fact that it had MD Trader.
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`MD Trader was superior for at least several reasons. Unlike other systems
`5.
`available at the time, MD Trader allowed for a trader to enter an order at a particular
`price with one click and with confidence that the order would be sent at the intended
`price. This was so because MD Trader allowed for a trader to enter orders by clicking on
`cells aligned with a fixed range of prices. Also unlike other systems at tbe time, MD
`Trader created a view of the market information that substantially reduced the mental
`effort needed by the trader to interpret the market data. In particular, MD Trader
`displayed the market information against the fixed range of prices such that the market
`data visually moved up and down relative to the prices. The other systems available at
`the time presented price changes to the trader by numbers changing such that the trader
`had to notice the change and mentally calculate the difference. MD Trader also provided
`a recentering feature that did not exist in the other systems I was aware of at the time that
`allowed a trader to easily (with one click) bring the market into the center of the MD
`Trader window. This feature was also valuable because it allowed the trader to create a
`point of reference against which to view the market data going forward.
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`Overall, compared to the other systems that existed at the lime of its release, MD
`6.
`. Trader provided a more efficient and easier to use trading tool. These differences
`changed the way electronic trading was done. The features discussed above allow for a
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`TRADING TECH EXHIBIT 2031
`CQG & CQGT v. Trading Technologies
`CBM2015-00058
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`trader to be more aggressive and more confident. This translates into a trader reacting to
`opportunities faster and entering orders faster. Today, if a trader does not have a trading
`tool with the features of MD Trader, that trader is at a significant disadvantage. Because
`of it simplicity and ease of use, MD Trader also results in traders sending more orders
`than they would with older style screens.
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`I declare under penalty of perjury that the foregoing is true and correct. Executed on July
`~.2004.
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`David F. Anthony
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